Low Global Warming Potential
English Public
Market Snapshot.
The global low GWP (global warming potential) refrigerants market size and share is projected to reach approximately USD 38 billion by 2035 from a market value of approximately USD 27.5 billion in 2023. It is expected to grow at an annual CAGR of 12%.
Market overview.
Low GWP values only theoretically indicate a low direct emissions impact. Air conditioning and heat pump systems contribute significantly to greenhouse gas emissions, so equipment with a low global warming potential (GWP) is preferred in order to reduce emissions and overall carbon footprint. Increasing demand for refrigerators is a growth factor for this market. Approximately 215 million refrigerators are sold globally each year, generating annual market revenues in excess of USD 125 billion. Increasing demand for energy efficiency, growth of grocery shops and supermarkets, and growth of the HVAC industry are also fuelling the growth of low-GWP refrigerants.
Get a full PDF sample copy of the report: https://www.sdki.jp/sample-request-113822
Key market trends.
Honeywell launched an innovative low GWP (global warming potential) refrigerant for commercial and industrial refrigeration optimised for supermarkets. Solstice N71 (R-471A) is the low-GWP line of Solstice solutions for a variety of applications and is the supermarket industry's first non-flammable and energy efficient solution with a GWP below 150.
Chemours Company (Chemours) has partnered with Bohn de Mexico, a leading technology and manufacturer of commercial and industrial refrigeration equipment, to revolutionise the cold food chain by launching the first low GWP solution in the Americas based on A2L technology. As part of the partnership, Bohn de Mexico will produce non-ozone depleting (ODP), low GWP refrigerants, Opteon™ XL20 (R-454 C), Opteon™ XL40 (R-454A) and Opteon™ XL10 (R-1234yf), which are available from BOHN a new line of Ecoflex condensing units.
Growth factors:
One of the current growth factors is the increasing demand for energy savings. The average annual energy consumption of refrigerators ranges between 427 and 461 kWh, which is approximately three times the average energy consumption of energy-efficient GWP refrigerators. On average, fridges account for about 27% of total household electricity consumption, but this share varies from 5% to 63% depending on the energy efficiency of the fridge. Global awareness of the need to reduce greenhouse gas emissions will also have a positive impact on this growth. Current refrigerants are often thousands of times more polluting than carbon dioxide (CO2). Many refrigerants, such as chlorofluorocarbons (CFCs), deplete the ozone layer, while others are very potent greenhouse gases.GWP can also be used to define the contribution of greenhouse gases to global warming over different periods or time horizons. Typically, these are 20, 100 or 500 years. The 100-year GWP of R-22, currently the most common refrigerant, is 1,810, approximately 2,000 times that of carbon dioxide, so just one pound of R-22 is equivalent to one tonne of carbon dioxide. Recently, the number of grocery shops and supermarkets has increased: in 2021, global supermarket and neighbourhood shop grocery sales reached USD 1.38 trillion.
Allocation.
Limited application options for low-GWP refrigerants are a challenge limiting the market. Switching to low-GWP refrigerants is difficult given the complexity. Key considerations when selecting the ideal refrigerant are low toxicity, volume (QVOL), environmental acceptability, coefficient of performance (COP) and flammability. Strong COP and low toxicity fluids offer few options for high performance solutions. Hydrocarbons are A3 refrigerants. This means they have low toxicity but high flammability; GWP refrigerants also require significant equipment modifications.
Competitive environment.
Key players and manufacturers in the global low-GWP refrigerants market include Honeywell International Inc, S. Trust & Holdings, Inc, The Chemours Company, Emerson Electric Co, Deepfreeze Refrigerants Inc, Ecofreeze International, Asahi Glass Corporation, Orbia, Linde and Arkema Group. The study includes detailed competitive analysis, company profiles, recent trends and key market strategies for these key companies in the global low global warming potential (GWP) refrigerants market.
