Refrigerant Recovery Service Market Size, Share, Growth, and Industry Growth by Type (Liquid, Vapor and Others) By Application (Air Conditioner, Refrigeration and Other), Regional Forecast To 2031

Updated On: 08 April 2024

Refrigerant Recovery Service Market REPORT OVERVIEW

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The global refrigerant recovery service market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.

A device used to remove refrigerant from a refrigeration or air conditioning system is called a refrigerant recovery system. A recovery system is crucial because it stops the emission of hazardous gases into the environment. Additionally, recycling the refrigerant makes it possible for it to be utilized once more.

COVID-19 Impact: Stringent Regulations and Government Rules to Hinder the Market Growth

COVID-19 had a disastrous influence on world trade, which simultaneously had an adverse effect on businesses, households, financial institutions, industrial facilities, and infrastructural firms. Due to a drop in demand for refrigerants from end-use applications, the COVID-19 epidemic had a severe effect on the global market for refrigerant recovery services. There were setbacks in a number of businesses, which decreased demand for refrigerants as a result. 

LATEST TRENDS

"As the Automotive and Transportation Industries Grow, there is an Increasing Market Growth"

Due to the rising acceptance of electric and hybrid vehicles, there is an increase in the need for refrigerant recovery systems from the automotive and transportation industries. Refrigerant recovery services are likely to be in high demand due to the widespread usage of these systems in buildings for air conditioning and cooling, particularly in developing nations.

Refrigerant Recovery Service Market Segmentation

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• By Type Analysis

By type, the refrigerant recovery service market is segmented into liquid, vapor, and others.

The liquid segment will dominate the refrigerant recovery service market in the coming years.

• By Application Analysis

Based on applications, the refrigerant recovery service market is air conditioner, refrigeration and other.  

The air conditioner segment will lead the global share through 2031.

DRIVING FACTORS

"Growing Public Awareness of Environmental Protection is Propelling Market Expansion "

The need for refrigerant recovery services is anticipated to increase as environmental protection measures become more widely known since, they assist minimize atmospheric emissions of hazardous gases. Over the projection period, it is also anticipated that the rising popularity of green technologies will improve growth prospects for the global market for refrigerant recovery services. 

"Best Practices and Upkeep Might Result in Significant Leakage Reductions to Spur Market Expansion "

The majority of HVAC/R unit emissions happen as a result of leaks while they are in operation. Use of best practices during designing and maintenance can significantly reduce leakage because industrial systems are prone to leaking. The adoption of effective refrigerant recovery services helps reduce emissions. There is a correlation between the expansion of the commercial and domestic refrigeration markets and the growth of the global market for refrigerant recovery services. Although industrialized nations have boosted their use of air conditioners.

RESTRAINING FACTORS

"The High Operating Costs of the Technologies Are Expected to Restrain the Market  "

 The refrigerant recovery service market may experience a slowdown in growth due to the development of low-GWP AC systems and technological advancements in current HVAC/R systems. Because there are so many participants in the refrigerant recovery system industry, manufacturers are primarily focused on lowering equipment costs to acquire a competitive edge.

Refrigerant Recovery Service Market REGIONAL INSIGHTS

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"North America to Hold the Largest Global Refrigerant Recovery Service Market Share in Some Regions "

By revenue share, North America dominated the market. Due to rising consumer demand for energy-efficient products and growing environmental concerns, the area is expected to maintain its dominance over the projection period. Additionally, strict government rules concerning refrigerant recovery systems are a major factor in the expansion of the regional market. The increased product demand from developing countries is expected to see significant growth over the course of the projection period. Additionally, some areas have seen an increase in disposable income levels, which allows for greater spending on home equipment with more advanced efficiency features. During the predicted term, these variables will further increase regional product demand.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Hudson Technologies (U.S.)
• A-Gas (UK.)
• Chemours Company (Formerly DuPont) (U.S.)
• National Refrigerants Inc (U.S.)
• Airgas Refrigerants (U.S.)
• Rapid Recovery (U.S.)
• NoVent Refrigerant Services, Inc (U.S.)
• Recovery New Zealand (New Zealand)
• Chiller Services (U.S.)
• DFW Refrigerant Services, LLC (U.S.)
• Interstate Refrigerant Recovery, Inc. (IRRI) (U.S.)
• Ao Hong （Tianjin） Chemical Co.,Ltd (China)
• Xingtai Hengyi Renewable Resources Recovery Co., Ltd. (China)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services, or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes several other factors that have contributed to recent refrigerant recovery service growth in some regions.