Guidehouse Insights Report Forecasts a 16% Compound Annual Growth Rate through 2030 for the Global HVAC Market Using Low Global Warming Potential Refrigerants
BOULDER, Col.–(BUSINESS WIRE)–A new report from Guidehouse Insights analyzes the global HVAC market and plans to phase out high greenhouse effect (GWP) refrigerants, with global market forecasts stretching to 2030.
The HVAC industry is transforming towards sustainability. Recent international efforts and government regulations to phase out existing high GWP refrigerants have fueled the demand for alternative low GWP refrigerants. According to a new report from Guidehouse Insights, the global HVAC market using low-GWP refrigerants is expected to reach $34.1 billion by 2021, with a compound annual growth rate (CAGR) of 16.2% from 2021 to 2030.
“Countries are beginning to implement policies and regulations to phase out high GWP refrigerants in HVAC, but not all countries have specific policies in place to support low GWP refrigerants yet,” said Young Hoon Kim, research analyst at Guidehouse Insights. “Nevertheless, regulations and policies are expected to transform the HVAC market from high GWP refrigerant applications to low GWP refrigerant applications, creating substantial new market opportunities.”
While the demand for low GWP refrigerant applications in HVAC has increased dramatically over the years, the market faces barriers such as lack of comprehensive regulation, safety issues and new challenges in refrigerant verification. Despite the long history of the HVAC industry, new refrigerants are likely to transform the entire industry by developing compatible core components, optimizing HVAC systems, and transforming the refrigerant life cycle (supply, disposal, etc.) with alternative refrigerants with a low GWP. This transformation in the sector is a lengthy process, but will ultimately lead to new market opportunities and a reduction of the ecological footprint.
The report, Low Global Warming Potential Refrigerants in HVAC, analyzes the global HVAC market, including international treaties and national regulations for phasing out high GWP refrigerants, current technology trends, including the development of new refrigerants, and industry trends. Global market forecasts, broken down by segment and region, extend to 2030. The report also examines key technologies related to the application of new low GWP refrigerants in HVAC. A summary of the report can be downloaded free of charge at the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, Guidehouse’s dedicated market intelligence division, provides research, data and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are based on an in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, primary end-user research and demand assessment, combined with an in-depth examination of technology trends, to provide a comprehensive picture of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at: www.guidehouseinsights.com.
Guidehouse is a leading global provider of advisory services to the public and commercial markets with broad capabilities in management, technology and risk advisory. We help clients tackle their toughest challenges and deal with significant regulatory pressure with a focus on transformational change, business resilience and technology-driven innovation. Through a range of advisory, consulting, outsourcing and digital services, we create scalable, innovative solutions that prepare our customers for future growth and success. The company has more than 10,000 professionals in more than 50 locations worldwide. Guidehouse is a portfolio company of Veritas Capital, led by experienced professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues that drive national and global economies. For more information, visit: www.guidehouse.com.
* The information in this press release about the report, Low Global Warming Potential Refrigerants in HVAC, is a summary and reflects Guidehouse Insights’ current expectations based on market data and trend analysis. Market forecasts and expectations are inherently uncertain and actual results could differ materially from those contained in this press release or report. Please refer to the full report for a full understanding of the assumptions underlying the report’s conclusions and the methods used to prepare the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update the information contained in this press release or report.