Natural Refrigerants Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Natural Refrigerants Market
The natural refrigerants market size was reached at a value of USD 1.59 billion in 2023, and the market is now projected to rise from USD 1.70 billion in 2024 to USD 2.81 billion by 2032, exhibiting a CAGR of 6.5% during the forecast period of 2024-2032.
The COVID-19 pandemic negatively impacted the industry, resulting in supply chain issues and variations in demand leading to reduction in natural refrigerants market growth. Despite global efforts to manage disruption, the sector is gradually rebounding. Product demand is rebounding due to increased industrial activity and technological improvements, indicating a good market recovery. Investors in the refrigerants business encountered obstacles such as limited options, high material costs, and delayed project cycles. Moreover, ammonia and hydrocarbon manufacturing industries experienced decreased demand and slowed operations. To protect their employees against COVID-19, companies in the market needed to implement additional safety measures and maintain suitable behavior.
Increasing consumer awareness about environmentally friendly refrigerators will drive natural refrigerants market growth during projected period. Manufacturers are switching to natural refrigerators to reduce greenhouse gas emissions and promote environmental sustainability. Hydrocarbon can be implemented as long term alternatives for home air conditioning to promote market growth as they offer good performance and substantial energy savings without causing any harm to the environment.
Additionally, due to technological advancements in green cooling will augment natural refrigerants market growth. Green colling systems has been implemented in many countries as it is widely accessible hence creating remarkable opportunities in the sector. Using the most energy-efficient technology and products with very low global warming potential, the ""green cooling"" method reduces the negative environmental impacts of RAC appliances while also saving energy expenses.
Comprehensive Analysis of Natural Refrigerants Market
The natural refrigerants market is rising with an exponential rate due to its versatile market segmentation. This market expansion effectively provides a detailed geographical assessment considering the dominant supply and demand forces that impact the natural refrigerants management industry. These segmentations are methodically segregated by types and by end users. The By Type segment include Ammonia, and Carbon Dioxide, Hydrocarbons, and By End-Use Industry segment include Industrial, Commercial, and Domestic.
In the natural refrigerants market, Europe region lead the refrigerators devices market with a market size of USD 0.60 billion in 2023 owing to rising awareness about environmentally friendly refrigerators and rising commercial or automotive industry uses.
The prominent players in the market play a crucial role in the natural refrigerants industry assuring industrial prospectus growth and setting market standards. These players include, Danfoss (Denmark), Air Liquide (France), A-Gas International Ltd. (U.K.), engas Australasia (Australia), Tazzetti S.p.A. (Italy), Shandong Yuean Chemical Industry Co., Ltd. (China), HyChill Australia Pty Ltd (Australia), AGC Inc. (Japan) Puyang Zhongwei Fine Chemical Co., Ltd. (China) and Linde plc (Ireland) these prominent market players provide a level-playing competitive landscape.
In March 2023, Danfoss has announced the acquisition of BOCK GmbH, a leading manufacturer of carbon dioxide and low-GWP compressor. BOCK GmbH has most diverse portfolios of compressors for natural refrigerants. The agreement will accelerate the global transition to natural and low-GWP refrigerants and improve energy efficiency.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 6.5% from 2024-2032
Unit Value (USD Billion), Volume (Kiloton)
Segmentation By Type
Hydrocarbons
Ammonia
Carbon Dioxide
By End-Use Industry
Industrial
Commercial
Domestic
By Region
North America (By Type, By End-Use Industry, By Country)
U.S.
Canada
Europe (By Type, By End-Use Industry, By Country)
Germany
U.K.
