Global low (GWP) refrigerants are essential fluid for absorbing heat. An increase in extreme weather condition such as severe droughts and heat waves owing to global warming has propel market demand for low GWR refrigerants. According to the National Oceanic and Atmospheric Administration (NOAA), average earth surface temperatures increased around 1.71 degrees Fahrenheit in between 1880 and 2016. Burning of fossil fuels has resulted in such temperature change, negatively impacting the environment. Thus, environment friendly attributes of low GWP refrigerants is expected to boost the market.
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Competitive Analysis
The leading players in the global low GWP refrigerants market are Daikin industries, Ltd. (Japan), Honeywell International Inc (U.S.), The Linde Group (Ireland), The Chemours Company (U.S.), Arkema (France), GTS SPA (Italy), SOL Spa (Italy), Mexichem S.A.B de C.V. (Mexico), ), Harp International Ltd (UK), HyChill (Australia), Tazzetti S.p.A (Italy), Puyang Zhongwei Fine Chemical Co. Ltd (China), Airgas, Inc (U.S.), A-Gas International (UK), The natural refrigerants company Pty ltd (Australia), Brothers Gas (UAE), engas Australasia (Australia), Sinochem Lantian co., Ltd (China) and E.F. International (U.S.)
Changing consumer living habits demanding comfortable lifestyle is increasing the need for refrigerants and air conditioners at home. For instance, Japan Refrigeration and Air Conditioning Industry Association (JRAIA) reported that world room air conditioners demand reached 96.05 million units in 2017 increased to 8.2% from previous year. Increase in number of air conditioners sale to household is a key factor driving the market.
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Market Segmentation
The global low GWP refrigerants market has been segregated on the basis of types, application, and region.
By types, the global low GWP refrigerants market is divided into inorganics, fluorocarbons and hydrocarbons. The hydrocarbons segment held significant market share in 2017 and is expected to lead during the forecast period owing to its low environmental impact compared to fluorocarbons.
On the basis of application, the global low GWP refrigerants market has been divided into industrial refrigeration, domestic refrigeration, commercial refrigeration, mobile air-conditioning, stationary air-conditioning, and others. In 2017, the commercial refrigeration segment held the largest share of this market. Commercial refrigeration is mostly used in large capacity freezer to store food and beverage. Thus, rising in demand for oversized freezers in hotels and restaurants is projected to fuel the commercial refrigeration segment by 2023.
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Regional Analysis
Europe contributes the largest share in the global low GWP refrigeration market due to favorable government directive such as F-Gas Regulation 517/2014. Asia Pacific is significantly growing market for air conditioners and refrigerants owing to rise in cold chain market and demand for household refrigeration.
The regional market in Latin America and Middle East & Africa is projected to grow with healthy CAGR owing to demand for refrigerants from food & beverage industry couple with rise in temperature in Middle East.
Key Market Opportunities:
Rising air conditioner demand across the globe is expected to boost low GWP refrigerant market
Key Market Drivers:
Growing demand for air conditioners and limited environmental impact is boosting market growth.
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Global Low GWP Refrigerants Market is expected to hold the highest CAGR of around 11.8% during the forecast period 2019-2027.
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.The low global warming potential (GWP) refrigerants are used in a varied range of types including ventilation, heating, air conditioning, and refrigeration (HVAC) equipment.
The low GWP refrigerants are used to maintain the high level of system efficiency and show considerably lower flammability characteristics, than much more flammable hydrocarbons.
Increasing consciousness about global warming, environmental concern, and mandated regulations to decrease the carbon footprint has led to an increase in the adoption of low GWP refrigerants in the global air conditioning and refrigeration industry, thus boosting the growth of the low GWP refrigerants market.
You can Buy This Report from Here @https://www.trendsmarketresearch.com/checkout/13605/Single It is mainly because of its superb thermodynamic properties, refrigerating, and air-conditioning systems.
According to the application, the commercial refrigerants held the largest market share in 2018 and are expected to produce at the highest CAGR in the future.
Fact.MR is a leading market research entity that, with its primary and secondary research mechanisms can bring a tectonic shift in the growth rate of the Low GWP Refrigerants market.
Fact.MR leads the way of your business toward success through the help of exceptional market leaders and experts having diverse experience in the Low GWP Refrigerants market.
A punctilious analysis of the various parameters of the Low GWP Refrigerants market across the forecast period of 2019-2027 assists the market stakeholder to design growth strategies accordingly.
These unprecedented times may have hit a dent in the growth prospects of the Low GWP Refrigerants market but as the old saying goes, ‘Where there is a will, there is a way!’ Fact.MR believes in this thought and strives to be of great use to the various players for generating growth in the Low GWP Refrigerants market through its state-of-the-art research reports.
Request to View Sample of Research Report @ https://www.factmr.com/connectus/sample?flag=S_id=3054The Fact.MR study also provides futuristic overview of growth of the low GWP refrigerants market for the forecast period 2019-2027, by thoroughly assessing the salient market dynamics.
In this Low GWP Refrigerants market study, the following years are considered to project the market prospects: History Year: 2014 – 2018Base Year: 2014Estimated Year: 2027Forecast Year: 2019 – 2027 The regional segmentation of the Low GWP Refrigerants market is done as follows: North AmericaLatin AmericaEuropeJapanAPEJMEAOn the basis of product types, the Low GWP Refrigerants market report offers insight into majoradoption trends for the following segments: AmmoniaCarbon DioxideSulfur DioxideEthyl ChlorideKey end-users covered in the study include:Residential RefrigerationSmall Self-Contained RefrigerationLarge Self-Contained RefrigerationWalk-in RefrigerationSupermarket RefrigerationCompanies profiled in the report are: Trust & Holdings, Inc.The Chemours Companydu Pont de Nemours & Co.Honeywell International, Inc.To Know More Clear Details about This Report, Ask The Analyst @ https://www.factmr.com/connectus/sample?flag=AE_id=3054 Why Fact.MR?
Recently published a report entitled Low GWP Refrigerants Market projected till 2026, added by Value Market Research, covers key players along with their market share and strategic development adopted by them.
Further, the report provides market size, share, trends, outlook and forecast based on historical data coupled with drivers, restraints, and opportunities.The study offers a decisive view of the global low GWP refrigerants market by segmenting it in terms of type and application.
The report analyzes these subsets with respect to the regional segmentation.
This research study will prepare marketers for the evolving needs of their customers.Request a FREE Sample Copy of Low GWP Refrigerants Market Report with Full TOC At: https://www.valuemarketresearch.com/contact/low-gwp-refrigerants-market/download-sampleBy TypeInorganicsAmmoniaCarbon Di-OxideOthersFluorocarbonsHFOCHFCSHydrocarbonsPropaneIsobutaneOthersBy ApplicationCommercial RefrigerationIndustrial RefrigerationDomestic RefrigerationStationary Air-ConditioningMobile Air-ConditioningOthersThis research report also includes profiles of major companies operating in the global market.
Some of the prominent players operating in the global low GWP refrigerants market are A.S. Trust & Holdings, A-Gas, Airgas Inc., Arkema, Brothers Gas, Chemours, Daikin, Deepfreeze Refrigerants, Ecofreeze International, Engas Australasia, and others.
This section cover profiling of major players in terms of important aspects such as company overview, financial overview, business strategy, and recent developments undertaken during the forecast horizon.This section covers low GWP refrigerants market for the regions North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
