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-User, By Region, Competition,
Forecast & Opportunities, 2024’’, global
next generation refrigerant market is projected to register a CAGR of
approximately 10% 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.
Browse xx market data Tables and xx Figures spread
through xx Pages and an in-depth TOC on "Global
Next Generation Refrigerants Market"
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The
market for next generation refrigerants has been segmented into type,
application, end-user and region. Based on type, the market is categorized into
Natural Refrigerants (CO2(R-744), NH3 (R-717), Petroleum Derived Hydrocarbon
(Propane (R-290), Isobutane (R-600a), Propylene (R-1270), Ethylene (R-1150),
Ethane (R-170)), Hydrofluoroolefins (HFOs), HydroFluoroChloroOlefins (HCFO) and
Hydro Fluoro Carbon (HFC)). Based on application, the market has been segmented
into air conditioning, refrigeration and heat pump. On the basis of end-user,
the market has been segmented into industrial air-conditioning, domestic
air-conditioning and commercial. Regionally, next generation refrigerants market
has been segmented into North America, South America, Europe, Asia-Pacific and
Middle East & Africa. Among these regions, Europe led 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.
“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 analyzes the evolving
market trends along with drivers, challenges and opportunities in global next generation
refrigerants market.
Contact
Mr. Ken Mathews
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New York – 10017
Tel: +1-646-360-1656
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