Heating, ventilation and air conditioning (HVAC) refrigerant: Key market research findings
- Increase in demand for energy-efficient systems
- Use of variable refrigerant flow (VRF) systems to achieve sustainable points
- Key vendors in the market include Airgas Refrigerants, Arkema, Chemours, Dongyue, Honeywell, and Linde
Technavio’s market research analysts estimate the global HVAC refrigerant market to grow at a CAGR of over 6% between 2016 and 2020. The market is driven by the increased demand for HVAC equipment in the energy-efficient systems and constructions market. Homeowners, business owners, retailers, and consumers are shifting to using energy-efficient products in their homes or commercial establishments to reduce the rising energy costs. As a result, numerous vendors have started focusing on technologically advanced solutions with energy-efficient refrigerants to attract consumers. At present, the APAC region dominates the global HVAC refrigerant market by accounting for almost 48% of the market share, and is expected to grow steadily by 2020. The growth of the global construction sector, especially in the India, and China, is likely to drive the market in this region in the coming years.
The new market research report from Technavio presents a breakdown and analysis of the HVAC refrigerator segments by product.
“The latest trend in the market is the use of VRF systems and integrated solutions. There is a noticeable shift towards a balanced design approach in the engineering and architectural community. In a balanced design approach, high-performance, sustainable buildings are developed to increase building value by taking into consideration factors such as energy and water consumption, repetitive maintenance costs, the impact on the environment, and the building’s initial cost aid. These sustainable points are achieved with the help of VRF systems,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
In 2015, the global HVAC refrigerant market was dominated by the fluorocarbons segment. This segment is predicted to grow at a CAGR of almost 5% during the forecast period to reach a value of over $6 billion. The energy efficiency, low flammability, and less corrosive nature of fluorocarbons are responsible for its significant market share. The fluorocarbons family of refrigerants include CFCs, HCFCs, and HFCs. However, HCFCs and CFCs are gradually being phased out due to their high ozone depletion potential.
The key vendors in the global HVAC refrigerant market include Airgas Refrigerants, Arkema, Chemours, Dongyue, Honeywell, and Linde. This market is highly regulated, and it is mandatory for the companies to comply with the safety standards prescribed by the various regulatory bodies. The market is evolving in nature owing to the changing environmental concerns which have compelled vendors to develop new refrigerants constantly. The need for compliance with various standards and the continuous efforts to come up with a better refrigerant makes the market capital-intensive, which has become a tough challenge for the regional players.
A more detailed analysis is available in the Technavio report, Global HVAC Refrigerant Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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