North America Natural Refrigerants Market to Grow with a CAGR of 2.75 % through 2029
Growing
demand from commercial & industrial sector are factors driving the North
America Natural Refrigerants Market in the forecast period 2025-2029.
According to TechSci
Research report, “North America Natural Refrigerants Market - By Country,
Competition, Forecast and Opportunities, 2019-2029F”, North America Natural
Refrigerants Market Size is USD 377.71 million in 2023 and is anticipated to
increase at a CAGR of 2.75% through 2029. Natural refrigerants are produced through a biochemical process utilizing resources from the natural environment. In HVAC/R (Heating, Ventilation, Air Conditioning, and Refrigeration) applications, prominent natural refrigerants include carbon dioxide (CO2, R-744), hydrocarbons such as propane (R-290), isobutene (R-600a), and propylene (R-1270), as well as ammonia (NH3, R-717). Additionally, water (H2O, R-718) and air (R-729) are recognized as natural refrigerants. These alternatives are heralded as pivotal solutions for mitigating environmental damage caused by synthetic refrigerants, largely due to their minimal or non-existent Global Warming Potential (GWP) and absence of Ozone Depletion Potential (ODP). Consequently, the demand for natural refrigerants is anticipated to escalate in the forthcoming ye
Numerous manufacturers have substantially augmented their investments in research and development to create new, environmentally friendly refrigerants in accordance with government-mandated standards. This advancement is poised to further stimulate market growth throughout the forecast period.
The use of artificial refrigerants like hydrofluorocarbons (HFCs), hydrochlorofluorocarbons (HCFCs), and chlorofluorocarbons (CFCs) within the HVAC sector leads to the production of detrimental gases. These gases contribute to ozone layer depletion and the escalation of environmental temperatures. The rise in the Earth's temperature, in turn, gives rise to a range of issues, including the thawing of glaciers, resulting in elevated ocean levels and subsequent flooding in various regions. Additionally, it leads to forest fires and deforestation, both of which disrupt the natural climate cycle.
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The North
America Natural Refrigerants Market is segmented into type, application, country
distribution, and company.
Based on the
category of type insights, the hydrocarbon segment is dominating the North America Natural Refrigerants Market. Hydrocarbons such as propane (R-290) and isobutane (R-600a) are natural refrigerants with low global warming potential (GWP) and zero ozone depletion potential (ODP). As environmental regulations become stricter, there's a growing preference for refrigerants that have minimal impact on climate change and ozone layer depletion. Hydrocarbons fit this criterion well, thus driving their demand in the market. Hydrocarbons are known for their high energy efficiency. They have excellent thermodynamic properties, allowing refrigeration systems to operate at optimal levels with reduced energy consumption. As energy efficiency continues to be a key concern for industries and consumers alike, the demand for hydrocarbon-based refrigeration systems increases. Hydrocarbons are generally more cost-effective compared to synthetic refrigerants like HFCs (hydrofluorocarbons). This is particularly significant as businesses seek ways to optimize costs without compromising on performance. The lower cost of hydrocarbon refrigerants makes them an attractive choice for various applications, further contributing to their dominance in the market. Advancements in technology have made it easier to develop and deploy systems that use hydrocarbon refrigerants safely. Manufacturers have improved the design of refrigeration equipment to ensure compatibility and safety with hydrocarbon refrigerants, addressing concerns related to flammability and safety.
Based
on country, Canada will witness significant dominance during the forecast
period, 2025-2029. Canada has established rigorous environmental regulations that encourage the use of natural refrigerants. These regulations aim to phase out high-global-warming-potential (GWP) refrigerants and promote environmentally friendly alternatives. Canadian companies are leading the development and integration of advanced technologies that utilize natural refrigerants. Innovations in refrigeration and air conditioning technologies have enhanced the viability and efficiency of these refrigerants. There is a rising demand for sustainable and energy-efficient cooling solutions in Canada, with both commercial and residential sectors increasingly adopting natural refrigerants to achieve sustainability objectives and lower operational costs.
Major companies
operating in North America Natural Refrigerants Market are:
- Emerson Electric Co.
- Airgas Inc.
- Daikin U.S. Corporation
- SWEP North America, Inc.
- Messer North America, Inc.
- National Refrigerants Inc.
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“Increasing
awareness of environmental issues, such as climate change and ozone depletion,
was driving demand for natural refrigerants. Businesses and consumers alike
were seeking more sustainable and environmentally friendly cooling and
refrigeration solutions. Furthermore, ongoing research and development efforts
aimed to improve the efficiency and applicability of natural refrigerant-based
systems that included the development of new components, compressors, and
system designs tailored to natural refrigerants creates a lucrative opportunity
in the market growth,” said Mr. Karan Chechi, Research Director of TechSci
Research, a research-based management consulting firm.
“North America
Natural Refrigerants Market, By Type (Carbon Dioxide, Ammonia, Hydrocarbons,
Others), By Application (Industrial, Commercial, Domestic), By Country, By Competition
Forecast & Opportunities,
2019-2029F”, has
evaluated the future growth potential of North America Natural Refrigerants
Market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in North America Natural
Refrigerants Market.
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