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.
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.
This Energy-Efficient Refrigeration Market Research/Analysis Report Contains Answers to your following Questions
- Which Manufacturing Technology is used for Energy-Efficient Refrigeration? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Energy-Efficient Refrigeration Market? What are Their Company Profile, Their Product Information, and Contact Information?
- What Was Global Market Status of Energy-Efficient Refrigeration Market? What Was Capacity, Production Value, Cost and PROFIT of Energy-Efficient Refrigeration Market?
- What Is Current Market Status of Energy-Efficient Refrigeration Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of Energy-Efficient Refrigeration Market by Taking Applications and Types in Consideration?
- What Are Projections of Global Energy-Efficient Refrigeration Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about Import and Export?
- What Is Energy-Efficient Refrigeration Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is Economic Impact On Energy-Efficient Refrigeration Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- What Are Market Dynamics of Energy-Efficient Refrigeration Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Energy-Efficient Refrigeration Industry?
“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.
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Regional Analysis Covered in this report:
The geographical analysis of the Global Energy-Efficient Refrigeration market provided in the report is just the right tool that competitors can use to discover untapped sales and business expansion opportunities in different regions and countries. Each regional and country-wise Energy-Efficient Refrigeration market considered for research and analysis has been thoroughly studied based on market share, future growth potential, CAGR, market size, and other important parameters. Every regional market has a different trend or not all regional markets are impacted by the same trend. Taking this into consideration, the analysts authoring the report have provided an exhaustive analysis of specific trends of each regional Energy-Efficient Refrigeration market.
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