Market Insights
The transcritical CO2 system has a lower critical temperature than conventional refrigerants and is not poisonous, flammable, or chlorinated. These systems have a negligible potential for ozone depletion, negligible global warming, and low leak rates. Transcritical CO2 is in high demand due to its energy efficiency and cost advantages over fluorocarbon refrigerants, which will fuel market expansion throughout the forecast period.
The main reasons driving this market are the implementation of strict environmental regulations regarding the rising levels of greenhouse gases, chlorofluorocarbons, and global warming. Additionally, the demand for transcritical CO2 is fueled by the low operating costs of transcritical CO2 systems as well as an increase in demand for refrigeration and air conditioning applications.
Since conventional refrigerators consume 50% of the total energy used in supermarkets, the demand for transcritical CO2 is rising as a result of the shops' ability to cut both energy consumption and refrigerant device protection fees. The need for ice transcritical CO2 in ice skating rinks has also increased. The market is anticipated to have profitable growth over the forecast period as a result of these expanding applications. The transcritical CO2 systems market is likely to rebound at a promising CAGR of 16.9% in the long run to reach US$ 110.43 Billion in 2028.
Segment Analysis
Based on the function type, the transcritical CO2 systems market is segmented into Refrigeration, Heating, and Air Conditioning. Refrigeration is expected to remain the largest and fastest-growing function type in the market during the forecast period. Due to the EU F-gas regulation's effects on HFC prices and market availability in Europe as well as the global phase-down of HFCs with the Kigali Amendment taking effect in 2019, the refrigeration segment had the highest revenue share with 67.3% in 2019. Over the projected period, increased demand from supermarkets and food merchants for HFC-free technology is anticipated to propel segment expansion.
The demand for natural refrigerants used in heating processes has increased as a result of rising environmental awareness and more severe construction rules and regulations. From 2020 to 2027, the heating market is anticipated to grow at the quickest CAGR of 19.3% due to the strong development of new CO2 technology in heat pump application segments and the trend towards sanitary hot water heat. owing to the increasing demand for electric vehicles across regions coupled with an expected recovery in the production of ICE vehicles. In addition to that, increasing investments by the premium and luxury car manufacturers to manufacture new products with enhanced features, and growing demand for passenger cars in developing economies is further expected to drive the market growth during the forecast period.
Based on the application type, the market is segmented into Retail and Heat Pumps. Retail is expected to remain the dominant as well as the faster-growing application in the market during the forecast period. Because of the higher GWP of transcritical CO2 systems, which are replacing HFC-134a systems in Europe and Japan, the retail application category had the biggest share in 2019 (55.8%). Additionally, the growing trend of green consumption has driven supermarkets to deliberately apply environmental best practises in order to improve their reputation as environmentally friendly businesses.
In terms of regions, North America is expected to remain the largest market for transcritical CO2 systems during the forecast period. The U.S. accounted for a significant share in the North America market in 2019 and is expected to witness exponential growth over the forecast period on account of rising focus on the environmental impacts from the leakage of refrigerants, especially HFCs. The EPA estimates that the average U.S. supermarket is responsible for the leakage of 875 pounds of commercial refrigerant annually. As a result, end-users are actively working towards reducing their carbon footprint, which has prompted recent interest in natural refrigerants.
Key Players
The following are the key players in the transcritical CO2 systems market:
- Advansor
- Teko GmbH
- Carrier Commercial Refrigeration
- Green & Cool World Refrigeration AB
- Hillphoenix, Inc.
- Danfoss
- Bitzer
- Carnot Refrigeration
- SCM Frigo S.P.A.
- Emerson Climate Technologies
Research Methodology
This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Transcritical CO2 Systems Market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for existing and new players
- Key success factors
The Transcritical CO2 Systems Market is segmented into the following categories.
Transcritical CO2 Systems Market, by Vehicle Type
- Refrigeration, (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Heating (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Air Conditioning (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Transcritical CO2 Systems Market, by Material Type
- Retail (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Heat Pumps (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Transcritical CO2 Systems Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and The Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and The Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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