Sustainable Refrigeration Technology Market Size is valued at USD 62.1 Bn in 2024 and is predicted to reach USD 124.8 Bn by the year 2034 at a 7.5% CAGR during the forecast period for 2025-2034.
Sustainable refrigeration technologies utilize modern technology and environmentally benign refrigerants to minimize environmental effect, energy usage, and greenhouse gas emissions while preserving performance. These technologies correspond with international initiatives to eliminate high-GWP (Global Warming Potential) refrigerants, such as HFCs, propelled by rules like the Kigali Amendment to the Montreal Protocol. One of the key elements of the global movement towards greener cooling is the market for sustainable refrigeration technologies.
Additionally, by enabling real-time monitoring, predictive maintenance, and energy management, the integration of AI and IoT in refrigeration systems is revolutionizing this sector. The market for sustainable refrigeration technologies is expected to increase significantly throughout this forecast period due to ongoing technological advancements, regulatory pressure to reduce emissions, and growing consumer demand for environmentally friendly refrigeration systems.
Additionally, the market is expanding due to several factors, including regulatory pressure to reduce emissions, increasing consumer need for sustainable products, and ongoing technological advancements. Furthermore, the growing number of industries using energy-efficient refrigeration is spurring innovation and advancement in this area.
Competitive Landscape
Some Major Key Players In The Sustainable Refrigeration Technology Market:
- Hussmann Corporation
- INTARCON S.L.
- Carrier Commercial Refrigeration, Inc. (a part of Carrier Global Corporation)
- Enerflex Ltd.
- GEA Group Aktiengesellschaft (GEA Group AG)
- Greencold Refrigeration Services Ltd.
- MAGNOTHERM Solutions GmbH
- SCM Frigo S.p.A.
- Other Market Players
Market Segmentation:
The Sustainable Refrigeration Technology market is segmented based on components, equipment, technology, application, and end-user. Based on components, the market includes Equipment and Services. By equipment, the market is segmented into Chillers, Cascades, Condensing Units, Display Cabinets, and Others. By technology, the market is segmented into CO2 Refrigeration Technology, Propane Refrigeration Technology, Ammonia Refrigeration Technology, and Others. By application, the market is segmentation includes Commercial, Industrial, and Others. By end-user, the market is segmented into Cold Storage, Pharmaceutical and Biotechnology Companies, Food and Beverage, and Others.
Based On The Component, The Equipment Segment Is Accounted As A Major Contributor To The Sustainable Refrigeration Technology Market.
The equipment category is expected to hold a major global market share in 2024, driven by individuals and companies who often purchase new refrigeration equipment in order to meet revised regulatory requirements. Adopting modern equipment also allows them to take advantage of advancements like natural refrigerants, sophisticated controls, and increased energy efficiency. Additionally, continuous R&D leads to regular product replacements and updates, which increase equipment sales even more. Increasingly, manufacturers are focusing on developing equipment with advanced features, including the integration of AI and IoT capabilities, as well as the use of natural refrigerants. These developments greatly increase the appeal of buying new equipment as opposed to adapting existing systems.
Display Cabinets Segment To Witness Growth At A Rapid Rate
The market for sustainable refrigeration technology was driven by the display cabinets subsegment. This is primarily due to the fact that consumers are choosing smaller supermarkets and convenience stores over huge supermarkets, which is driving increased demand for display cabinets. Display cabinets are the most popular type, accounting for approximately half of the global market for commercial refrigeration equipment. This is because they are essential for enhancing product visibility, maintaining food quality, and complying with energy efficiency regulations.
In The Region, The North American Sustainable Refrigeration Technology Market Holds A Significant Revenue Share.
The North American Sustainable Refrigeration Technology market held the highest market share in revenue due to various factors, consisting the expansion of the food & beverage industry, growing awareness of sustainable refrigeration technology, increasing urbanization, and technological advancements. In addition, Asia Pacific is projected to grow rapidly in the global Sustainable Refrigeration Technology market. The need for air conditioning and refrigeration systems is rising as a result of rapid economic expansion, urbanization, and industrialization in nations like China and India. Furthermore, the market is expanding in this area due to strict environmental regulations and increasing awareness of the benefits of sustainable refrigeration technology.
Sustainable Refrigeration Technology Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2024 |
USD 62.1 Bn |
|
Revenue Forecast In 2034 |
USD 124.8 Bn |
|
Growth Rate CAGR |
CAGR of 7.5% from 2025 to 2034 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2025 to 2034 |
|
Historic Year |
2021 to 2024 |
|
Forecast Year |
2025-2034 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Component, Equipment, Technology, Application, And End-Use. |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Hussmann, INTARCON, Carrier Commercial Refrigeration, Enerflex, GEA, Greencold, MAGNOTHERM, and SCM Frigo. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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