Global Transcritical CO2 Market to Reach US$ 195.8 Billion by 2032, Propelled by Significant Growth in Retail Industry

March 23, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled “Transcritical CO2 Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," the global transcritical CO2 market size reached US$ 52.2 Billion in 2023. Transcritical carbon dioxide (CO2) is a refrigeration system that uses CO2 as a natural refrigerant for cooling and heating applications. It consists of various components, such as a gas cooler to dissipate heat and a high-pressure expansion valve to control the evaporator. It is widely used in cold storage facilities, supermarkets, industrial processes, convenience stores, heat pumps, ice skating rinks, and food processing units. Transcritical CO2 is an eco-friendly, non-toxic, chlorine-free, and non-inflammable system that provides high energy efficiency and better heat transfer properties. It is also a cost-effective system with low leakage rates, enhanced safety, reliability, and minimum ozone depletion potential. 

Global Transcritical CO2 Market Trends:

The significant growth in the retail industry across the globe is one of the key factors creating a positive outlook for the market. Transcritical CO2 is widely used in various retail establishments for refrigeration applications, as it requires low maintenance, reduces energy consumption, and is a cost-effective solution. In addition to this, the widespread system adoption in the food processing and commercial cold storage facilities to maintain the freshness of products and offer longer shelf-life is acting as another growth-inducing factor. Furthermore, the rising demand for air conditioning, building heating, and hot water supply applications in the hospitality and residential spaces are providing an impetus to the market growth. Additionally, the recent advancement in the automotive transcritical CO2 technology capable of meeting all the thermal management requirements of a vehicle, such as passenger compartments cooling or heating, temperature control of battery pack, and cooling of motor and electrical systems, is positively influencing the market growth. Moreover, increasing awareness among the masses regarding the adverse environmental impact of various fluorocarbon refrigerants, such as chlorofluorocarbon (CFC), hydrofluorocarbon (HFC), and hydrochlorofluorocarbon (HCFC), is favoring the market growth. In line with this, stringent policies by several governments to reduce the utilization of fluorinated gases are propelling the market growth. Other factors, including rising consumer awareness regarding various benefits of transcritical CO2 systems, increasing concerns regarding global warming, and the widespread system utilization in margarine production, beer brewing, and ice-making industries, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 195.8 Billion by 2032, exhibiting a CAGR of 15.5% during 2024-2032.

Market Summary:

  • On the basis of the function, the market has been divided into refrigeration, heating, and air conditioning.
  • Based on the application, the market has been classified into supermarkets and convenience stores, ice staking rinks, food processing and storage facilities, heat pumps, and others.
  • On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
  • The competitive landscape of the industry has also been examined, with some 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Function, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
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Global Transcritical CO2 Market to Reach US$ 195.8 Billion by 2032, Propelled by Significant Growth in Retail Industry
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