Low GWP Refrigerant Market 2023

According to IMARC Group's latest research report, titled "Low GWP Refrigerant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on the low GWP refrigerant market. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global low GWP refrigerant market size reached US$ 7.48 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.37 Billion by 2028, exhibiting a growth rate (CAGR) of 8.12% during 2023-2028.

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Low GWP Refrigerant Market Outlook:

Low GWP refrigerant refers to a type of refrigerant that comprises a low global warming potential (GWP) of less than 150. GWP is the measurement of the heat-trapping potential of a greenhouse gas and its impact on the climate relative to carbon dioxide (CO2), with GWP of 1. Low GWP refrigerants are typically compatible with existing HVAC equipment and numerous industrial applications, and are highly energy efficient, less toxic, thermally stable, and non-ozone depleting. The low GWP refrigerants absorb heat from the environment through a refrigeration cycle involving a compressor, condenser, expansion valve, and evaporator, and transfer it to a different location, releasing heat in the process. Some of the most common Low GWP refrigerants include natural refrigerants (CO2, propane, ammonia), hydrocarbons (isobutane), and hydrofluoroolefins (HFOs).

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Low GWP Refrigerant Market Trends:

The market is primarily driven by the implementation of stringent regulations by the governments of several countries mandating to phase-out of high-GWP refrigerants. This can be attributed to the rising concerns regarding global warming, ozone layer depletion and climate change. In line with this, considerable growth in the HVAC (Heating, Ventilation, and Air Conditioning) sector is propelling the demand for low-GWP refrigerants. Also, the rising demand for large-scale refrigeration, particularly in the food and beverage and pharmaceutical industries is resulting in a higher uptake of low-GWP refrigerants to facilitate reduced operational costs and energy savings. Moreover, the growing number of upgradations and retrofitting of existing systems with an enhanced focus on sustainability is also impacting the market positively. In addition to this, favorable government initiatives incentivizing the usage of low GWP refrigerants by introducing tax credits, subsidies, and grants are also creating a positive market outlook. Some of the other factors contributing to the market include rapid industrialization, increasing adopting corporate social responsibility (CSR) practices by the key players, and extensive research and development (R&D) activities.

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