International. Considering that refrigeration consumes more than 50% of supermarket energy, sustainable solutions in the commercial refrigeration industry, such as those that promote high efficiency and reduce greenhouse gas emissions, offer substantial potential for market growth.
According to a new report from Guidehouse Insights, revenue from the global high-efficiency commercial refrigeration equipment market is expected to grow from $10.9 billion in 2022 to $28.7 billion in 2031, at a compound annual growth rate (CAGR) of 11.4%.
"Global warming is not just a single industry problem, so collaboration to team up in industry, government and finance is essential to achieving decarbonization," says Young Hoon Kim, senior research analyst at Guidehouse Insights. "Revenue from equipment used in sustainable solutions is growing and there are many options for retailers and manufacturers to take advantage of this expanding market opportunity and continuously develop innovative and sustainable solutions."
Decarbonization is driving the sustainable refrigeration market; policies support the adoption of low global warming potential (GWP) refrigerants and programs encourage high-efficiency systems. In addition, major retailers are investing in sustainable solutions to demonstrate environmental, social and governance responsibility.
While supportive policies are a market driver, a potential delay in market transformation is the slow passage of those policies. In addition, because sustainable solutions are often expensive, customers may be hesitant to adopt them. In addition, the report says that low GWP refrigerants have shown some drawbacks and the lack of technicians and contractors interested in sustainable refrigeration solutions may slow the growth of the market.
However, as technology continues to advance, financing options have made sustainable refrigeration in the commercial sector more affordable, according to the report.
