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Transcritical CO2 market size, analysis report 2030

The transcritical CO2 market size is expected to grow from USD48 529.81 million in 2023 to USD 140 931.01 million by 2030; it is estimated to record a CAGR of 16.5% from 2023 to 2030.

Transcritical CO2 Market Size, Analysis Report 2030. Image supplied by Refrigerated Industry
Transcritical CO2 Market Size, Analysis Report 2030. Image supplied by Refrigerated Industry

Transcritical CO2 systems offer several advantages over other types of refrigeration systems. The systems are environmentally friendly, efficient, and cost-effective. They are also safer to operate. As a result, transcritical CO2 systems are becoming increasingly popular for a wide range of refrigeration applications. Government regulations on the use of harmful gases, such as CFCs and HFCs, are driving the growth of the transcritical CO2 market. The F-gas regulations in Europe call for a significant reduction in HFC use in refrigeration applications by 2025. Transcritical CO2 systems are more environmentally friendly than traditional refrigeration systems that use harmful gases. The systems are also efficient and cost-effective, making them a good choice for businesses and consumers. As government regulations on harmful gases continue to increase, is increasing the Transcritical CO2 market share in the coming years.

Market driver: Adoption of Transcritical CO2 systems in supermarkets and convenience stores drives transcritical CO2 market growth

Supermarkets and convenience stores often face consumer scrutiny regarding their environmental impact and sustainability practices. Adopting transcritical CO2 systems allows retailers to showcase their commitment to sustainability and environmental responsibility, improving their brand image and attracting eco-conscious consumers. Consumer demand for environmentally friendly products and services has been increasing, and retailers that embrace transcritical CO2 systems can differentiate themselves in the market and gain a competitive advantage. Moreover, transcritical CO2 systems offer operational flexibility and adaptability to varying ambient conditions. They can effectively operate in both subcritical and transcritical modes, allowing for optimal performance in different climates. The transcritical CO2 system design can be tailored to meet the specific needs of supermarkets and convenience stores, such as different refrigeration loads, store layouts, and product display requirements. The flexibility and customization options of transcritical CO2 systems make them suitable for these retail environments. Thus, all such advantages of transcritical CO2 systems are driving the transcritical CO2 market further.

Segmental analysis

The global transcritical CO2 market, by application, is segmented into ice skating rinks, food processing & storage facilities, heat pumps, supermarkets & convenience stores, and others. Transcritical CO2 systems are gaining popularity in supermarkets for refrigeration applications to maintain cold temperatures, air conditioning, and heating.

Transcritical CO2 systems are typically more energy efficient than other refrigeration systems as CO2 has a higher volumetric cooling capacity than other refrigerants. It helps supermarkets, and convenience stores save energy. In June 2022, Canadian refrigeration contractor Neelands Group installed transcritical CO2 systems in 40–50 supermarkets in Canada. Nearly 90 transcritical CO2 systems have been installed in the new supermarket. In February 2023, METRO, a Germany-based international food wholesaler continued its rollout of natural refrigerant-based refrigeration systems and equipment in all its new stores and refurbishments throughout 24 countries in Europe and Asia. METRO also plans to install 40 more transcritical CO2 systems in their stores annually such initiatives are expected to propel the Transcritical CO2 market growth.

Regional analysis

The transcritical CO2 market are segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. In 2022, Europe led the market with a substantial revenue share, followed by Asia Pacific. Further, North America is expected to register the highest CAGR in the transcritical CO2 market share from 2023 to 2030.

The market in North America is segmented into the US, Canada, and Mexico. The growth of the Transcritical CO2 market 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 use of natural refrigerants such as CO2 in many applications. Commercial refrigeration is expected to boost the Transcritical CO2 market.