The transcritical CO2 systems market is projected to grow at a CAGR of 17.9% from 2018 to 2023 The transcritical CO2 systems market is projected to reach USD 61.8 billion by 2023 from USD 27.2 billion in 2018, at a CAGR of 17.9% between 2018 and 2023. The major driving factors for the transcritical CO2 systems market are low environmental impact of transcritical CO2 systems, phasing out CFC, HCFC, and HFC refrigerants, increasing demand for refrigeration and air-conditioning applications, and lower operating cost of transcritical CO2 refrigeration systems.
Based on function, the refrigeration segment is expected to be the largest Refrigeration is mostly used in supermarkets and convenience stores.Transcritical CO2 refrigeration has a high safety rating and is non-toxic and non-flammable.
Additionally, these systems are used in refrigeration processes due to their high volumetric cooling capacities. Based on application, supermarkets & convenience stores segment is expected to be the largest application segment Refrigeration systems account for more than 50% of the total electricity consumption in supermarkets.The use of transcritical CO? helps retailers reduce energy consumption by reducing the maintenance cost of refrigeration systems.
Transcritical CO2 systems operate at higher pressures than other refrigeration systems. Low Ozone-depletion Potential (ODP) and low Global Warming Potential (GWP) of these systems make them preferable in supermarkets in Europe, Australia, and Japan.
Europe is expected to lead the transcritical CO2 systems market The Europe transcritical CO2 systems market is projected to lead the transcritical CO2 systems market. The transcritical CO2 systems market in Europe is expected to witness significant growth on account of the recent F-Gas regulations/HFC phase-out plan which dictates the reduction of use of HFC refrigerants by almost half by 2025. The region also houses the highest number of end user entities, such as Tesco (UK) and Metro AG (Germany) that have already switched to refrigeration systems based on transcritical CO2 systems.
Profile break-up of primary participants for the report: • By Company Function: Tier 1 – 42 %, Tier 2 – 25%, Tier 3 – 33% • By Designation: C level – 33%, Director level – 22%, Others – 45% • By Region: North America – 50%, Europe – 17%, Asia Pacific – 25%, Middle East & Africa – 5%, and South America – 3%
Research Coverage: As part of the qualitative analysis, this research study provides a comprehensive review of major market drivers, restraints, opportunities, and challenges.The report defines, describes, and forecasts the transcritical CO2 systems market based on function, application, and region.
It provides a strategic analysis of micromarkets with respect to individual growth trends, prospects, and their contribution to the overall market. It also discusses the competitive strategies adopted by various market players, such as Carrier Commercial Refrigeration (US), Green & Cool World Refrigeration AB (Sweden), Hillphoenix, Inc. (US), Advansor (Denmark), Danfoss (Denmark), BITZER (Germany), Carnot Refrigeration (Canada), SCM Frigo S.p.A. (Italy), Emerson Climate Technologies (US), Baltimore Aircoil Company (US), Henry Technologies, Inc. (US), Systemes LMP, Inc. (Canada), Mayekawa Mfg. Co., Ltd. (Japan), and Panasonic (Japan).
Key benefits of buying the report: From an insight perspective, this research report has focused on various levels of analyses — industry analysis (industry trends), market share analysis of top players, supply chain analysis, and company profiles, which together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the transcritical CO2 systems market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers: • Market Penetration: Comprehensive information on transcritical CO2 systems offered by top players in the transcritical CO2 systems market • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the transcritical CO2 systems market • Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the markets for transcritical CO2 systems across regions • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the transcritical CO2 systems market • Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the transcritical CO2 systems market
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