Green Cooling Technologies Market

According to Stratistics MRC, the Global Green Cooling Technologies Market is accounted for $2.82 billion in 2023 and is expected to reach $6.23 billion by 2030 growing at a CAGR of 12% during the forecast period. Green cooling techniques refer to environmentally friendly freezing methods that have little effect on the environment. Energy-efficient and environmentally friendly refrigeration are the key elements that define what is meant by green cooling technologies. There is no pollution because these organic refrigerants don't leave behind lingering by products in the atmosphere. The adoption of green cooling technologies is accelerating due to the emission of dangerous greenhouse gases like halogens, hydrofluorocarbons, and chlorofluorocarbons.

According to the World Bank, heat waves affected over 1 billion people in India and Pakistan in 2020, exposing the region’s acute vulnerabilities to rising temperatures and frequency, duration, and intensity of extreme heat events.



Market Dynamics:

Driver:

Cost savings and energy effectiveness

The global Green Cooling Technologies market expected to drive growth during the forecast period. When compared to traditional cooling systems, green cooling technologies offer significant energy savings due to their energy-efficient design. Moreover, businesses and consumers are looking for energy-efficient cooling solutions as a result of rising energy prices and a growing emphasis on sustainability. In the long run, green cooling technologies help end users save money by lowering energy consumption and operating expenses.

Restraint:

Lack of knowledge and technical proficiency

The development of the market may be hampered by a lack of knowledge about the advantages and potential of green cooling technologies. The options available and the potential energy savings linked to eco-friendly cooling systems may not be fully understood by many customers and businesses.

Opportunity:

Technological innovations and advancements

Market expansion opportunities are provided by ongoing technological advancements and innovation in green cooling technologies. Improved energy efficiency, the investigation of novel refrigerants, and the incorporation of intelligent control systems are the main goals of research and development. However, the expanding applications and effectiveness of green cooling technologies are facilitated by the development of sophisticated heat pump systems, thermal storage options, and enhanced energy management technologies.

Threat:

Policy uncertainty and regulatory change

Market uncertainties for green cooling technologies may result from modifications to environmental laws, policies, and international agreements. Regulatory changes, like adjustments to refrigerant phaseouts or changes to energy efficiency standards, can have an effect on market dynamics and investment choices. Additionally, it may be difficult for market participants to make decisions because of policy inconsistencies and inconsistent regulations, which could cause delays and market disruptions.

Covid-19 Impact:

The COVID-19 pandemic has made a significant difference in the market for green cooling technologies. On the one hand, the economic downturn and worldwide lockdowns led to project delays and lower spending on energy-efficient cooling systems. Production and distribution of green cooling technologies were also impacted by the closure of manufacturing facilities and the disruption of supply chains. On the other hand, the pandemic brought attention to the significance of indoor air quality and health in buildings, raising awareness and stimulating demand for sustainable and energy-efficient cooling solutions.

The Unitary Air Conditioning segment is expected to be the largest during the forecast period

The Unitary Air Conditioning segment is expected to be the largest share during the forecast period. Single-room or small-area cooling is provided by standalone systems called unitary air conditioning systems. They are frequently employed in domestic, business, and small-scale industrial settings. Window air conditioners, split air conditioners and packaged air conditioners are all examples of UAC systems. Because there is such a high demand for customized cooling solutions across numerous industries, the UAC segment dominates the market.

The Data centers segment is expected to have the highest CAGR during the forecast period

The data centers segment is anticipated to witness the fastest CAGR growth during the forecast period. The growing reliance on digital infrastructure, cloud computing, and big data analytics has resulted in a rapid increase in the demand for data centers. To keep equipment operating at its best temperatures and prevent overheating, data centers need effective cooling solutions. The data center industry is embracing green cooling technologies like precise air conditioning systems, liquid cooling options, and energy-efficient cooling towers.

Region with largest share:

The Europe region market is estimated to witness a largest share of the Green Cooling Technologies market during the forecast period. Numerous elements contribute to the region's dominance. In terms of environmental initiatives, sustainability efforts, and the implementation of strict regulations to lower greenhouse gas emissions. Additionally, Europe has a strong emphasis on research and development, a developed infrastructure, and advanced manufacturing capabilities.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period. Asia Pacific is experiencing rapid population growth, rising urbanization, and rising industrialization, all of which are driving up demand for cooling solutions. The need for sustainable and energy-efficient cooling technologies is fueled by the region's significant environmental challenges, including air pollution and climate change. Additionally, governments in nations like China, India, and Japan are putting supportive measures in place to encourage eco-friendly and sustainable practices, including the use of eco-friendly cooling technologies.



Key players in the market

Some of the key players in Green Cooling Technologies market include Abdin Industrial, Advanced Cooling Technologies, Inc., AFS Energy, Aht Cooling Systems, Aqua Services C.A, Baltimore Aircoil Company, Carel Industries S.p.a, Chaturong Cooling Ltd., Cooltech Applications, Efficient Energy GmbH., Emicool LLC, Green Technology Systems, InvenSor GmbH., National Central Cooling Company, Solar-Polar Ltd., SPX Cooling Technologies, Inc., STAC Technology Aps, Taco, Inc., The Sure Chill Company and Walton Hi-Tech Industries Ltd.

Key Developments:

In July 2023, CAREL entered into a binding agreement to acquire a 82.4% stake in Kiona Holding AS, a leading Norway-based Software as a Service provider of prop-tech solutions for energy consumption optimization and building digitalization in retail & industrial refrigeration, public, commercial and multi-residential facilities.

In February 2022, Baltimore Aircoil Company (BAC) announces the release of its new TrilliumSeries Adiabatic Cooler. This adiabatic cooler is ideal for applications that demand a combination of energy efficiency and limited water use. BAC’s innovative design maximizes both water and energy efficiency, ultimately minimizing costs. In addition, the TrilliumSeries Cooler is designed to make installation and ongoing maintenance simple.

In September 2022, CAREL announces the acquisition of 100% of the share capital of Klingenburg GmbH and Klingenburg International Sp. Z.o.o., leading producers of a wide range of products used mainly for heat recovery in ventilation and humidification systems, adiabatic cooling and air purification.

Types Covered:
• Unitary Air Conditioning (UAC)
• Mobile Air Conditioning (MAC)
• Air Conditioning Chillers
• Heat Pumps
• Commercial Refrigeration Chiller
• Domestic Refrigeration
• Industrial Refrigeration
• Transport Refrigeration
• Evaporative Coolers
• Passive Cooling
• Other Types

Components Covered:
• Compressors
• Condensers
• Evaporators
• Heat Exchangers
• Controls
• Other Components

Refrigerants Covered:
• Natural
• Synthetic
• Blends
• Other Refrigerants

Technologies Covered:
• Solar
• Geothermal
• Thermoacoustic
• Radiative
• Cryogenic
• Other Technologies

Applications Covered:
• Residential
• Automotive
• Transportation
• Data Centers
• Commercial
• Industrial
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances