The global HVAC refrigerant market 2016-2020

The global HVAC refrigerant market to grow at a Compound Annual Growth Rate (CAGR) of 6.35% during the period 2016-2020.
The market is expected to grow worldwide due to the demand for energy saving and efficiency, along with the latest innovations in the field of home automation. However, commercial spaces such as hotels and retail centers deploy centralized HVAC systems and variables refrigerant flow (VRF) systems that incur high energy bills, which is expected to inhibit market growth to a certain extent.

A key trend that will influence market growth is the growing use of oil-free centrifugal compressors. A recent trend that has been observed is the increased use of oil-free centrifugal compressors using R-134A and R-1234ze as refrigerants. Such compressors are now regularly used in chilling water and also in condensation of carbon dioxide for circulation as a volatile secondary refrigerant. These compressors have several benefits such as light weight, compactness, virtual silence, and very low starting current.
 Another advantage of using oil-free compressors is that they provide an easy transition to the new type of refrigerants. The use of oil-free compressors eliminates the need to identify or develop lubricants that are compatible with the new refrigerant.

According to the report, a key growth driver is the growing demand for energy-efficient systems. The HVAC equipment market is forecast to grow at a CAGR of 6.97% during 2015-2020. The increase in demand for HVAC equipment is fueled by the growth in the construction industry. The global construction industry is expected to record 85% growth in volume to reach USD 15.5 trillion by 2030. The construction industry, which currently accounts for 13% of the global GDP, will increase account for 15% of global GDP by 2020.