France
Italy
Rest of Europe
Asia Pacific (By Type, By End-Use Industry, By Country)
China
India
Japan
ASEAN
Rest of Asia Pacific
Latin America (By Type, By End-Use Industry, By Country)
Brazil
Mexico
Rest of Latin America
Middle East & Africa (By Type, By End-Use Industry, By Country)
Saudi Arabia
South Africa
Rest of Middle East & Africa
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Porters Five Forces Analysis
- 5. Qualitative Analysis – Impact of COVID-19
- 5.1. Impact of COVID-19 on the Geotechnical Services Market
- 5.2. Steps Taken by the Government to Overcome the Impact
- 5.3. Key Developments in the Industry in Response to COVID-19
- 5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
- 6. Global Geotechnical Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Type
- 6.2.1. Underground City Space
- 6.2.2. Slope and Excavation
- 6.2.3. Ground and Foundation
- 6.3. Market Analysis, Insights and Forecast – By End-user
- 6.3.1. Municipal
- 6.3.2. Bridge and Tunnel
- 6.3.3. Oil & Gas
- 6.3.4. Mining
- 6.3.5. Marine
- 6.3.6. Building Construction
- 6.3.7. Others
- 6.4. Market Analysis, Insights and Forecast – By Region
- 6.4.1. North America
- 6.4.2. Europe
- 6.4.3. Asia Pacific
- 6.4.4. Middle East & Africa
- 6.4.5. Latin America
- 7. North America Geotechnical Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Type
- 7.2.1. Underground City Space
- 7.2.2. Slope and Excavation
- 7.2.3. Ground and Foundation
- 7.3. Market Analysis, Insights and Forecast – By End-user
- 7.3.1. Municipal
- 7.3.2. Bridge and Tunnel
- 7.3.3. Oil & Gas
- 7.3.4. Mining
- 7.3.5. Marine
- 7.3.6. Building Construction
- 7.3.7. Others
- 7.4. Market Analysis, Insights and Forecast – By Country
- 7.4.1. U.S. Market Analysis, Insights and Forecast – By Type
- 7.4.1.1. Underground City Space
- 7.4.1.2. Slope and Excavation
- 7.4.1.3. Ground and Foundation
- 7.4.2. Canada Market Analysis, Insights and Forecast – By Type
- 7.4.2.1. Underground City Space
- 7.4.2.2. Slope and Excavation
- 7.4.2.3. Ground and Foundation
- 8. Europe Geotechnical Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Type
- 8.2.1. Underground City Space
- 8.2.2. Slope and Excavation
- 8.2.3. Ground and Foundation
- 8.3. Market Analysis, Insights and Forecast – By End-user
- 8.3.1. Municipal
- 8.3.2. Bridge and Tunnel
- 8.3.3. Oil & Gas
- 8.3.4. Mining
- 8.3.5. Marine
- 8.3.6. Building Construction
- 8.3.7. Others
- 8.4. Market Analysis, Insights and Forecast – By Country
- 8.4.1. Germany Market Analysis, Insights and Forecast – By Type
- 8.4.1.1. Underground City Space
- 8.4.1.2. Slope and Excavation
- 8.4.1.3. Ground and Foundation
- 8.4.2. U.K. Market Analysis, Insights and Forecast – By Type
- 8.4.2.1. Underground City Space
- 8.4.2.2. Slope and Excavation
- 8.4.2.3. Ground and Foundation
- 8.4.3. France Market Analysis, Insights and Forecast – By Type
- 8.4.3.1. Underground City Space
- 8.4.3.2. Slope and Excavation
- 8.4.3.3. Ground and Foundation
- 8.4.4. Spain Market Analysis, Insights and Forecast – By Type
- 8.4.4.1. Underground City Space
- 8.4.4.2. Slope and Excavation
- 8.4.4.3. Ground and Foundation
- 8.4.5. Italy Market Analysis, Insights and Forecast – By Type
- 8.4.5.1. Underground City Space
- 8.4.5.2. Slope and Excavation
- 8.4.5.3. Ground and Foundation
- 8.4.6. Rest of Europe Market Analysis, Insights and Forecast – By Type
- 8.4.6.1. Underground City Space
- 8.4.6.2. Slope and Excavation
- 8.4.6.3. Ground and Foundation
- 9. Asia Pacific Geotechnical Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Type
- 9.2.1. Underground City Space
- 9.2.2. Slope and Excavation
- 9.2.3. Ground and Foundation
- 9.3. Market Analysis, Insights and Forecast – By End-user
- 9.3.1. Municipal
- 9.3.2. Bridge and Tunnel
- 9.3.3. Oil & Gas
- 9.3.4. Mining
- 9.3.5. Marine
- 9.3.6. Building Construction
- 9.3.7. Others
- 9.4. Market Analysis, Insights and Forecast – By Country
- 9.4.1. China Market Analysis, Insights and Forecast – By Type
- 9.4.1.1. Underground City Space
- 9.4.1.2. Slope and Excavation
- 9.4.1.3. Ground and Foundation
- 9.4.2. India Market Analysis, Insights and Forecast – By Type
- 9.4.2.1. Underground City Space
- 9.4.2.2. Slope and Excavation
- 9.4.2.3. Ground and Foundation
- 9.4.3. Japan Market Analysis, Insights and Forecast – By Type
