Europe Natural Refrigerants Market to Grow with a CAGR of 3.25 % through 2028
Increasing demand from industrial and commercial sector are
factors driving the Europe Natural Refrigerants Market in the forecast period
2024-2028
According to TechSci Research report, “Europe Natural
Refrigerants Market - By Region, Competition, Forecast and Opportunities,
2018-2028”, Europe Natural Refrigerants Market Size is USD 590.54 million
in 2022 and is anticipated to increase at a CAGR of 3.25% through 2028. Natural
refrigerants are the product of a biochemical process that taps into resources
from the natural environment. These include prominent options frequently
employed in HVAC/R (Heating, Ventilation, Air Conditioning, and Refrigeration)
applications, such as carbon dioxide (CO2, R-744), hydrocarbons like propane
(R-290), isobutene (R-600a), and propylene (R-1270), as well as ammonia (NH3,
R-717). Additionally, alternatives like water (H2O, R-718) and air (R-729) fall
under the category of natural refrigerants. These natural options stand out as
the primary solution for mitigating the environmental harm associated with
synthetic refrigerants, mainly due to their minimal or non-existent Global
Warming Potential (GWP) and complete lack of Ozone Depletion Potential (ODP).
Given these compelling advantages, the demand for natural refrigerants is
poised for substantial growth in the forthcoming years.
Furthermore, various manufacturers have significantly
ramped up their investments in research and development to create new,
environmentally friendly refrigerants that adhere to government-imposed
standards. This development is expected to further fortify the market's
position during the forecast period.
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Moreover, the utilization of synthetic refrigerants
such as hydrofluorocarbons (HFCs), hydrochlorofluorocarbons (HCFCs), and
chlorofluorocarbons (CFCs) in the HVAC sector leads to the emission of harmful
gases. These gases are major contributors to ozone layer depletion and the
exacerbation of global environmental temperatures. The increase in Earth's
temperature, in turn, triggers a host of issues, including the melting of
glaciers, resulting in rising sea levels and subsequent inundation of various
regions. Additionally, it gives rise to incidents of forest fires and
contributes to deforestation, both of which disrupt the natural climate cycle.
The Europe Natural Refrigerants Market is segmented
into type, application, country distribution, and company.
Based on the category of type insights, the carbon
dioxide segment is expected to register the highest growth of 3.69% during the
forecast period 2024-2028. Carbon dioxide stands out as an environmentally
friendly, non-toxic, and non-flammable natural refrigerant. With a Global
Warming Potential (GWP) value of just 1, carbon dioxide serves as the standard
against which the environmental impact of different refrigerants on global
warming is measured. Given that carbon dioxide is a by-product of numerous
production processes, it is easily obtainable for use as a refrigerant. This
ready availability plays a significant role in driving the growth of the Europe
Natural Refrigerants Market in the anticipated timeframe.
Based on the application, the industrial segment is
expected to register the highest growth of 3.50% during the forecast period,
2024-2028. The industrial sector involves the use of refrigeration systems in
vast industrial environments such as chemical manufacturing, pharmaceuticals,
and food processing. Currently, carbon dioxide refrigeration technology is
predominantly applied in three crucial domains: heat pumps, automotive air
conditioning, and multi-stage refrigeration systems. Due to the environmentally
friendly characteristics of carbon dioxide, efforts have been made to develop
and manufacture carbon dioxide compressors for various industries. This
advancement is anticipated to propel the growth of the Europe Natural
Refrigerants Market in the projected period.
Based on country, Germany will witness
fastest growth during the forecast period, 2024-2028. As Germany, a leader in
sustainable practices and environmental consciousness, has witnessed a
significant surge in the demand for natural refrigerants. This growing demand
is driven by several key factors that reflect the country's commitment to
reducing greenhouse gas emissions and promoting energy-efficient solutions. One
of the primary drivers is stringent regulatory initiatives aimed at curbing the
use of synthetic refrigerants with high global warming potential (GWP). Germany
aligns with international agreements like the Kigali Amendment to the Montreal
Protocol, which aims to phase out high-GWP refrigerants, creating a favourable
environment for the adoption of natural refrigerants.
Moreover, energy efficiency has become a
top priority in Germany, and natural refrigerants, known for their superior
thermodynamic properties, offer energy-efficient cooling solutions. Industries,
commercial entities, and even residential consumers are increasingly
transitioning to natural refrigerant-based systems to reduce operational costs
and environmental impact. In the commercial sector, supermarkets, restaurants,
and businesses are embracing natural refrigerants, particularly carbon dioxide
(CO2), due to its exceptional energy efficiency and lower environmental footprint.
In the residential sector, hydrocarbons like propane (R-290) are gaining
popularity in small-scale air conditioning and domestic refrigeration, further
driving the demand for natural refrigerants.
Major companies operating in Europe Natural Refrigerants Market
are:
- Linde Plc.
- Evonik Industries AG
- Tazzetti SPA
- Air Liquide S.A.
- TEGA Technische Gase und Gasetechnik
GmbH
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“Growing awareness of environmental concerns,
including climate change and ozone depletion, has been a driving force behind
the rising demand for natural refrigerants. Both businesses and consumers have
been actively seeking greener and more eco-friendly cooling and refrigeration
solutions. Additionally, significant research and development initiatives have
been underway to enhance the efficiency and suitability of systems based on
natural refrigerants. These efforts encompass the development of novel components,
compressors, and system designs specifically tailored to the requirements of
natural refrigerants, thereby contributing to the advancement of sustainable
cooling technologies creates a lucrative opportunity in the market growth,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Europe Natural Refrigerants Market, By Type
(Carbon Dioxide, Ammonia, Hydrocarbons, Others), By Application (Industrial,
Commercial, Domestic), By Country, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Europe 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 Europe Natural Refrigerants Market.
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