Industry Background:
Due to the lower environmental impacts of low GWP refrigerants as well as phasing Out of CFC, CFC, and HFC Refrigerants have upsurged the demand for low GWP refrigerants. In addition to this, these refrigerants offer excellent thermodynamic properties. The Refrigerating and air conditioning systems equipped with these systems are highly energy efficient and they are miscible with conventional refrigerating oils and have a relatively high critical temperature. Low GWP refrigerants are extremely flammable as well as explosive in nature, thus numerous stringent government regulations have been imposed which might stagnate the demand. However, the effects of global warming and lower operating cost with higher performance will create significant opportunities over the forecasted period.
According to AMA, the market for Low GWP Refrigerants is expected to register a CAGR of 11.45% during the forecast period to 2027. This growth is primarily driven by Minimum Environmental Impacts of Low GWP Refrigerants than Conventional Refrigerants and Vanished the Risk of CFC, and HFC Emission with Might Cause Undesirable Effects.
Globally, a noticeable market trend is evident Introduction to comparatively more Durable and Less Viable Refrigerants
. The Commodity Chemicals sector in the North Amercia region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Linde Group (Germany), Honeywell International Inc. (United States), Sinochem Corporation (China), Airgas Inc. (United States), Engas Australasia (Australia), A-Gas (United Kingdom), Puyang Zhongwei Fine Chemical (China), Harp International (United Kingdom), Tazzetti (Italy), Shandong Yueon Chemical Industry (China) and HyChill Australia (Australia) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Regulatory Insights:
The U.S. Department of Energy’s (DOE) Building Technology Office (BTO) has been engaged Navigant Consulting, Inc. (Navigant) to develop this research and development (R&D) opportunities report for next-generation low global warming potential refrigerants. Navigant has recommended BTO for pursuing in an effort to accelerate the widespread adoption of low-global warming potential (GWP) refrigerants in residential and commercial equipment. Inclusion in this report does not guarantee to fund; each initiative must be evaluated in the context of all potential activities that BTO could undertake to achieve its goals.
Market Drivers
- Minimum Environmental Impacts of Low GWP Refrigerants than Conventional Refrigerants
- Vanished the Risk of CFC, and HFC Emission with Might Cause Undesirable Effects
Market Trend
- Introduction to comparatively more Durable and Less Viable Refrigerants
- Continues Technological Advancement and Adoption of Sensor Systems will Boost the Demand
Restraints
- Comparatively Higher Initial Capital Cost Requirement
- Low GWP Refrigerants are Flammable and Toxicity Issues
Opportunities
Minimizes Environmental Global Warming, Lower Operating Cost With Higher Performance and Refrigeration and Air-Conditioning Application
Challenges
Lack of Awareness and Knowledge about HVAC Contractors and Technicians in Underdeveloped Economies
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Low GWP Refrigerants Study Sheds Light on
The Low GWP Refrigerants Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Low GWP Refrigerants industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Low GWP Refrigerants industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.