Market Insights
The transcritical CO2 systems market is estimated to grow at a CAGR of 17.9% over the next five years to reach US$ 72.4 Billion in 2028.
Transcritical CO2 (carbon dioxide) refers to a specific type of refrigeration and heat pump system that utilizes carbon dioxide as the working fluid. It is an alternative to traditional refrigerants such as hydrofluorocarbons (HFCs) and chlorofluorocarbons (CFCs), which have been found to contribute to global warming and ozone depletion.
In transcritical CO2 systems, carbon dioxide operates at a higher pressure and temperature compared to conventional refrigerants. The unique characteristic of transcritical CO2 is that it undergoes a phase change between the supercritical and subcritical states during the refrigeration cycle. This means that the refrigerant does not fully condense or evaporate in the traditional sense but instead transitions between liquid and gas phases. Increasing environmental regulations and concerns regarding climate change have led to the phasing out of high-global warming potential (GWP) refrigerants, such as hydrofluorocarbons (HFCs). Transcritical CO2 systems, with their low GWP and zero ozone depletion potential, offer an environmentally friendly alternative and comply with stricter regulations. This has driven the demand for transcritical CO2 systems in various sectors, including commercial refrigeration, supermarkets, and industrial applications.
Segments' Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Function-Type Analysis
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Refrigeration, Heating, and Air-conditioning
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The refrigeration segment held the largest revenue share owing to the EU F-gas regulation impacting prices and market availability of HFCs in Europe and the global phase-down of HFCs with the Kigali Amendment coming into effect in the coming years.
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Application-Type Analysis
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Supermarkets and Convenience Stores, Heat pumps, Food Processing & Storage Facilities, Ice Skating Rinks, and Others(Hotels, Buildings, and Water-treatment Plants)
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Supermarket and Convenience store application segment held the largest share of 52% in 2022 as transcritical CO2 systems are gaining market shares in Japan and Europe and are replacing HFC-134 systems because of their higher GWP.
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Regional Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World
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Europe is considered to be the dominating segment as some of Europe’s biggest are turning to CO2 systems in order to benefit from energy savings and comply with the F-gas regulation.
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Function Trends
The transcritical CO2 systems market is segmented into refrigeration, heating, and air-conditioning. The Refrigeration segment holds the largest market share during the forecast period. The factors that can be attributed to the rising demand for HFC-free technology from food retailers and supermarkets are accelerating the demand for this segment. Refrigeration is a critical requirement in various industries and applications, such as supermarkets, food processing, cold storage, and pharmaceuticals. These sectors rely heavily on refrigeration to maintain the freshness, quality, and safety of perishable goods. As a result, there is a significant demand for efficient and reliable refrigeration systems.
Application Trends
The market is segmented into supermarkets and convenience stores, heat pumps, food processing & storage facilities, ice skating rinks, and others (hotels, buildings, and water-treatment plants). Supermarkets and convenience stores are the dominating segments in transcritical CO2 systems the reason they have gained substantial traction is that refrigeration needs are high. Supermarkets typically have large refrigeration loads due to the extensive display cases, walk-in coolers, freezers, and other cooling equipment required to store and showcase a wide range of products. The energy efficiency and environmental benefits of transcritical CO2 systems make them an attractive choice for these applications.
Regional Analysis
Europe holds the largest market. The factors contributing to the market are the rising demand for CO2 condensing units in gas stations, restaurants, fast-food chains, and small-format stores which is expected to drive the demand for 2HP and 10HP condensing units in Europe over the forecast period.
North America is expected to grow at the highest CAGR during the forecasted period. The U.S. has a significant share of the North American market and is likely to witness the highest growth over the forecast period on account of the rising focus on the environmental impacts from the leakage of refrigerants, especially HFCs.
The transcritical CO2 systems market is segmented into the following categories:
By Function 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)
By Application Type
- Supermarkets and Convenience Stores (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Heat Pumps (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Food Processing & Storage Facilities (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Ice Skating Rinks (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Hotels, Buildings, and Water-treatments plants) (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Argentina, and Others)
Key Players
The market is highly populated, with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors, including price, product offerings, regional presence, etc. The following are the key players in the transcritical CO2 systems market. Most of the major players are providing complete profile systems including profile seals.
- Advansor
- BITZER
- Carnot Refrigeration
- Carrier Commercial Refrigeration
- Danfoss
- Emerson Climate Technologies, Inc.
- Green & Cool World Refrigeration AB
- Hillphoenix Inc.
- Mayekawa Mfg. Co., Ltd.
- Panasonic
- SCM Frigo S.p.A.
- Systemes LMP Inc.
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 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.
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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