Adherence to stringent regulations to maintain energy efficiency standards along with increasing adoption of environment-friendly refrigerants to boost the global next generation refrigerants market through 2024. According to TechSci Research report, “Global Next Generation Refrigerants Market By Type, By Application, By End-Use, By Region, Competition, Forecast & Opportunities, 2024’’, global next generation refrigerant market is projected to register a CAGR of approximately 9.5% during the forecast period.
The Important Elements of Next Generation Refrigerants Market
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 the 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.
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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), Hydrofluoroolefins (HFOs), and others. Based on application, the market has been segmented into air conditioning, refrigeration, heat pump & others.
On the basis of end-user, the market has been segmented into residential, industrial, commercial & transportation. Regionally, the next generation refrigerants market has been segmented into North America, South America, Europe, Asia-Pacific, and Middle East & Africa. Among these regions, Europe leads 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.
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“Leading players operating in the 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 the 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 to conduct thorough investment appraisals. Besides, the report also analyses the evolving market trends along with drivers, challenges, and opportunities in the global next generation refrigerants market.
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