The natural refrigerants market is projected to reach USD 1,419.19 Million by 2020 at a CAGR of 11.5% between 2015 and 2020.
The report, “Natural Refrigerants Market by Type (Ammonia, Carbon dioxide, Hydrocarbons and Others), by Application (Refrigeration: Industrial, Commercial, and Domestic, Air Conditioning: Stationary and Mobile, and Others) – Global Trends & Forecasts to 2020” defines and segments the natural refrigerants market with an analysis and forecast for types, and applications by volume as well as value.
Browse 108 tables and 77 figures spread through 186 Pages and in-depth TOC on “Natural Refrigerants Market by Type (Ammonia, Carbon dioxide, Hydrocarbons and Others), by Application (Refrigeration: Industrial, Commercial, and Domestic, Air Conditioning: Stationary and Mobile, and Others) – Global Trends & Forecasts to 2020″.
“Europe projected to witness the highest growth in the natural refrigerants market”
Europe is the largest market for natural refrigerants followed by Asia-Pacific. Europe has also been estimated to account for the highest growth between 2015 and 2020. The growth is on account of the enforcement of stringent environmental legislations that call upon a ban on environmentally harmful HCFC and HFC refrigerants and promote the application of natural refrigerants as alternatives.
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“Ammonia to continue being the most widely used natural refrigerant”
Ammonia (R-717) accounted for 60% of the market share for natural refrigerants in 2014. The refrigerant is extensively used for industrial refrigeration operations due to its high co-efficient of performance (COP), comparatively lower leakage rate, low-cost, zero ozone depletion potential (ODP), and global warming potential (GWP).
Ammonia is toxic at high concentrations which restricts its application in smaller refrigeration systems. The industry has come up with cascade systems where ammonia is used with carbon dioxide (CO2) as the secondary refrigerant to overcome the restraint and increase energy efficiency of the overall system.
“Commercial refrigeration to be the fastest-growing application in the natural refrigerants market”
Natural refrigerants, mainly carbon dioxide (CO2) (R-744) and hydrocarbons (R-290, R-1270, and R-600a) are witnessing a high rate of adoption by major superstore and food retail chains in the European and North American regions. Natural refrigerants are used in cold display cabinets, stand-alone refrigerators, and for refrigeration during transportation.