- 9.4.3.1. Underground City Space
- 9.4.3.2. Slope and Excavation
- 9.4.3.3. Ground and Foundation
- 9.4.4. Southeast Asia Market Analysis, Insights and Forecast – By Type
- 9.4.4.1. Underground City Space
- 9.4.4.2. Slope and Excavation
- 9.4.4.3. Ground and Foundation
- 9.4.5. Rest of Asia Pacific Market Analysis, Insights and Forecast – By Type
- 9.4.5.1. Underground City Space
- 9.4.5.2. Slope and Excavation
- 9.4.5.3. Ground and Foundation
- 10. Latin America Geotechnical Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Type
- 10.2.1. Underground City Space
- 10.2.2. Slope and Excavation
- 10.2.3. Ground and Foundation
- 10.3. Market Analysis, Insights and Forecast – By End-user
- 10.3.1. Municipal
- 10.3.2. Bridge and Tunnel
- 10.3.3. Oil & Gas
- 10.3.4. Mining
- 10.3.5. Marine
- 10.3.6. Building Construction
- 10.3.7. Others
- 10.4. Market Analysis, Insights and Forecast – By Country
- 10.4.1. Brazil Market Analysis, Insights and Forecast – By Type
- 10.4.1.1. Underground City Space
- 10.4.1.2. Slope and Excavation
- 10.4.1.3. Ground and Foundation
- 10.4.2. Mexico Market Analysis, Insights and Forecast – By Type
- 10.4.2.1. Underground City Space
- 10.4.2.2. Slope and Excavation
- 10.4.2.3. Ground and Foundation
- 10.4.3. Rest of Latin America Market Analysis, Insights and Forecast – By Type
- 10.4.3.1. Underground City Space
- 10.4.3.2. Slope and Excavation
- 10.4.3.3. Ground and Foundation
- 11. Middle East & Africa Geotechnical Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 11.1. Market Analysis, Insights and Forecast – By Type
- 11.1.1. Underground City Space
- 11.1.2. Slope and Excavation
- 11.1.3. Ground and Foundation
- 11.2. Market Analysis, Insights and Forecast – By End-user
- 11.2.1. Municipal
- 11.2.2. Bridge and Tunnel
- 11.2.3. Oil & Gas
- 11.2.4. Mining
- 11.2.5. Marine
- 11.2.6. Building Construction
- 11.2.7. Others
- 11.3. Market Analysis, Insights and Forecast – By Country
- 11.3.1. GCC Market Analysis, Insights and Forecast – By Type
- 11.3.1.1. Underground City Space
- 11.3.1.2. Slope and Excavation
- 11.3.1.3. Ground and Foundation
- 11.3.2. South Africa Market Analysis, Insights and Forecast – By Type
- 11.3.2.1. Underground City Space
- 11.3.2.2. Slope and Excavation
- 11.3.2.3. Ground and Foundation
- 11.3.3. Rest of Middle East & Africa Market Analysis, Insights and Forecast – By Type
- 11.3.3.1. Underground City Space
- 11.3.3.2. Slope and Excavation
- 11.3.3.3. Ground and Foundation
- 12. Competitive Analysis
- 12.1. Company Market Share Analysis, 2019
- 12.2. Company Profile
- 12.2.1. Fugro
- 12.2.1.1. Business Overview
- 12.2.1.2. Product & Service Offering
- 12.2.1.3. Overall Revenue
- 12.2.1.4. Recent Development
- 12.2.2. AECOM
- 12.2.2.1. Business Overview
- 12.2.2.2. Product & Service Offering
- 12.2.2.3. Overall Revenue
- 12.2.2.4. Recent Development
- 12.2.3. Kiewit Corporation
- 12.2.3.1. Business Overview
- 12.2.3.2. Product & Service Offering
- 12.2.3.3. Overall Revenue
- 12.2.3.4. Recent Development
- 12.2.4. Stantec
- 12.2.4.1. Business Overview
- 12.2.4.2. Product & Service Offering
- 12.2.4.3. Overall Revenue
- 12.2.4.4. Recent Development
- 12.2.5. WPS
- 12.2.5.1. Business Overview
- 12.2.5.2. Product & Service Offering
- 12.2.5.3. Overall Revenue
- 12.2.5.4. Recent Development
- 12.2.6. EGS Survey
- 12.2.6.1. Business Overview
- 12.2.6.2. Product & Service Offering
- 12.2.6.3. Overall Revenue
- 12.2.6.4. Recent Development
- 12.2.7. Gardline Limited
- 12.2.7.1. Business Overview
- 12.2.7.2. Product & Service Offering
- 12.2.7.3. Overall Revenue
- 12.2.7.4. Recent Development
- 12.2.8. Arup
- 12.2.8.1. Business Overview
- 12.2.8.2. Product & Service Offering
- 12.2.8.3. Overall Revenue
- 12.2.8.4. Recent Development
- 12.2.9. HDR
- 12.2.9.1. Business Overview
- 12.2.9.2. Product & Service Offering
- 12.2.9.3. Overall Revenue
- 12.2.9.4. Recent Development
- 12.2.10. Geosyntec
- 12.2.10.1. Business Overview
- 12.2.10.2. Product & Service Offering
- 12.2.10.3. Overall Revenue
- 12.2.10.4. Recent Development
- 12.2.11. Geoquip Marine Group
- 12.2.11.1. Business Overview
- 12.2.11.2. Product & Service Offering
- 12.2.11.3. Overall Revenue
- 12.2.11.4. Recent Development
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