North America Natural Refrigerants Market to Grow with a CAGR of 2.75 % through 2028
Growing
demand from commercial & industrial sector are factors driving the North
America Natural Refrigerants Market in the forecast period 2024-2028
According to TechSci
Research report, “North America Natural Refrigerants Market - By Country,
Competition, Forecast and Opportunities, 2018-2028”, North America Natural
Refrigerants Market Size is USD 377.71 million in 2022 and is anticipated to
increase at a CAGR of 2.75%. Natural refrigerants are generated through a biochemical process that
harnesses resources from the natural environment. Among the most prominent
natural refrigerants commonly applied in HVAC/R (Heating, Ventilation, Air
Conditioning, and Refrigeration) applications, we find 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, there are other
natural refrigerants such as water (H2O, R-718) and air (R-729). These natural
refrigerants are hailed as the primary solution to counteract the environmental
harm inflicted by synthetic refrigerants, primarily due to their minimal or
non-existent Global Warming Potential (GWP) and complete absence of Ozone
Depletion Potential (ODP). As a result of these compelling advantages, the
demand for natural refrigerants is expected to experience growth in the coming
years.
Moreover,
various manufacturers have significantly increased their research and
development investments to formulate new, eco-friendly refrigerants that align
with government-imposed standards. This development is poised to further
bolster the market during the forecast period.
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Furthermore, the
use of artificial refrigerants like hydrofluorocarbons (HFCs), hydrochlorofluorocarbons
(HCFCs), and chlorofluorocarbons (CFCs) within the HVAC sector leads to the
production of detrimental gases. These gases contribute to ozone layer
depletion and the escalation of environmental temperatures. The rise in the
Earth's temperature, in turn, gives rise to a range of issues, including the
thawing of glaciers, resulting in elevated ocean levels and subsequent flooding
in various regions. Additionally, it leads to forest fires and deforestation,
both of which disrupt the natural climate cycle.
The North
America 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 3.24% during the forecast period 2024-2028. Carbon
dioxide functions as an environmentally friendly, non-toxic, and non-flammable
natural refrigerant. With a Global Warming Potential (GWP) value of 1, carbon
dioxide stands as the reference point for assessing the relative environmental
effects of different refrigerants on global warming. Given that carbon dioxide
is a by-product of numerous production processes, it is easily obtainable for
refrigeration purposes. This ready availability plays a role in the anticipated
growth of the North America Natural Refrigerants Market during the forecasted
period.
Based on the
application, the industrial segment is expected to register the highest growth
of 2.97% during the forecast period, 2024-2028. The industrial sector covers
refrigeration systems used extensively in various industrial environments, such
as chemical manufacturing, pharmaceuticals, and food processing. At present,
carbon dioxide refrigeration technology is primarily employed in three crucial
domains: heat pumps, automotive air conditioning, and multi-stage refrigeration
systems. Due to the environmentally friendly attributes of carbon dioxide,
efforts have been made to develop and manufacture carbon dioxide compressors
for a wide range of industries. This advancement is poised to be a catalyst for
the growth of the North America Natural Refrigerants Market in the expected
timeframe.
Based
on country, United States will witness fastest growth during the forecast
period, 2024-2028. This can be credited to the extensive acceptance of natural
refrigerants, driven by government actions aimed at reducing the use of
high-Global Warming Potential (GWP) synthetic refrigerants. For instance, the
American Innovation and Manufacturing Act (AIM Act) aligns the nation with the
Kigali Amendment to the Montreal Protocol, establishing objectives for lowering
emissions of hydrofluorocarbons (HFCs). Consequently, there is a growing
impetus to embrace natural refrigerants as substitutes in response to these
regulatory initiatives.
Major companies
operating in North America Natural Refrigerants Market are:
- Emerson Electric Co.
- Airgas Inc.
- Daikin U.S. Corporation
- SWEP North America, Inc.
- Messer North America, Inc.
- National Refrigerants Inc.
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“Increasing
awareness of environmental issues, such as climate change and ozone depletion,
was driving demand for natural refrigerants. Businesses and consumers alike
were seeking more sustainable and environmentally friendly cooling and
refrigeration solutions. Furthermore, ongoing research and development efforts
aimed to improve the efficiency and applicability of natural refrigerant-based
systems that included the development of new components, compressors, and
system designs tailored to natural refrigerants creates a lucrative opportunity
in the market growth,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“North America
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 North America 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 North America Natural
Refrigerants Market.
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