Pune, India, July 13, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Transcritical CO2 Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2030 - COVID-19 Impact and by Application, Function, and Geography”, the Transcritical CO2 market is expected to grow from USD 48.52 billion in 2023 to USD 140.93 billion by 2030; it is estimated to record a CAGR of 16.5% from 2023 to 2030.
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Global Transcritical CO2 Market: Application Overview
Based on application, the transcritical CO2 market is segmented into skating rinks, food processing & storage facilities, heat pumps, supermarkets & convenience stores, and others. In February 2022, at Beijing 2022 Olympics, the authorities used an environmentally friendly CO2 refrigeration system at four ice-rink venues. According to the International Olympic Committee (IOC), using natural CO2 refrigerants at the Winter Olympics would reduce CO2 emissions by 3,900 cars per year to almost zero. According to IOC, CO2 technology is 1.2 times more efficient than HFC refrigerants and can maintain temperatures below 0.5°C (0.9°F) on all ice surfaces, making driving on ice easier. Such environmental advantages are driving the adoption of cooling applications.
The market in North America is further segmented into the US, Canada, and Mexico. The transcritical CO2 market growth in North America is mainly ascribed to the growing number of installations of transcritical CO2 systems in convenience stores, supermarkets, hypermarkets, retail stores, ice skating rinks, etc. These commercial services require a 24/7 cooling environment without causing any harm to the surrounding. Moreover, various regulations and initiatives by governments of countries in North America such as Environmental protection agency (EPA), Significant new alternatives policy (SNAP) encourages the natural use of refrigerants such as CO2 in many applications. Commercial refrigeration boost the adoption of transcritical CO2 systems.
The transcritical CO2 market in Europe is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Europe has reported an increase in the number of cold storage facilities. According to the European Cold Storage & Logistics Association (ECSLA), Europe has thousands of cold shops with more than 60,000 m3 of commodities cold storage capacity. Moreover, European counties have implemented rules and regulations to have stringent control on fluorinated greenhouse gas and ozone-depleting substance emissions. Thus, with the consequent F-Gas law and HFC phase-out plan, the transcritical CO2 market in Europe is expected to grow at a notable rate in the future.
The transcritical CO2 market in APAC is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC. The market growth in the region is attributed to the increasing demand for cooling and heating solutions with rapid urbanization and industrialization. Moreover, several APAC countries have strict government policies promoting eco-friendly technologies such as use of natural refrigerants, including transcritical CO2 systems.
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The adverse impact of high GWP refrigerants on climate change is well-recognized. As a result, international agreements and regulations are being implemented to phase out or restrict the use of such refrigerants. Transcritical CO2 systems offer an alternative with significantly lower GWP, making them an attractive option for businesses looking to comply with these regulations. The need to transition away from high GWP refrigerants gives an opportunity for transcritical CO2 market growth. Supermarkets and convenience stores typically have a significant environmental impact due to their reliance on refrigeration systems to store perishable goods. As sustainability and environmental responsibility have become increasingly important, there is a growing need to reduce the carbon footprint and greenhouse gas emissions associated with these cooling systems. As transcritical CO2 systems help mitigate the environmental impact associated with traditional refrigerants and align with sustainability goals, the demand for sustainable solutions presents an opportunity for transcritical CO2 systems to gain market share.
One unique advantage of transcritical CO2 systems is their ability to provide both cooling and heating capabilities. Supermarkets and convenience stores can benefit from the heat reclaim feature of transcritical CO2 systems, where waste heat from the refrigeration process is captured and repurposed for heating applications, such as space heating or hot water production. This integrated heating capability can significantly reduce energy consumption and costs associated with separate heating systems, providing additional operational efficiency and cost savings for retailers. The integrated heating capabilities of transcritical CO2 systems align with the growing emphasis on energy efficiency and sustainability. By utilizing waste heat for heating purposes, these systems maximize energy utilization and reduce the reliance on separate heating systems. This aligns with the goals of reducing greenhouse gas emissions and minimizing energy consumption. ATMO Europe, a leading platform for natural refrigerants news and events, reported that an integrated CO2 system successfully reduced energy consumption by 30% at a Swiss cold storage facility. This achievement highlights the energy-saving potential of using CO2 as a refrigerant in the cold storage industry. Thus, the transcritical CO2 market growth is expected in adoption of integrated transcritical CO2 systems during the forecast period.
Global Transcritical CO2 Market: Competitive Landscape and Key Developments
TEKO Gesellschaft für Kältetechnik mbH; ADVANSOR A/S; BITZER Kühlmaschinenbau GmbH; Carrier Global Corporation; Danfoss A/S; Hussmann Corporation; Emerson Electric Co.; Panasonic Holdings Corporation; EVAPCO LMP; and MAYEKAWA MFG. CO., LTD are among the key transcritical CO2 market players profiled in the report. Several other essential transcritical CO2 market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which can help major players strategize their growth.
In May 2021, The Mania Group, an Israeli meat producer with a chain of supermarkets and delicatessen stores, completed the installation of a second transcritical CO2 (R744) refrigeration system from German OEM TEKO GmbH.
In December 2020, Carrier Commercial Refrigeration delivered its 20,000th transcritical CO2 refrigeration rack in Europe, marking a significant achievement for the company, including its PROFROID and Green & Cool brands.
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