Centrifugal Chiller Refrigerant Market Size By Refrigerant (Standard, Low GWP, Hydrocarbon Natural, Other Natural Refrigerants), By Compressor (Single Stage, Multi-Stage), By End-use (Oil & Gas, Power Sector, Chemical, Food & Beverages, Electronics and El

Centrifugal Chiller Refrigerant Market Size By Refrigerant (Standard, Low GWP, Hydrocarbon Natural, Other Natural Refrigerants), By Compressor (Single Stage, Multi-Stage), By End-use (Oil & Gas, Power Sector, Chemical, Food & Beverages, Electronics and Electrical) & Forecast, 2023 - 2032

Global Centrifugal Chiller Refrigerant industry is projected to record significant growth over 2023-2032, owing to the increasing demand for bio-based refrigerants.

The rising need to provide thermal insulation and avoid product degradation is a major factor boosting the market growth. The burden of chronic diseases has grown substantially over recent decades. According to the National Health Council, chronic illnesses affect around 133 million Americans, accounting for more than 40% of the country's overall population. Such increased prevalence of chronic diseases and the rising demand for preserving biological products, blood reagents, vaccinations, blood samples, DNA samples, and other substances have boosted market growth.

Moreover, companies operating in this industry are focusing on developing innovative centrifugal chiller refrigerants integrated with high-tech advancements. To cite an instance, in July 2022, Daikin Applied, a leading producer of HVAC systems, expanded its chiller product line with the launch of the DWDC C series of centrifugal compressor water-cooled chillers. With such introductions of advanced products, the market is set to gain momentum throughout 2023-2032.

The centrifugal chiller refrigerant market is classified based on product, end-use, and region.

By product, the centrifugal chiller refrigerant market size from the hydrocarbon natural refrigerants segment is likely to expand at more than 5% CAGR from 2023 to 2032. Hydrocarbon refrigerants have better thermodynamic efficiency than conventional refrigerants owing to which they can reduce energy consumption and operational costs in refrigeration and air conditioning systems. The increasing application of hydrocarbon refrigerants for commercial and industrial refrigeration, air conditioning, and heat pumps will fuel product demand.

In terms of end-use, the centrifugal chiller refrigerant market share from the electronics & electrical segment is poised to record exponential growth through 2032. Semiconductor involves the production of electronic components and devices. The manufacturing process generates a lot of heat, so cooling systems are required to maintain the equipment’s performance and prevent damage. The growing adoption of centrifugal chiller refrigerants among electronic manufacturers, in consequence, will propel segment gains.

The North America centrifugal chiller refrigerant market size is estimated to cross USD 1.6 billion by 2032. North America has been witnessing increasing regulations on the use of higher GWP refrigerants. Moreover, business organizations are placing considerable emphasis on R&D for core technologies, and the sector has undergone several advancements in recent years.

In December 2022, the US Environmental Protection Agency issued a proposal limiting the use of refrigerants in many new refrigeration systems to 150 GWP and refrigerants in new residential and light commercial air-conditioning and heat pump systems to 700 GWP, among other applications. Centrifugal chillers use lower GWP refrigerants such as R-123 and R-134a, which contributes to the rising demand for these refrigerants across American countries.