According to TechSci Research report, “Natural Refrigerants Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, the Global Natural Refrigerants Market stood at USD 1.52 billion in 2023 and is anticipated to grow with a CAGR of 4.27% in the forecast period through 2029. Initiatives taken by government based on natural refrigerants has led to favorable market conditions for the Global Natural Refrigerants Market. Several factors contribute to the growth of various natural refrigerants.
“Refrigerants, Naturally!” is an international initiative supported by governments and companies across the globe, united in their efforts to combat the adverse impacts of global warming and depletion of the ozone layer. This visionary initiative aims to drive a significant shift away from the usage of harmful fluorinated gases towards the adoption of natural refrigerants, which are more environmentally friendly and sustainable.
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In addition to advocacy, governments are actively taking steps to incentivize and provide funding support for the widespread adoption of natural refrigerants. A notable example is the North American Sustainable Refrigeration Council (NASRC), which has made remarkable strides in 2021. Among its top achievements is the highlight of funding support specifically dedicated to the adoption and implementation of natural refrigerants. This financial backing serves as a catalyst for businesses and organizations to embrace more eco-friendly refrigeration practices, contributing to a healthier and greener future for all.
In recent years, the field of natural refrigerants has witnessed a remarkable surge in innovation. Advancements have been made in various aspects, including the development of highly efficient and compact refrigeration systems. Additionally, new refrigerant blends have been introduced, further enhancing the performance and sustainability of these systems. Alongside these advancements, significant improvements have been made in terms of safety and reliability, ensuring that natural refrigerants are not only environmentally friendly but also reliable for various applications. These remarkable developments, largely driven by dedicated research and development efforts, have positioned natural refrigerants as increasingly competitive alternatives to traditional synthetic options.
The Global Natural Refrigerants Market is segmented into gas, application, regional distribution, and company.
Based on application, The refrigerators segment is projected to experience rapid growth during the forecast period. Refrigeration technology has evolved over the years, encompassing various types such as industrial, domestic, and others. With a growing concern for a sustainable future, there is an urgent need to explore clean refrigerants that are eco-friendly.
The world is now actively seeking refrigerants that do not contribute to the depletion of the ozone layer or global warming. This has led to a significant shift in the demand for the use of natural refrigerants such as CO2, NH3, and hydrocarbons, which are widely employed in refrigerators. These natural refrigerants offer a promising solution to mitigate the environmental impact of traditional refrigerants, ensuring a greener and more sustainable future for all.
MARKET GROWTH
The natural refrigerants market is experiencing strong growth, with a projected CAGR of approximately 7–9% over the next few years. This expansion is driven by the increasing adoption of eco-friendly cooling solutions, stringent environmental regulations, and the phase-out of synthetic refrigerants with high global warming potential (GWP).
MARKET DRIVERS
- Stringent Environmental Regulations – Governments and regulatory bodies are enforcing stricter regulations to reduce the use of hydrofluorocarbons (HFCs) and other high-GWP refrigerants, boosting the demand for natural refrigerants such as CO₂ (R-744), ammonia (R-717), and hydrocarbons (R-290, R-600a).
- Growing Demand for Energy-Efficient Cooling Solutions – Natural refrigerants offer higher energy efficiency compared to synthetic alternatives, making them increasingly popular in commercial refrigeration, HVAC systems, and industrial cooling applications.
- Rising Awareness of Sustainability and Climate Impact – With growing awareness of climate change, industries are shifting towards natural refrigerants to minimize their carbon footprint and comply with sustainability goals.
- Technological Advancements in Refrigeration Systems – Innovations in refrigeration technology, such as transcritical CO₂ systems and advanced ammonia-based refrigeration, are driving the adoption of natural refrigerants in supermarkets, data centers, and cold storage facilities.
MARKET OPPORTUNITIES
- Expansion in Industrial and Commercial Refrigeration – Increasing demand for energy-efficient and sustainable cooling systems in food processing, pharmaceuticals, and logistics offers significant growth opportunities for natural refrigerants.
- Growing Use in Heat Pumps and Air Conditioning – The rising adoption of heat pumps and air conditioning systems using natural refrigerants, particularly in Europe and North America, presents new market prospects.
- Emerging Applications in Transport Refrigeration – The increasing focus on reducing emissions in refrigerated transport systems, including trucks, containers, and rail, is driving the adoption of natural refrigerants.
- Development of Low-Charge Ammonia Systems – The growing trend toward low-charge ammonia systems, which enhance safety while maintaining efficiency, is creating new opportunities in industrial cooling applications.
Major companies operating in Global Natural Refrigerants Market are:
- Danfoss A/S
- Emerson Electric Co
- Linde Plc
- Natural Refrigerants Company
- Gea Group Ag
- Carel Industries S.P.A
- Johnson Controls International Plc
- Panasonic Corporation
- Tecumseh Products Company Llc
- Cooltech Applications
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“Growing application of natural refrigerants in various end user industries are key drivers of the natural refrigerants market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of natural refrigerants with every passing year are anticipated to register an impressive grow to Global Natural Refrigerants Market in the forecast period.,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.
“Natural Refrigerants Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Gas (Carbon Dioxide, Ammonia, Hydrocarbons, Others), By Application (Refrigerators, Air Conditioning Systems, Others), By Region & Competition, 2019-2029”, has evaluated the future growth potential of Global 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 Global Natural Refrigerants Market.
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