Global Refrigerant Market 2017-2021

Overview of the global refrigerant market

Market research analysts at Technavio predict that the global refrigerant market will grow steadily at a CAGR of more than 6% by 2021. The emergence of energy-efficient systems is identified as one of the primary growth factors for this market. To reduce the rising energy costs, homeowners, entrepreneurs, retailers, and consumers demand products that are energy-efficient. Moreover, the governments across the globe are also encouraging citizens to choose highly-efficient appliances. The increasing demand for energy-efficient technologies has raised the demand for heating, ventilating, and air-conditioning (HVACs) and will continue to grow further strengthening the market for refrigerants. Moreover, commercial and residential owners prefer replacing their older, less-efficient HVAC systems with the newer ones that are more efficient, which again will boost the demand for refrigerants.

The increasing use of VRF systems is one of the latest trends that will contribute to the growth of this market in the forthcoming years. Variable refrigerant flow (VRF) systems are systems in which the capacity of the air conditioning system can be adjusted to meet the essential demand by varying the compressor speed. These systems may include multiple outdoor units and an even greater number of indoor units that are connected by copper pipes and controlled by electronic controllers. Moreover, VRF systems can offer high efficiency due to the short pipe runs and allows the direct use of refrigerants, without the need for secondary refrigerants. These systems also offer advantages such as lower space requirement for installation and provision of heating and cooling in different locations within the building at the same time.

Competitive landscape and key vendors