Market Research Report
Natural Refrigerant Market with COVID-19 Impact Analysis, By Refrigerant, By Application and By Region - Size, Share, & Forecast from 2021-2027
|Natural Refrigerant Market with COVID-19 Impact Analysis, By Refrigerant, By Application and By Region - Size, Share, & Forecast from 2021-2027|
Published: August 1, 2021
AnalystView Market Insights
Content info: 310 Pages
Delivery time: 2-3 business days
The global Natural Refrigerant market was valued at USD 1.51 billion by 2019, growing with 12.3% CAGR during the forecast period, 2021-2027.
Natural refrigerants are non-synthetic, naturally occurring chemicals that can be used to cool refrigerators and air conditioners. Hydrocarbons (propane, butane, and cyclopentane), CO2, ammonia, water, and air are among these substances. Each with a different application area is frequently referred to as "the Gentle Five." Natural refrigerants are safe for the ozone layer and the environment. Thermo-acoustic and Stirling Cycle, as well as evaporative cooling technologies, are examples of other refrigeration and cooling systems. Natural refrigeration systems also outperform conventional refrigeration systems in terms of cost. Many natural refrigerants are affordable, and some are even cheaper than HFCs. Furthermore, natural refrigerants frequently have the most energy-efficient technology, with some being up to 40% more efficient than HFCs.
Natural refrigerants are used extensively for refrigeration and air conditioning on a global basis. Ammonia, carbon dioxide, and hydrocarbons are some of the natural refrigerants on the market right now. Iso-butane, propane, and propylene are among the most regularly utilized hydrocarbon refrigerants. Natural refrigerants are mostly used in refrigeration systems in the industrial, commercial, and residential sectors. Natural refrigerants are used in mobile and stationary air conditioning. Because of its better coefficient of performance (CoP), zero ozone depletion potential (ODP), lower cost, and lower leakage rate, ammonia is the most often used natural refrigerant in industrial applications. The initial high cost of refrigeration system installation is a major issue limiting the growth of the natural refrigerants market. Toxicity and flammability limits caused by the use of extremely concentrated ammonia in smaller refrigeration systems are also a problem for HVAC contractors.
A corporation may incur more expenditures while installing a natural refrigerant system, depending on the kind and size of the system (as is always the case with a new system), but these costs are offset in the mid-to-long term by lower prices. Natural refrigerants have lower operating costs due to lower leakage costs, low maintenance costs, and, most critically, low energy consumption. As governments grow more attentive in their regulation of F-gases, the low cost of disposing of natural refrigerants at the end of a refrigerator's lifecycle will become a significant financial incentive to transition to cleaner cooling methods.
According to the cooling imperative developed by the Economist Intelligence Unit an estimated four billion new cooling units will be sold between 2019 and 2030. Annual sales will exceed 460 million units, up from 336 million in 2018. World Green Building Council states that construction accounts for 40% of overall emissions, with HVAC accounting for 8% of that.
The greatest market is Europe, which is primarily driven by environmental concerns and pollution regulations. In terms of market size, Asia-Pacific is second, followed by North America. The rise of the natural refrigerants market in Europe and North America is being driven by the commercial sector and thriving automobile industry. The natural refrigerants market is primarily driven by improved living standards and increased disposable income in the Asia Pacific. In the Middle East, the hospitality business is booming. As a result, demand for air conditioners and refrigeration equipment is expected to rise.
Key features of the study:
This proposed research study on Natural Refrigerant market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2020-2027), considering 2019 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Natural Refrigerant market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Natural Refrigerant market
Impact of COVID-19 on Natural Refrigerant market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Natural Refrigerant market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Natural Refrigerant market, we have also included competitive landscape and key innovator analysis for the Natural Refrigerant market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and end-user's attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Natural Refrigerant market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new product launch, research & development, regional expansion of major participants involved in the Natural Refrigerant market on global as well as regional level.
The global Natural Refrigerant market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL NATURAL REFRIGERANT MARKET KEY PLAYERS
The Linde Group
Puyang Zhongwei Fine Chemical Co. Ltd.
Puyang Zhongwei Fine Chemical Co.Ltd.,
Deepfreeze Refrigerants Inc.
Shandong Yuan Chemical Co., Ltd
GLOBAL NATURAL REFRIGERANT MARKET, BY REFRIGERENT
Hydrocarbons (R-290, R-1270, R-600a)
Carbon dioxide (CO2) (R-744)
GLOBAL NATURAL REFRIGERANT MARKET, BY APPLICATION
GLOBAL NATURAL REFRIGERANT MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of LATAM
The Middle East and Africa
United Arab Emirates
Rest of MEA
List of Tables
List of Figures