Natural Refrigerants Market to Grow with a CAGR of Globally of 4.27% through 2029
Surge in research and development activities is expected to drive the Global
Natural Refrigerants Market growth in the forecast period, 2025-2029.
According to TechSci Research report, “Natural
Refrigerants Market - Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2029F”, the Global Natural Refrigerants Market
stood at USD 1.52 billion in 2023 and is anticipated to grow with a CAGR of 4.27%
in the forecast period through 2029. Initiatives taken by government based on natural
refrigerants has led to favorable market conditions for the Global Natural
Refrigerants Market. Several factors contribute to the growth of various natural
refrigerants.
"Refrigerants, Naturally!" is an
international initiative supported by governments and companies across the
globe, united in their efforts to combat the adverse impacts of global warming
and depletion of the ozone layer. This visionary initiative aims to drive a
significant shift away from the usage of harmful fluorinated gases towards the
adoption of natural refrigerants, which are more environmentally friendly and
sustainable.
In addition to advocacy, governments are actively
taking steps to incentivize and provide funding support for the widespread
adoption of natural refrigerants. A notable example is the North American
Sustainable Refrigeration Council (NASRC), which has made remarkable strides in
2021. Among its top achievements is the highlight of funding support
specifically dedicated to the adoption and implementation of natural
refrigerants. This financial backing serves as a catalyst for businesses and
organizations to embrace more eco-friendly refrigeration practices,
contributing to a healthier and greener future for all.
In recent years, the field of natural refrigerants has witnessed a remarkable surge in innovation. Advancements have been made in various aspects, including the development of highly efficient and compact refrigeration systems. Additionally, new refrigerant blends have been introduced, further enhancing the performance and sustainability of these systems. Alongside these advancements, significant improvements have been made in terms of safety and reliability, ensuring that natural refrigerants are not only environmentally friendly but also reliable for various applications. These remarkable developments, largely driven by dedicated research and development efforts, have positioned natural refrigerants as increasingly competitive alternatives to traditional synthetic options.
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The Global Natural Refrigerants Market is segmented
into gas, application, regional distribution, and company.
Based on application, The refrigerators segment is projected to experience rapid growth during the forecast period. Refrigeration technology has evolved over the years, encompassing various types such as industrial, domestic, and others. With a growing concern for a sustainable future, there is an urgent need to explore clean refrigerants that are eco-friendly.
The world is now actively seeking refrigerants that do not contribute to the depletion of the ozone layer or global warming. This has led to a significant shift in the demand for the use of natural refrigerants such as CO2, NH3, and hydrocarbons, which are widely employed in refrigerators. These natural refrigerants offer a promising solution to mitigate the environmental impact of traditional refrigerants, ensuring a greener and more sustainable future for all.
Major companies operating in Global Natural
Refrigerants Market are:
- Danfoss A/S
- Emerson Electric Co
- Linde Plc
- Natural Refrigerants Company
- Gea Group Ag
- Carel Industries S.P.A
- Johnson Controls International Plc
- Panasonic Corporation
- Tecumseh Products Company Llc
- Cooltech Applications
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“Growing application of natural refrigerants in
various end user industries are key drivers of the natural refrigerants market.
Growth in competitive landscape and presence of well-established companies in
the market who are dedicated to enhance their productivity of natural
refrigerants with every passing year are anticipated to register an impressive
grow to Global Natural Refrigerants Market in the forecast period.,” said Mr.
Karan Chechi, Research Director of TechSci Research, a research-based
management consulting firm.
“Natural Refrigerants Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Gas (Carbon Dioxide, Ammonia, Hydrocarbons, Others), By Application (Refrigerators, Air Conditioning Systems, Others), By Region & Competition, 2019-2029”, has evaluated
the future growth potential of Global 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 Global Natural Refrigerants Market.
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