For more information on the market research report, please visit: https://www.sdki.jp/reports/low-gwp-refrigerant-market/113822
The global low GWP (global warming potential) refrigerants market size and share is projected to reach approximately USD 38 billion by 2035 from a market value of approximately USD 27.5 billion in 2023. It is expected to grow at an annual CAGR of 12%.
Market overview.
Low GWP values only theoretically indicate a low direct emissions impact. Air conditioning and heat pump systems contribute significantly to greenhouse gas emissions, so equipment with a low global warming potential (GWP) is preferred in order to reduce emissions and overall carbon footprint. Increasing demand for refrigerators is a growth factor for this market. Approximately 215 million refrigerators are sold globally each year, generating annual market revenues in excess of USD 125 billion. Increasing demand for energy efficiency, growth of grocery shops and supermarkets, and growth of the HVAC industry are also fuelling the growth of low-GWP refrigerants.
Get a full PDF sample copy of the report: https://www.sdki.jp/sample-request-113822
Key market trends.
Honeywell launched an innovative low GWP (global warming potential) refrigerant for commercial and industrial refrigeration optimised for supermarkets. Solstice N71 (R-471A) is the low-GWP line of Solstice solutions for a variety of applications and is the supermarket industry's first non-flammable and energy efficient solution with a GWP below 150.
Chemours Company (Chemours) has partnered with Bohn de Mexico, a leading technology and manufacturer of commercial and industrial refrigeration equipment, to revolutionise the cold food chain by launching the first low GWP solution in the Americas based on A2L technology. As part of the partnership, Bohn de Mexico will produce non-ozone depleting (ODP), low GWP refrigerants, Opteon™ XL20 (R-454 C), Opteon™ XL40 (R-454A) and Opteon™ XL10 (R-1234yf), which are available from BOHN a new line of Ecoflex condensing units.
Growth factors:
One of the current growth factors is the increasing demand for energy savings. The average annual energy consumption of refrigerators ranges between 427 and 461 kWh, which is approximately three times the average energy consumption of energy-efficient GWP refrigerators. On average, fridges account for about 27% of total household electricity consumption, but this share varies from 5% to 63% depending on the energy efficiency of the fridge. Global awareness of the need to reduce greenhouse gas emissions will also have a positive impact on this growth. Current refrigerants are often thousands of times more polluting than carbon dioxide (CO2). Many refrigerants, such as chlorofluorocarbons (CFCs), deplete the ozone layer, while others are very potent greenhouse gases.GWP can also be used to define the contribution of greenhouse gases to global warming over different periods or time horizons. Typically, these are 20, 100 or 500 years. The 100-year GWP of R-22, currently the most common refrigerant, is 1,810, approximately 2,000 times that of carbon dioxide, so just one pound of R-22 is equivalent to one tonne of carbon dioxide. Recently, the number of grocery shops and supermarkets has increased: in 2021, global supermarket and neighbourhood shop grocery sales reached USD 1.38 trillion.
Allocation.
Limited application options for low-GWP refrigerants are a challenge limiting the market. Switching to low-GWP refrigerants is difficult given the complexity. Key considerations when selecting the ideal refrigerant are low toxicity, volume (QVOL), environmental acceptability, coefficient of performance (COP) and flammability. Strong COP and low toxicity fluids offer few options for high performance solutions. Hydrocarbons are A3 refrigerants. This means they have low toxicity but high flammability; GWP refrigerants also require significant equipment modifications.
Competitive environment.
Key players and manufacturers in the global low-GWP refrigerants market include Honeywell International Inc, S. Trust & Holdings, Inc, The Chemours Company, Emerson Electric Co, Deepfreeze Refrigerants Inc, Ecofreeze International, Asahi Glass Corporation, Orbia, Linde and Arkema Group. The study includes detailed competitive analysis, company profiles, recent trends and key market strategies for these key companies in the global low global warming potential (GWP) refrigerants market.
For more information on the market research report, please visit: https://www.sdki.jp/reports/low-gwp-refrigerant-market/113822
by akiariku
Vocabulary List
- 0
