PUBLISHER: IMARC | PRODUCT CODE: 1347618
PUBLISHER: IMARC | PRODUCT CODE: 1347618
The global transcritical CO2 market size reached US$ 44.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 117.1 Billion by 2028, exhibiting a growth rate (CAGR) of 16.7% during 2023-2028.
Transcritical CO2 refers to a refrigeration system comprising a gas cooler to dissipate heat and a high-pressure expansion valve to control the evaporator. It is environmental-friendly, non-flammable, non-toxic, and has good heat transfer properties with a high latent heat of vaporization. It is cost-effective due to the utilization of cheaper fluids and higher efficiency compared to conventional refrigeration systems. In addition, it helps recover the rejected heat on account of the higher enthalpy of the system that can be used for building heating, ventilation, and air conditioning (HVAC) and domestic hot water. As a result, transcritical CO2 finds extensive applications in the food and beverage (F&B) and retail industries across the globe.
There is currently a rise in the demand for air conditioning units in the hospitality and residential sectors around the world. This, along with the lower operational costs of transcritical CO2 systems, represents one of the key factors driving the market. Moreover, high maintenance costs of hydro-chlorofluorocarbon (HCFC) and chlorofluorocarbon (CFC) based equipment is propelling the growth of the market. In addition, there is an increase in the utilization of transcritical CO2 systems due to the rising awareness among individuals about global warming. This, coupled with the growing demand for CO2 as an alternative on account of its high energy performance and the same technical reliability as HFC-134a refrigerant, is positively influencing the market. Besides this, the escalating demand for transcritical CO2 in cold storage facilities is offering lucrative growth opportunities to industry investors. Apart from this, governments of several countries are implementing stringent regulations to reduce the use of fluorinated gases (F-gases), which, in turn, is impelling the market growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global transcritical CO2 market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on function and application.
Refrigeration
Heating
Air Conditioning
Supermarkets and Convenience Stores
Ice Skating Rinks
Food Processing and Storage Facilities
Heat Pumps
Others
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Baltimore Aircoil Company Inc. (AMSTED Industries Incorporated), Bitzer SE, Carnot Refrigeration (M&M Refrigeration), Carrier Global Corporation, Danfoss, Dorin S.p.A., Emerson Electric Co., Hill Phoenix Inc. (Dover Corporation), Mayekawa Mfg. Co. Ltd., Panasonic Holdings Corporation and SCM Frigo S.p.A.