Centrifugal Chiller Refrigerant Market Size By Refrigerant (Standard, Low GWP, Hydrocarbon Natural, Other Natural Refrigerants), By Compressor (Single Stage, Multi-Stage), By End-use & Global Forecast, 2023 - 2032

Centrifugal Chiller Refrigerant Market Size

Centrifugal Chiller Refrigerant Market size surpassed USD 4.5 billion in 2022 and  is anticipated to grow at a 5% CAGR from 2023 to 2032 driven by increasing awareness regarding the environmental impact of harmful refrigerants.
 

The booming manufacturing and industrial sectors across the world have proliferated the use of these chillers. In addition, favorable economic transformation, governmental initiatives, and technological advancements are further increasing industrial production in countries, including China, the U.S., Japan, Germany, and India, which in turn is boosting the overall market progression. In February 2023, the U.S. Department of Energy announced numerous plans to invest in the country’s energy and industrial communities.
 

Stringent F-gas regulations may restrain industry progression

Air conditioning, refrigeration systems, and halons in fire suppression designs use HFCs such as CFCs and HCFCs extensively to replace ozone-depleting compounds. Several EU Regulations are implemented in addition to the F-gas Regulation to meet certain environmental requirements. In April 2022, the European Commission upgraded its F-gas regulation to further elevate the reduction strategies of fluorinated green gas emissions by dropping the HFC supply rate to 2.4% by 2048 gradually, which is anticipated to hamper centrifugal chiller refrigerant market demand. Nonetheless, consistent R&D initiatives to make these solutions sustainable might aid manufacturers in overcoming this hurdle.
 

Centrifugal Chiller Refrigerant Market Analysis

The industry size from the low GWP refrigerants sector is slated to progress at 7.5% growth rate during 2023-2032. The segmental growth is attributed to rising environmental consciousness among consumers, which results in increased usage and demand for more eco-friendly products. Traditional higher GWP refrigerants are considered more environmentally harmful than lower GWP refrigerants. Moreover, their higher efficiency facilitates long-term energy savings, which is foreseen to complement market growth by 2032.
 

The centrifugal chiller refrigerant market from the single stage compressor type is projected to exceed a valuation of USD 5.5 billion by 2032, propelled by mounting population and economic growth which has fostered the demand for refrigeration & air conditioning with these compressors globally. These compressors are more cost-effective than their counterparts, as well as lightweight and easily available in different electric models. They are appropriate for residential and commercial purposes, which is set to impel product uptake.
 

The centrifugal chiller refrigerant industry from the food & beverage sector is estimated to amass USD 3.5 billion by 2032. The F&B industry is required to meet strict environmental regulations pertaining to the usage of refrigerants that can contribute to ozone depletion or global warming. This has encouraged companies to accept centrifugal chiller refrigerants that are eco-friendlier than other forms of refrigerants such as CFCs & HCFCs.
 

 

Asia Pacific centrifugal chiller refrigerant market is slated to attain 5% gains between 2023 and 2032 on account of a significant rise in construction projects, including the development of new commercial buildings & infrastructure projects as well as refurbishment of existing structural plans. For instance, China is speculated to spend nearly USD 1 trillion on buildings through 2030 to boost its carbon-neutral plan and elevate its economical position, accounting for 20% of the global expenditure on construction. Such initiatives are forecast to propel the regional product demand.
 

Centrifugal Chiller Refrigerant Market Share

Major players involved in the centrifugal chiller refrigerant market are:

• Honeywell International Inc
• The Linde Group
• The Chemours Company
• Air Liquide
• Arkema SA
• Daikin Industries Ltd
• Orbia
• SRF Ltd
• Sinochem Group
• Hudson Technologies Inc.

These firms are primarily engaging in product range diversification and strategic acquisition & mergers to capture lucrative growth opportunities in the industry. For instance, in January 2022, Honeywell, a safety and productivity solutions company, launched Solstice N71 (R-471A), a new low-GWP refrigerant, expanding its line of Solstice products for the supermarket industry. With this innovation, the company aimed to promote its industry position and expand its customer base.
 

This market research report on centrifugal chiller refrigerant includes in-depth coverage of the industry with estimates & forecasts in terms of volume in Kilo Tons and revenue in USD Million from 2018 to 2032 for the following segments:

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Market, By Refrigerant

• Standard refrigerants
• Low GWP Refrigerants
• Hydrocarbon natural refrigerants
• Other refrigerants

Market, By Compressor

• Single stage compressor
• Multistage compressor

Market, By End use

• Oil & Gas
• Power Sector
• Chemical
• Food & Beverages
• Electronics and electrical
• Other end use

Market, By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Thailand
  • South Korea
  • Malaysia
• Latin America
  • Brazil
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE