Press Release

At the recent "2024 China Cold Chain Equipment Industry Development and Technology Forum," Xing Shan, Senior Product Director of the Refrigeration Division at Industry Online, presented a comprehensive industry report titled "Market Evolution and Development Trends in the Cold Chain Equipment Sector for the New Cycle." The report provides critical insights into the industry's ongoing transformation.

Transition to a Stock Market Competition Phase
The report highlights that with increasingly rational consumption patterns and slowing economic growth, demand for traditional cold chain equipment in sectors like food processing and chain catering has neared saturation. Xing Shan emphasized: "The industry is shifting from expansion to stock optimization, requiring businesses to identify breakthroughs in new application scenarios."

Refrigeration Sector Outperforms
Data indicates China's refrigeration equipment market is projected to reach ¥246.8 billion in 2024, accounting for 33% of the total HVAC&R industry and leading growth at 8.1%. Key drivers include:

• Continued government subsidies for appliance replacements

• Overseas inventory replenishment demand

• Emerging application scenarios

Diverging Development Across Segments

1. Household Refrigeration
   Maintains dominance with an estimated ¥174.7 billion market size (71% share), fueled by exports and policy incentives.

2. Commercial Refrigeration
   Faces short-term adjustments but shows strong long-term potential, having achieved a 7.2% CAGR from 2014-2023.

3. Industrial Refrigeration
   The only segment with consistent growth over the past decade, driven by energy efficiency upgrades under carbon neutrality goals.

Future Trends
Xing Shan forecasts three key development trajectories as intelligent and green transformation accelerates:

• Energy-efficient technologies becoming core differentiators

• Growing demand for customized solutions

• Expanding opportunities in cross-border cold chain logistics

The report concludes with a call to action: "In this new cycle, companies must build competitive advantages through product innovation, service upgrades, and business model transformation."