Transcritical CO2 Market Strategies, Top Players, Growth Opportunities, Analysis, and Forecast by 2030

The transcritical CO2 market size is projected to reach US$ 140,931.01 million by 2030 from US$ 48,529.81 million in 2023. The market is expected to register a CAGR of 16.5% during 2023–2030. The growing need for sustainable cooling and refrigeration solutions is likely to remain a key trend in the market.

Transcritical CO2 Market Analysis

Government policies and regulations related to environmental sustainability and the phase-out of harmful refrigerants can influence the adoption of transcritical CO2 systems globally. For instance, in March 2021, the government of South Africa revised 2030 greenhouse gas emission targets to a range of 398-440 MTCO2e. Such policies may increase the adoption of transcritical CO2 systems globally. Growing environmental consciousness and awareness of climate change can lead to a boosted demand for environment-viable solutions such as transcritical CO2 systems, which, in a way, are boosting the growth of the transcritical CO2 market at the global level.

Transcritical CO2 Market Overview

The adoption of advanced technologies in refrigeration and cooling systems can impact the attractiveness and competitiveness of transcritical CO2 systems in the market. The presence of leading players in the transcritical CO2 market, such as Bitzer Africa and Baltimore Aircoil Africa, is driving the market globally. A growing economy and stable financial conditions can positively influence consumer spending and industrial investment, leading to increased demand for energy-efficient and eco-friendly technologies, which is projected to drive the demand for the transcritical CO2 market globally.

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Transcritical CO2 Market: Strategic Insights

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Transcritical CO2 Market Drivers and Opportunities

Implementation of Transcritical CO2 Systems in Supermarkets and Convenience Stores to Favor Market

Changing consumer preferences, such as a demand for eco-friendly products and sustainable practices, can impact the adoption of transcritical CO2 systems in the retail and food industries. Growing environmental consciousness and awareness of climate change can lead to a fuelled demand for sustainable solutions such as transcritical CO2 systems. Developed regions like Europe are showing an inclination towards the adoption of advancing technologies. Higher disposable incomes owing to economic prosperity have been a major factor driving economic growth. Furthermore, the higher disposable income is leading to growing expenses on quality food products in retail stores and supermarkets. Such a social factor is helping the growth of supermarkets, hypermarkets, retail stores, convenience stores, etc, which is anticipated to boost the development of transcritical CO2 market growth globally.

Adverse Impact of High Global Warming Due to GWP Refrigerants

Developed economies like the European Union and North America are more focused on the adoption of advanced technology in various industry verticals. The North American and European Union have implemented laws and policies aimed at lowering greenhouse gas emissions and combatting climate change. Also, the European Union has implemented regulations to phase out hydrofluorocarbons with high global warming potentials. This has created a beneficial regulatory environment for transcritical CO2 systems, driving their growth in the European market. The mounting awareness of the adverse impact of GWP refrigerants is anticipated to drive the growth of the transcritical CO2 market in the coming years.

Transcritical CO2 Market Report Segmentation Analysis

Key segments that contributed to the derivation of the transcritical CO2 market analysis are application and function.

• Based on the application, the transcritical CO2 market is divided into ice skating rinks, heat pumps, food processing & storage facilities, supermarkets & convenience stores, and others. The supermarkets and convenience stores segment held a larger market share in 2023.
• By function, the market is segmented into air conditioning, refrigeration, and heating. The refrigeration segment held a significant share of the market in 2023.

Transcritical CO2 Market Share Analysis by Geography

The geographic scope of the Transcritical CO2 market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

Europe is leading the market. Europe is one of the leading regions for the adoption of advancing technologies. Countries like the UK, Germany, and France have adopted advanced technology such as IoT, IIoT, and Industry. Continuous advancements in transcritical CO2 system technology have improved their performance, efficiency, and reliability. European manufacturers and researchers have played a key role in developing and refining transcritical CO2 system components and system designs. These advancements boosted the transcritical CO2 market.

Transcritical CO2 Market Regional Insights

The regional trends and factors influencing the Transcritical CO2 Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Transcritical CO2 Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Transcritical CO2 Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Transcritical CO2 Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Transcritical CO2 Market are:

1. TEKO Gesellschaft fur Kaltetechnik mbH
2. Baltimore Aircoil Co
3. BITZER Kuhlmaschinenbau GmbH
4. Carrier Global Corp
5. Danfoss AS
6. Hussmann Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

Transcritical CO2 Market News and Recent Developments

The Transcritical CO2 market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Transcritical CO2 market are listed below:

• EDEKA Beckesepp, a German food retailer company, installed a transcritical CO2 (R744) refrigeration system for Teko GmbH. (Source: EDEKA Beckesepp, Press Release, January 2022)
• Carrier Commercial Refrigeration showcased its 20,000th carbon dioxide (CO2) transcritical refrigeration rack in Europe, marking a significant achievement for the company, including its PROFROID and Green & Cool brands. (Source: Carrier Global Corp, Press Release, December 2022)

Transcritical CO2 Market Report Coverage and Deliverables

The “Transcritical CO2 Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:

• Transcritical CO2 market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Transcritical CO2 market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• Transcritical CO2 market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the transcritical CO2 market
• Detailed company profiles