Energy-Efficient Refrigeration Market Size, Share & Trend Analysis, By Product Type, By End-use Industry, By Technology, By Sales Channel, Regional Stance, Competitive Tactics, and Segment Forecast to 2030

Energy-Efficient Refrigeration Market Introduction:

According to Reports and Insights analysis, the global energy-efficient refrigeration market is estimated to be US$ 11,238.8 Mn in 2022. Furthermore, the energy-efficient refrigeration market to register a CAGR of 4.4% which is expected to result in a market forecast value for 2030 of US$ 15,887.5 Mn.

This market research report on the global market for energy-efficient refrigeration constructed by the Reports and Insights team intends to address market aspects such as key drivers, challenges, and opportunities for industry participants. Furthermore, it will encompass a regional outlook, market segmentation outlook, and market trends for energy-efficient refrigeration, Market size and share, industry, and product insights, SWOT analysis, Porter's five forces analysis, PESTEL analysis, heat map analysis, market prediction, and information on the key players active in the market of energy-efficient refrigeration.

Energy-efficient refrigeration refers to the use of refrigerators that use cooling systems that are efficient in consumption of energy. Refrigerators in earlier days, while consuming multiple times the energy consumed by refrigerators today, caused much greater harm to the environment. Energy-efficiency not only related to lower power consumption, but also refers to use of safer refrigerants such as the R-600a. This has a Global Warming Potential (GWP) 286 times lower in comparison with the earlier R-134a HFC.

Refrigerators, today, are not just household appliances, but are also used in major industries and are a key capital good in cold storage units. Thus, it is important to focus on the energy-efficient refrigeration market given the massive and growing size of this industry.

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Scope of Report:

Report Metric	Report Details
Market size available for the years	2022-2030
Base year	2021
Forecast Period	2022-2030
Segments Covered	By Product Type, By End-use Industry, By Technology, By Sales Channel, & By Geography
Regions Covered	North America   The U.S., & Canada  Latin America   Brazil, Mexico, Argentina, & Rest of Latin America   Asia Pacific   China, India, Japan, Australia & New Zealand, ASEAN, & Rest of Asia Pacific   Europe   The U.K., France, Spain, Italy, Russia Poland, BENELUX, NORDIC, & Rest of Europe   Africa   North Africa, Egypt, & Rest of Africa The Middle East   GCC Countries, Israel, & Rest of the Middle East
Key Players	Bosch Thermotechnology Corp., Carrier Corporation, Daikin Industries Ltd., Danfoss A/S, Electrolux AB, Haier Group Corporation, Johnson Controls, Inc., LG Electronics Inc., Mitsubishi Electric Corporation, SAMSUNG Electronics Co., Ltd., and among others

 

Energy-Efficient Refrigeration Market Dynamics: 

Market Drivers:

“Rising demand for Refrigerators”

Since the invention of the refrigerator in 1913, it has witnessed exponential growth, first in the developed countries and now in developing and under-developed nations as well. Since we emulate the culture of the West, we have now been moving towards the consumption of processed and frozen food. In households across the globe, the demand for refrigerators is thus increasing. Adding to this, well-read people and organizations, with the support of governments, are spreading awareness about the efficient use of energy. These factors, when clubbed together, give rise to the demand for energy-efficient refrigeration.

“Government push for environment sustainability”

According to the Conference of Parties (COP) of the United Nations Climate Change Conference (UNCCC), all the governments of the world are instructed to reduce the carbon footprint of their respective on the planet. To achieve this goal, governments across the world are launching new initiatives and developing policies to promote energy-efficient devices. This also promotes energy-efficient refrigeration and pushes demand in this market.

“Commercial demand for refrigeration”

Today, refrigerators and freezers are used in several industries. Cold storages, where refrigeration is the key ingredient, look to cut down on their electricity bills which form a major component of their cost. Similarly, in the hotel industry, mini fridges are installed in each room and the aggregate energy consumption from them is a notable figure. Thus, hotel owners, in order to cut down on their costs, are shifting towards energy-efficient refrigerators. This commercial demand for energy-efficient refrigeration increases the demand manifold in the industry.

Market Restraints:

“Imperfect information regarding energy-efficient refrigeration in the market”

People in the developing and under-developed nations are not fully aware of the benefits that can be reaped from the use of energy-efficient refrigeration. Although the governments in these countries are taking drastic steps to spread such awareness, their efforts often go in vain. Governments are setting up energy rating agencies respective to their countries and globally as well. However, people still opt for the low cost refrigerators which consume more energy.

“Initial high cost barrier”

Energy-efficient refrigerators generally cost a little more than their high consumption substitutes. This initial cost is, however, compensated later in form of lower electricity consumption. People are unaware of this and choose not to opt for the better five star rated appliance.

“Higher repair and maintenance of refrigerators”

Apart from the high capital cost, the lower-income group of people tend to shy away from buying refrigerators. This is due to the high service cost of these appliances. A refrigerator of a substandard quality will eventually take out higher bills if it requires any repair in its lifetime. Additionally, after use, the depreciated value of these appliances is too low to be sold at.

Market Opportunities:

“Push for energy-efficient refrigeration”

The market for refrigeration is already in the mature stage and is estimated to stay there for quite some time. There is enough awareness about the use and benefits of refrigerators. The awareness that needs to be created now is that refrigerators contribute to more than 4% of your household electricity bill. To reduce this, the use of energy-efficient refrigeration is essential. The rating agencies and governments across earth are striving to promote energy-efficiency. This will surely push demand for the energy-efficient refrigeration market and thus provides a great opportunity for investment.

“Smart home appliances”

Energy-efficient refrigeration doesn’t only mean the use less electricity, it also means management of electricity. With smart chips being installed in refrigerators today, they can be turned off remotely when connected to Wi-Fi. Also, the invention of new technology such as converting a freezer into a refrigerator when required also cuts down on consumption. This again provides a significant opportunity for the market.

Energy-Efficient Refrigeration Market Segmentation Stance: 

The energy-efficient refrigeration market can be segmented based on the following criteria:

By Product Type: 

• Air Conditioning Units 
• Freezers 
• Refrigerators

By Technology: 

• HCFCs
• HFCs
• Natural Refrigerants 

By Sales Channel: 

• Direct Sales 
• Offline Retail 
• Online Retail 

By End-Use Industry:

• Commercial 
• Industrial 
• Residential

By Geography:

• North America 
• Latin America
• Asia Pacific 
• Europe
• Africa
• Middle East

Energy-Efficient Refrigeration Market Regional Stance:

North America is estimated to continue its position as one of the top markets for energy-efficient refrigeration. Due to higher disposable income available and educated population, demand is assumed to continue at a constant rate.

The market in Asia Pacific is an exciting one where a lot of developing countries are looking to adapt to the energy-efficiency model. China and India are major markets for energy-efficient refrigeration.

Europe is also expected to grow at an ascending rate due to higher acceptance of new technology and rapid modernization. Moreover, new housing projects and renovations projects are assumed to drive the demand in energy-efficient refrigeration market.