Next Generation Refrigerants Market to Grow at 9.5% CAGR during 2019-2024
Adherence to stringent regulations
to maintain energy efficiency standards along with increasing adoption of
environment friendly refrigerants to boost global next generation refrigerants
market through 2024
According
to TechSci Research report, “Global Next Generation Refrigerants Market By Type, By Application, By End-Use, By Region, Competition, Forecast
& Opportunities, 2024’’, global next generation
refrigerant market is projected to register a CAGR of approximately 9.5% during the forecast period. Notably, a refrigerant is a
substance or mixture, usually a fluid, used in a heat pump and refrigeration
cycle. In most cycles, it undergoes phase transitions from a liquid to a gas
and back again. In response to the call to decrease the use of high-global
warming potential (high-GWP) refrigerants, the US, Canada, Mexico, and the rest
of the 197 members of the Montreal Protocol agreed to initiate the global
phase-down of hydrofluorocarbons (HFCs) in 2019. Markedly, conventional refrigerants,
such as R32, R22, R134a and R544, have HGW potential and ozone depletion
potential. Therefore, they have an adverse impact on the environment. However,
the next generation refrigerants, such as Ammonia (R-717),
2,3,3,3-Tetrafluoropropene (R-1234yf), and 1,3,3,3-Tetrafluoropropene
(R-1234ze), among others have negligible to zero global warming potential (GWP)
and ozone depletion potential (ODP). Thus, the demand for next generation
refrigerant is growing owing to growing preference for environment-friendly
refrigerants.
New refrigerant technology is
developing rapidly, and non-flammable alternatives are emerging as major next-generation
solutions, particularly in larger applications. These alternatives are
characterized by very short atmospheric lives (months or even days), which
results in “di minimis” ozone depletion potential (ODP) as well as ultra-low
GWP. These new refrigerants are collectively referred to as hydrofluoroolefins
(HFOs). Few examples of HFOs are R1233zd(E), R1234yf, R1234ze(E) and blends
such as R513A, R514A, R452B and R454B.
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The
market for next generation refrigerants has been segmented into type,
application, end-use and region. Based on type, the market is categorized into
Natural Refrigerants (CO2(R-744), NH3 (R-717), Hydrofluoroolefins (HFOs) and
others. Based on application, the market has been segmented into air
conditioning, refrigeration, heat pump & others. On the basis of end-user,
the market has been segmented into residential, industrial, commercial &
transportation. Regionally, next generation refrigerants market has been
segmented into North America, South America, Europe, Asia-Pacific and Middle
East & Africa. Among these regions, Europe leads the global next generation
refrigerant market and is further anticipated to continue its dominance, on
account of increasing government initiatives, including F-Gas regulation
against HFCs and HCFCs.
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“Leading
players operating in global next generation refrigerants market have amplified
their business expansion activities over the past few years to generate public
awareness about their existing & new products and technologies and to
compete with their contenders’ product portfolio. Furthermore,
commercial supermarkets are increasingly using carbon dioxide as a refrigerant
in their refrigeration and air conditioning systems, which is further
anticipated to increase the demand for natural refrigerants.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Global Next Generation Refrigerants Market By Type, By Application, By
End-User, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future
growth potential of global next generation refrigerants market and provides
statistics and information on market size, structure and future market growth.
The report offers decision makers superior market intelligence, thereby enabling
them conduct thorough investment appraisal. Besides, the report also analyses the
evolving market trends along with drivers, challenges and opportunities in global
next generation refrigerants market.
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