Global green cooling technology market
DUBLIN, May 10, 2024 (Globe Newswire) — The “Green Cooling Technology Market – Global Industry Size, Share, Trends, Opportunities and Forecasts, 2019-2029” report has been added. ResearchAndMarkets.com Recruitment.
The global green cooling technology market was valued at USD 2.08 billion in 2023 and is anticipated to witness robust growth during the forecast period at a CAGR of 8.19% till 2029
The green cooling technology market refers to a dynamic and evolving sector focused on environmentally sustainable and energy efficient solutions for cooling applications. This market includes a variety of technologies designed to reduce the environmental impact of traditional cooling systems and address concerns about climate change, ozone depletion, and energy consumption. Key elements of the green cooling technology market include innovative cooling systems, environment-friendly refrigerants, and energy-efficient techniques.
The main objective of the green cooling technology market is to provide an alternative to traditional cooling methods that often rely on high energy consumption and environmentally harmful refrigerants. These alternatives prioritize the use of natural refrigerants, advanced cooling technologies, and energy-efficient designs to reduce carbon emissions and promote ecological sustainability. With increasing global awareness of environmental issues, the green cooling technology market plays a pivotal role in driving the transition towards more responsible and sustainable cooling practices across various industries including the residential, commercial and industrial sectors is playing.
Key market trends
The global green cooling technology market is witnessing significant trends towards accelerating the adoption of natural refrigerants. This change is primarily driven by environmental concerns, regulatory pressures, and the need to reduce greenhouse gas emissions. Natural refrigerants such as ammonia, carbon dioxide, and hydrocarbons are emerging as potential alternatives to synthetic refrigerants such as hydrofluorocarbons (HFCs) and chlorofluorocarbons (CFCs), which have high global warming potentials (GWPs). The phasing out of these synthetic refrigerants under international agreements such as the Montreal Protocol and the Kigali Amendment is further increasing the demand for green cooling technologies.
The main advantage of natural refrigerants is their low environmental impact. Unlike synthetic refrigerants, natural refrigerants have zero ozone depletion potential (ODP) and negligible GWP, making them an environmentally friendly alternative. Additionally, natural refrigerants are energy efficient and have good thermodynamic properties, which reduce energy consumption and operating costs in cooling systems. As a result, industries such as food and beverage, retail, and cold chain logistics are increasingly transitioning to green cooling technologies to meet sustainability goals and regulatory requirements.
Technological advances and innovations in refrigeration systems are driving the widespread use of natural refrigerants. Manufacturers are developing advanced cooling solutions that utilize natural refrigerants while ensuring optimal performance, safety, and reliability. These innovations include transcritical CO2 systems, cascade refrigeration systems, and hybrid refrigeration systems that combine multiple refrigerants for increased efficiency and versatility. Additionally, governments and industry stakeholders are promoting the use of natural refrigerants through incentives, subsidies, and awareness campaigns, further accelerating market penetration.
Key attributes:
|
report attributes |
detail |
|
number of pages |
181 |
|
Forecast period |
2024-2029 |
|
Estimated market value in 2024 (USD) |
2.08 billion dollars |
|
Projected market value to 2029 (USD) |
$3.37 billion |
|
compound annual growth rate |
8.1% |
|
Target area |
global |
competitive environment
Company Profile: Detailed analysis of key players present in the global Green Cooling Technology market.
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Career Global Co., Ltd.
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Daikin Industries, Ltd.
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Honeywell International Co., Ltd.
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Johnson Controls International PLC
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Trane Technologies Company, LLC
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Emerson Electric Co., Ltd.
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Ingersoll Rand Co., Ltd.
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Mitsubishi Heavy Industries, Ltd
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Schneider Electric SE
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Acetech Co., Ltd.
Report scope:
Green Cooling Technology Market, By Product:
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mobile air conditioner
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air conditioner chiller
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unitary air conditioner
Green Cooling Technology Market by Application:
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Residential
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commercial
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industrial
Green Cooling Technology Market by Regions:
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North America
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America
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Canada
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Mexico
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Europe
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France
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England
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Italy
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Germany
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Spain
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Asia Pacific
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China
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India
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Japan
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Australia
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South Korea
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south america
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Brazil
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Argentina
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Columbia
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middle east and africa
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South Africa
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Saudi Arabia
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United Arab Emirates
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Kuwait
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turkey
For more information about this report, please visit https://www.researchandmarkets.com/r/2vtayr.
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