ShareThe global natural refrigerants market on the rise
The natural refrigerants market is projected to register a CAGR of 11.5% between 2015 and 2020, to reach USD 1,419.19 million in 2020 from USD 821.74 million in 2015.
The natural refrigerants market is projected to register a CAGR (compound annual growth rate) of 11.5% between 2015 and 2020, to reach USD 1,419.19 million in 2020 from USD 821.74 million in 2015. Industrial refrigeration is the principal application for the natural refrigerants market and is estimated to experience steady growth up til 2020.
Natural refrigerants are chemicals such as ammonia, carbon dioxide and hydrocarbons, called 'natural' as their substances exist in nature's bio-chemical processes. Natural refrigerants have negligible impact on global warming and do not deplete the ozone layer. They provide higher energy efficiency, have a low leakage rate and offer a lower refrigerant cost compared to fluorocarbons.
The market for natural refrigerants is estimated to grow on account of increasing environmental legislations with a view to regulating emissions and improving energy efficiency in buildings and systems. High initial investments and lack of technical knowledge required for the handling of natural refrigerants are constraints for the market.
Region-wise, Europe is leading the natural refrigerants market. Growth in Europe is attributed to the stringency in environmental legislations that have restricted the use of HFC and HCFC refrigerants, in turn increasing demand for natural refrigerants. Europe is also projected to be the fastest-growing region in the market due to the high rate of natural refrigerant adoption by end-users in the region.
Asia-Pacific is the second-largest market for natural refrigerants. North America has been lagging behind in terms of natural refrigerants, however recently proposed legislations and environmental concerns are expected to propel growth of natural refrigerants in this region.
Ammonia refrigerants (R-717) dominated the market in 2015 and are forecast to grow steadily due to its wide usage in industrial refrigeration and light-commercial refrigeration applications. Carbon dioxide refrigerant (R-744) is projected to witness the highest growth in the natural refrigerants market up til 2020 thanks to being increasingly adopted by superstore and food retail chains for refrigeration and air-conditioning applications. Rapid growth for hydrocarbon refrigerants (R-290, R-1270) is expected on account of its rising application in domestic refrigeration and light-commercial refrigeration. Hydrocarbons have already captured a major share of the domestic refrigeration market whilst rapidly gaining ground in the light-commercial refrigeration, with major beverage players such as RedBull and Coca-Cola using hydrocarbons in their stand-alone refrigerators and cold cabinet displays.
Source: http://www.digitaljournal.com
Natural refrigerants are chemicals such as ammonia, carbon dioxide and hydrocarbons, called 'natural' as their substances exist in nature's bio-chemical processes. Natural refrigerants have negligible impact on global warming and do not deplete the ozone layer. They provide higher energy efficiency, have a low leakage rate and offer a lower refrigerant cost compared to fluorocarbons.
The market for natural refrigerants is estimated to grow on account of increasing environmental legislations with a view to regulating emissions and improving energy efficiency in buildings and systems. High initial investments and lack of technical knowledge required for the handling of natural refrigerants are constraints for the market.
Region-wise, Europe is leading the natural refrigerants market. Growth in Europe is attributed to the stringency in environmental legislations that have restricted the use of HFC and HCFC refrigerants, in turn increasing demand for natural refrigerants. Europe is also projected to be the fastest-growing region in the market due to the high rate of natural refrigerant adoption by end-users in the region.
Asia-Pacific is the second-largest market for natural refrigerants. North America has been lagging behind in terms of natural refrigerants, however recently proposed legislations and environmental concerns are expected to propel growth of natural refrigerants in this region.
Ammonia refrigerants (R-717) dominated the market in 2015 and are forecast to grow steadily due to its wide usage in industrial refrigeration and light-commercial refrigeration applications. Carbon dioxide refrigerant (R-744) is projected to witness the highest growth in the natural refrigerants market up til 2020 thanks to being increasingly adopted by superstore and food retail chains for refrigeration and air-conditioning applications. Rapid growth for hydrocarbon refrigerants (R-290, R-1270) is expected on account of its rising application in domestic refrigeration and light-commercial refrigeration. Hydrocarbons have already captured a major share of the domestic refrigeration market whilst rapidly gaining ground in the light-commercial refrigeration, with major beverage players such as RedBull and Coca-Cola using hydrocarbons in their stand-alone refrigerators and cold cabinet displays.
Source: http://www.digitaljournal.com