Which links in the refrigeration industry chain are greatly affected?

In the context of global climate change governance, the importance of the refrigeration industry is increasingly prominent. As a major country in the production, consumption and export of global refrigeration products, the dynamics of the refrigeration industry chain have a profound impact on economic and social development. So, which links in the refrigeration industry chain are more greatly affected?

From the upstream perspective, the manufacturing link of refrigeration equipment parts has a significant impact. Take compressors as an example. As the "heart" of the refrigeration system, its technological changes and market supply and demand changes attract much attention. At present, refrigeration compressors are mainly divided into several categories such as piston type, rotor type, scroll type, screw type and centrifugal type. In different application scenarios, various types of compressors have their own advantages. Rotor type and fully sealed piston compressors are commonly used in the household field. Scroll compressors are mostly used in light commercial applications. Screw compressors are mainly used in medium and large commercial cold storage, quick-freezing and industrial refrigeration systems. The development of refrigeration compressors in China has gone through three stages: independent research and development, introduction of foreign capital, and domestic substitution.

Nowadays, in the field of rotor compressors, domestic technology is mature and production capacity is sufficient. A situation of a duopoly between GMCC and Landa has been formed. In the cooling year of 2023, the market share of GMCC, Landa and Haili is about 78%, realizing domestic substitution. However, for scroll compressors and some high-end screw compressors, due to high technical and brand barriers, they are still dominated by foreign capital. For example, the market share of the top five foreign brands (Emerson, Johnson Controls Hitachi, Daikin, Danfoss and Panasonic) of scroll compressors is as high as 80.29%. But with the promotion of supply chain localization policies and the improvement of domestic brand technology, the speed of domestic substitution of scroll compressors is constantly accelerating. For example, in terms of the performance of fully enclosed scroll compressors, Ingersoll Rand has achieved a reversal over foreign enterprises. Bingshan Refrigeration & Heat Transfer has mastered advanced technology through the acquisition of Panasonic Compressor. From 2015 to 2022, the domestic market share of turbo compressors of the five major foreign brands has dropped from 96.07% to 80.29%.

Looking at the manufacturing link of refrigeration equipment in the middle reaches. Take cold chain logistics equipment as an example. As people's living standards improve and their attention to food safety increases, the demand for cold chain logistics surges. The middle reaches of the cold chain logistics industry chain includes enterprises in transportation links, warehousing links and other links. Among them, refrigerated trucks, as key equipment for cold chain transportation, have a continuous growth in market demand. Refrigerated trucks are closed van-type transport vehicles equipped with refrigeration units and polyurethane insulated compartments, and can be classified according to manufacturers, chassis carrying capacity and compartment types.

In addition, warehousing facilities such as cold storage are also indispensable, and their construction scale and technical level are constantly improving. In the industrial and commercial refrigeration field, the market pattern of complete refrigeration equipment such as compressor units, condensing units and quick-freezing equipment is also changing. For example, as the leader in the industrial and commercial refrigeration industry, Moon Environment's business covers multiple industrial clusters such as low-temperature freezing, central air conditioning and environmental heating. In the cold chain aspect, it has system integration technology and can produce a full range of screw compressors. It is expected to be the first to benefit from the implementation of domestic cold chain planning. In the field of central air conditioning, its Dunham-Bush has obvious advantages in subway station air conditioning, data center temperature control compressor units and other aspects, and will benefit from the construction boom of data centers. In the energy and chemical industry, it has also achieved relative advantages in natural gas compression and liquefaction.

The impact of the downstream application link cannot be underestimated. Household refrigeration equipment such as air conditioners, refrigerators and freezers is closely connected with residents' lives. As consumers' requirements for quality of life increase, they put forward higher requirements for energy saving, intelligence and personalization of refrigeration equipment.

Take air conditioners as an example. Products such as frequency conversion air conditioners and fresh air air conditioners are becoming more and more popular in the market. In the commercial field, industries such as food quick-freezing, cold chain logistics, fruit and vegetable preservation, and brewing are extremely dependent on refrigeration equipment. The food industry needs a precise low-temperature environment to ensure food quality and safety. The development of cold chain logistics is inseparable from the support of refrigeration technology. In the industrial field, industries such as energy and chemical industry and food processing widely use refrigeration equipment. For example, in the petroleum and chemical industries, refrigeration equipment is used in process links such as cooling and condensation. In the pharmaceutical industry, strict temperature requirements are imposed on the storage and transportation of drugs. Refrigeration equipment guarantees drug quality.

The refrigeration industry chain, from upstream parts manufacturing to midstream equipment production and then to the extensive downstream application fields, is constantly developing and adjusting under the influence of factors such as technological changes, market demand changes and policy guidance. In this process, it is faced with challenges such as refrigerant replacement and also welcomes opportunities such as green energy-saving technological innovation and market demand growth.