High Installation Cost to Hamper Growth of Global Natural Refrigerants Market

A new market research study by Transparency Market Research talks about the major growth drivers and barriers of the natural refrigerants market across the globe. The research study, titled “Natural Refrigerants Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” provides an in-depth analysis of the market, focusing on the product segmentation, current trends, major geographical segments, and vendor analysis.

Complete Natural Refrigerants Market Report with TOC : http://www.transparencymarketresearch.com/natural-refrigerants-market.html

By type, the global market for natural refrigerants has been classified into carbon dioxide, hydrocarbons, and ammonia. The carbon dioxide segment is projected to account for the largest share in the overall market, owing to its ease of handling. Nevertheless, several companies across the globe have been using ammonia along with carbon dioxide in industrial applications, thanks to the higher performance of the combination.

By application, the global market for natural refrigerants has been segmented into commercial refrigeration, stationary air conditioning refrigerants, industrial refrigeration, mobile air conditioning refrigerants, and domestic refrigeration. Natural refrigerants are commonly used in industrial refrigeration for cooling, condensing, and storage of reactive chemicals. Within the commercial refrigerants segment, natural refrigerants find application in high-end retail outlets and supermarkets for refrigeration of food and beverages, and other portable cold storage systems.

The high initial cost required for the installation of these systems is one of the key factors that are estimated to curb the growth of the global market for natural refrigerants in the next few years. In addition, HVAC contractors face several other challenges such as flammability and toxicity limits owing to the use of highly concentrated ammonia in small systems.

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By geography, the global market for natural refrigerants has been segregated into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Among these regions, currently, the developing automotive industry and tremendous growth of the commercial sector are the major factors fuelling the growth of the market in North America and Europe. The Asia Pacific market for natural refrigerants is estimated to witness rapid growth throughout the forecast period, owing to the high disposable income and improved living standards of the population. Furthermore, the booming hospitality industry in the Middle East and Africa is anticipated to exhibit high demand for refrigerating systems and air conditioners, thus augmenting the growth of the market in the next few years.

Furthermore, the research study covers the competitive scenario and presents a detailed vendor analysis of the global market for natural refrigerants. Some of the major players operating in the market are A-Gas International, Hess Corporation, HyChill, General Utilities, Airgas, Inc., Puyang Zhongwei Fine Chemical Co.Ltd., Tazzetti SpA, Engas Australasia, The Linde Group, Shandong Yuan Chemical Co., Ltd., Deepfreeze Refrigerants Inc., and Sinochem. These players are spending a huge amount on research and development activities to introduce new substitutes for conventional refrigerants.

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This release was published on openPR.