The market for Transcritical Co2 is expected to grow at a CAGR of over 18% during the forecast period. Major factors driving the market studied are increasing demand from super markets & convenience stores segment and rising demand from food processing & storage facilities segment. On the flipside, lack of awareness about transcritical co2 systems and unfavourable conditions arising due to COVID-19 outbreak are the major restraints, which are expected to hinder the growth of market.
- Growing demand for transcritical co2 in ice skating rinks is expected to offer various lucrative opportunities for the growth of market. - By application, super markets & convenience stores segment is expected to dominate the market owing to the increase in the usage of transcritical co2 for refrigeration and air conditioning purposes. - Europe region dominated the transcritical co2 market across the globe with the largest consumption from countries such as United Kingdom, Germany, and France.
Key Market Trends Increasing Demand from Super Markets and Convenience Stores
- Transcritical co2, also known as TC co2, uses carbon dioxide for heating and refrigeration purposes, since it is non-toxic and non-flammable in nature. Transcritical co2 has low critical temperature of 31.1 degree Celsius. - The demand for transcritical co2 is increasing in super markets and convenience stores as it helps the retailers to reduce the maintenance cost of the refrigerants system and also help to reduce energy consumption, thus saving the money as refrigeration systems account for more than 50% of the total electricity consumption in supermarkets. - Transcritcal co2 has low ozone depletion potential (ODP) and low global warming potential (GWP), owing to which the demand transcritical co2 is increasing in supermarkets and convenience stores globally and thus, propelling its market. - The global retail industry is expected to grow at a CAGR of over 5% during the forecast period and is estimated to reach USD 31,880.8 billion by 2023. This is likely to create ample opportunities for transcritical co2, which would propel its market during the forecast period. - Owing to all the above-mentioned factors for transcritical co2, its market is expected to grow rapidly over the forecast period.
Europe Region to Dominate the Market
- Europe region is expected to dominate the market for transcritical co2 during the forecast period. In countries like United Kingdom, Germany, and France, owing to increase in the usage of transcritical co2 in super markets & convenience stores and food processing & storage facilities for refrigeration and air conditioning applications, the demand for transcritical co2 has been increasing in the region. - The low operating cost of transcritical co2 systems and low environment impact of these systems as they are non-toxic and non-inflammable are driving the transcritical co2 market in the region. - Furthermore, stringent government regulations have been imposed on the usage of chlorofluorocarbons (CFCs) and green house gases, which is expected to drive the transcritical co2 market in the region. The recent F-gas regulations/HFC phase out plan in Europe which dictates the reduction of use of hydrofluorocarbon (HFC) in refrigeration application by almost half by 2025 is expected to further boost the transcritical co2 market. - The Europe air conditioner market is expected to grow at a CAGR of over 4% during the forecast period. This is likely to provide lucrative opportunities for the transcritical co2 market to grow during the forecast period. - Some of the major companies operating in Europe region are – Carrier., Danfoss, and ADVANSOR. - The aforementioned factors, coupled with government support, are contributing to the increasing demand for transcritical co2 during the forecast period.
Competitive Landscape The transcritical co2 market is fragmented with top players accounting for a marginal share of the market. Some of the major companies in the market include Carrier, ADVANSOR, Danfoss, BITZER, and Carnot Refrigeration.
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