Transcritical CO2 Systems Market is segmented By Functioning (Refrigeration, Heating, Air Conditioning, Others), By Application (Supermarkets, Heat pumps, Food processing storages, Ice skating rinks, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Transcritical CO2 Systems Market Overview
Report analyses the Global Transcritical CO2 Systems Market size, shares, recent trends, competitive intelligence, and future market outlook. Transcritical CO2 Systems usage in Heating, Refrigeration, Air Conditioning is on the rise. Demand from Supermarkets, Food processing storages, Heat pumps in North America is booming. Competitive rivalry intensifies with PPG Industries, AkzoNobel and others operating in the market
A transcritical system is defined as a system that operates above the critical point. CO2 is cooled in transcritical systems but does not condense at the gas cooler outlet above the critical temperature. An increase in the application of these systems in various industries is rising market growth.
Transcritical CO2 Systems Market Summary
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Metrics |
Details |
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Market CAGR |
17.9% |
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Segments Covered |
By Functioning, By Application, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Transcritical CO2 Systems Market Dynamics
Growth in the supermarkets and food processing & storage industries is propelling the global transcritical co2 systems market growth. It is due to the reduction of energy consumption by reducing refrigeration systems' maintenance cost and low ozone-depletion potential, and low global warming potential of these systems. Also, it has a high safety rating and is non-toxic and non-flammable. Additionally, in a few industries, carbon dioxide is used as dry ice for transport cooling to generate the sparkling effect in some beverages and protection.
Besides, stringent government policies targeting the reduction of CFCs are boosting the market growth. Technology advancements in CO2 systems make these systems more economically viable in terms of equipment and installation costs. Thus these systems are gaining traction at a significant pace.
Transcritical CO2 Systems Market Segmentation Analysis
The global transcritical co2 systems market is broadly segmented as food storage, supermarkets, ice skating rinks, and others based on the application. Among all these food storage applications was the largest application market for transcritical CO2 in 2018. Over the forecast period, it is expected to grow at a higher CAGR. It commonly functions as a low-temperature refrigerant. The product has also been used where there is a need for keeping the harmful refrigerants separately for some safety purposes. According to U.S. Census data and Simmons National Consumer Survey (NHCS), 23.12 million Americans used 6 or more food storage containers in 2018.
The global transcritical co2 systems market is segmented into the refrigerators, air conditioning, heating, and others based on functioning. Among all these, refrigerators accounted for a major market share and are expected to grow at a higher pace. It is owing to its usage in supermarkets and convenience stores. Also, these systems are used in the refrigeration processes due to their high volumetric cooling capacity. Additionally, CO refrigerants have a little environmental impact, allowing end consumers to cut back on their carbon footprint.
Global Transcritical CO2 Systems Market Geographical Share
The global Transcritical CO2 Systems market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America occupies the dominant share in the transcritical CO2 systems market and is expected to grow at a CAGR of YY% in the forecast period. This region is home to most of the world’s leading food manufacturing companies that have switched to using CO2 for refrigeration. This is one of the key factors for the region’s high demand for the product. Usage of these systems in supermarkets and food storage is another potential application segment mainly in the US. According to Housewares Census 2019, in 2018, US retail sales of food storage amounted to approximately USD 547.6 million.
Transcritical CO2 Systems Market Companies
Carrier Commercial Refrigeration, Baltimore Aircoil Company, Green & Cool World Refrigeration AB, Henry Technologies, Inc., Hillphoenix, Inc., Advansor, Danfoss, Carnot Refrigeration, SCM Frigo S.p.A., Emerson Climate Technologies, Panasonic, Systemes LMP, Inc., BITZER, Mayekawa Mfg. Co., Ltd., and others. The majority of these players have adopted few organic and inorganic key strategies like product launches, mergers & acquisitions, and others to maintain their market share in this market. For instance, in November 2018, Baltimore Aircoil Company, Inc. launched Vertex Evaporative Condenser. It has low maintenance and operation costs and reduces the installation cost by 30%. In October 2018, the DANFOSS A/S launched a liquid ejector, which is to be used in optimizing and improving transcritical CO2 booster.
