The global transcritical CO2 market reached a value of US$ 37.56 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 101.08 Billion by 2027, exhibiting a CAGR of 17.20% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

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.

Transcritical CO2 Market Trends:
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.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global transcritical CO2 market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on function and application.

Breakup by Function:

Refrigeration
Heating
Air Conditioning

Breakup by Application:

Supermarkets and Convenience Stores
Ice Skating Rinks
Food Processing and Storage Facilities
Heat Pumps
Others

Breakup by Region:

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

Competitive Landscape:
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 Corporationz and SCM Frigo S.p.A.

Key questions answered in this report:
How has the global transcritical CO2 market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global transcritical CO2 market?
What are the key regional markets?
What is the breakup of the market based on the function?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global transcritical CO2 market and who are the key players?
What is the degree of competition in the industry?