Transcritical Co2 Market Overview:
Global Transcritical CO2 Market size and share is currently valued at USD 53.22 billion in 2023 and is anticipated to generate an estimated revenue of USD 187.94 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 15.1% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032
Key Market Drivers:
- Environmental Regulations and Sustainability Initiatives: Governments and international bodies are enforcing stricter regulations to reduce greenhouse gas emissions and phase out high-global-warming-potential (GWP) refrigerants. Transcritical CO₂ systems, with their low GWP and non-ozone-depleting characteristics, align with these environmental mandates, driving their adoption across various industries.
- Advancements in CO₂ Refrigeration Technology: Technological innovations have enhanced the efficiency and reliability of transcritical CO₂ systems, making them viable even in warmer climates where they previously faced performance challenges. Developments such as parallel compression and ejector technology have expanded their applicability, encouraging broader market acceptance.
- Growing Demand in the Food and Beverage Industry: The food and beverage sector requires efficient and sustainable refrigeration solutions for processing, storage, and distribution. Transcritical CO₂ systems offer higher energy efficiency and lower operating costs, making them increasingly popular in this industry.
- Government Incentives and Support: Many governments offer financial incentives, such as tax breaks and subsidies, to encourage the adoption of energy-efficient and environmentally friendly technologies, including transcritical CO₂ systems. These incentives reduce the financial barriers for businesses, promoting market growth.
- Consumer Preference for Sustainable Products: Increasing consumer awareness and demand for environmentally friendly products are prompting businesses to adopt sustainable practices. Implementing transcritical CO₂ systems allows companies to align with consumer preferences and enhance their corporate social responsibility profiles.
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Key Companies in Transcritical Co2 Market:
- Advansor A/S
- Baltimore Aircoil Company Inc.
- BITZER KÜHLMASCHINENBAU GMBH
- Carnot Refrigeration Inc.
- Carrier Commercial Refrigeration
- Danfoss GmbH
- Emerson Climate Technologies
- Green & Cool World Refrigeration Ab
- Henry Technologies Inc.
- Hill Phoenix Inc
- Mayekawa MSG. Co. Ltd.
- SCM Frigo SPA
- Shecco SPRL,
- Systems LMP Inc.
Transcritical Co2 Market Segmentation:
Transcritical CO2 Market, Function Outlook (Revenue – USD Billion, 2019-2032)
- Refrigeration
- Heating
- Air Conditioning
Transcritical CO2 Market, Application Outlook (Revenue – USD Billion, 2019-2032)
- Heat Pumps
- Retail
- Food Processing
- Ice Skating Rinks
- Others
Transcritical Co2 Industry Developments:
- June 2023:
Italian compressor manufacturer Dorin introduced a new line of transcritical CO₂ (R744) compressors for industrial applications. The CD600 series features six-cylinder compressors with a maximum output of 160 horsepower and a flow rate of 100 m³/h, designed to meet the demands of large-scale operations. - August 2023:
SCM Frigo, a leading Italian company specializing in CO₂ (R744)-based refrigeration technologies, launched a new range of transcritical CO₂ booster racks for commercial applications. These systems are tailored to deliver enhanced efficiency and reliability for the commercial refrigeration sector. - September 2023:
SWEP, a division of the Dover Group, unveiled an innovative solution specifically designed for transcritical CO₂ refrigeration systems. This advancement aims to improve performance and operational efficiency in sustainable refrigeration applications.
the transcritical CO2 market has grown at a significant rate. The market’s minimum environmental impact is one of its main motivators.