North America Transcritical CO2 Market Analysis and Forecast by Size, Share, Growth, Trends 2031

The North America Transcritical CO2 Market size is expected to reach US$ 28,415.8 Million by 2031 from US$ 7,543.5 Million in 2024. The market is estimated to record a CAGR of 21.0% from 2025 to 2031.

Executive Summary and North America Transcritical CO2 Market Analysis:

The use of transcritical CO2 systems is on the rise in the commercial and industrial sectors in North America. The increasing use can be associated with the rising demand for energy-efficient chillers, air conditioners, and refrigerants in the region. Several food retail stores in North America use transcritical CO2 systems to reduce greenhouse gas emissions. In February 2024, Zero Zone, a US-based OEM, installed one of its transcritical CO2 refrigeration systems (R744) at a supermarket in Palmdale, California, replacing its prior hydrofluorocarbon-based (HFC) equipment. In June 2023, DeCicco & Sons, a New York-based food retailer, used the R744 transcritical CO2 system in their Larchmont store. The system helps DeCicco & Sons reduce electricity consumption by 7-37%. The advantages of transcritical CO2 drive its adoption in retail stores.

In ice skating rinks, transcritical CO2 systems are used as an environmentally friendly and energy-efficient alternative to traditional refrigerants such as ammonia and HFCs. CO2 is a natural refrigerant with a zero-ozone depletion potential (ODP) and a low global warming potential (GWP), making it a sustainable option for cooling ice rinks. Considering the demand for transcritical CO2 systems in various applications, manufacturers invest significant resources in the expansion of their transcritical CO2 system portfolios. In March 2023, Emerson Electric Co. launched its Transcritical CO2 Screw Compressor Unit in California. The new product has been developed to meet the growing demand for sustainable, safe, and reliable CO2 refrigeration technologies. In April 2025, Ti Cold and Banks Cold Storage established a new cold storage facility in Banks County, Georgia. In 2024, NewCold announced its aim to invest US$ 222 million for business expansion in the southern Alberta community of Coaldale by establishing an advanced food storage facility. Such developments in cold storage facilities, along with a rising number of food storage and convenience stores, serve as a major driver for the transcritical CO2 market growth in North America.

North America Transcritical CO2 Market: Strategic Insights

North America Transcritical CO2 Market Segmentation Analysis:

• By Application, the North America Transcritical CO2 Market is segmented into Ice Skating Rinks, Food Processing and Storage Facilities, Heat Pumps, Supermarkets and Convenience Stores, and Others. Supermarkets and Convenience Stores held the largest share of the market in 2024.
• By Function, the North America Transcritical CO2 Market is segmented into Air Conditioning, Refrigeration, and Heating. Refrigeration held the largest share of the market in 2024.

North America Transcritical CO2 Market Players Density: Understanding Its Impact on Business Dynamics

The North America Transcritical CO2 Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

North America Transcritical CO2 Market Outlook

Conventional refrigerants such as hydrofluorocarbons (HFCs) or hydrochlorofluorocarbons (HCFCs) contribute notably to ozone layer depletion. Transcritical CO2 systems use carbon dioxide (CO2) as a refrigerant, which has a very low ozone depletion potential (ODP). This characteristic renders transcritical CO2 refrigeration systems an environmentally friendly option in cold storage facilities amid the efforts taken by various countries to phase out ozone-depleting substances. Transcritical CO2 systems have a substantially minimized global warming potential (GWP) compared to many conventional cold storage facilities. GWP measures the ability of greenhouse gases to drive global warming over a specified period. CO2 has a GWP of 1, whereas HFCs commonly used in refrigeration systems have GWPs in the thousands or multiples of ten thousand. By using CO2 as a refrigerant, transcritical systems help moderate climate change and reduce the carbon footprint of cooling and refrigeration applications. As the need for sustainable refrigeration and storage solutions continues to rise, cold storage transcritical CO2 technology offers a viable and smart option for businesses across various sectors.

Supermarkets and grocery chains are among the largest adopters of transcritical CO2 systems, as refrigeration accounts for a significant portion of their energy consumption and carbon emissions. For instance, Tesco has installed transcritical CO2 systems in its stores as part of its strategy to achieve net-zero carbon emissions by 2035. Further, cold thermal storage technology is gaining traction as one of the environment-friendly alternatives for storage facilities with the potential to drive the development of the transcritical CO2 market across the globe over the forecast period. In November 2024, ALDI US will have installed transcritical CO2 (R744) refrigeration systems in 745 stores in the U.S., as part of its National Real Estate rollout, with some being new builds and other remodels. This large-scale rollout includes installations in warmer climates, where ALDI has begun using adiabatic gas coolers and is considering other efficiency-enhancing technologies, such as parallel compression and ejectors. Transcritical CO2 refrigeration systems represent a significant advancement in sustainable cooling technologies. With zero ozone depletion potential and a minimal global warming potential, they offer a clear environmental advantage over conventional refrigerants. Their growing adoption reflects an industry-wide shift toward reducing carbon emissions and improving energy efficiency in refrigeration. As demand for eco-friendly cold storage solutions rises, transcritical CO2 systems are emerging as a key component of greener infrastructure. Their continued development and implementation mark a decisive move toward more sustainable and responsible refrigeration practices.

North America Transcritical CO2 Market Country Insights

By country, the North America Transcritical CO2 Market is segmented into the United States, Canada, and Mexico. The United States held the largest share in 2024.

According to the 2024 NACS/NIQ Convenience Industry Store Count, 152,396 convenience stores were operational in the US in 2024, which signifies a 1.5% rise from the store count in 2023, reversing a four-year slide. Moreover, ~39 states and Washington, DC, reported an increase in the number of stores, led by Georgia, which added ~271 stores in 2023. The reported growth in the number of single-store operators, from 1,087 to 90,423 locations, i.e., 60.2% of all convenience stores, can be associated with a subsequent rise in the installation of the transcritical CO2 systems.

In the US, a continuous demand for meat, canned and processed food, and dairy products, owing to the rising population and changing lifestyle, results in the need for cold storage facilities. Increasing health consciousness and growing inclination toward vegan food products also result in the requirement for cold storage facilities. The US accounted for 1,858 refrigerated storage businesses in 2023. Tobin Scientific, United States Cold Storage, Lineage Logistics, Agro Merchant Group LLC, Wabash National Corporation, and Americold Logistics, Inc. are a few of the major cold storage and logistics companies operating in the country. In 2023, CJ Logistics America announced the expansion of its temperature-controlled warehousing capabilities with the inauguration of a 206,000 ft2 storage facility in Nashville, Tennessee. The changing consumer preference toward convenience food with busy lifestyles and rising awareness regarding the importance of maintaining food value in turn propel the demand for cold storage facilities in the US, positively impacting the transcritical CO2 market.

North America Transcritical CO2 Market Company Profiles

Some of the key players operating in the market include Emerson Electric Co., Carrier Global Corp, Danfoss AS, Baltimore Aircoil Co., Evapco LMP Inc., TEKO Gesellschaft fur Kaltetechnik mbH, BITZER Kuhlmaschinenbau GmbH, Hussmann Corp, Mayekawa Manufacturing Co., Ltd, and CoolSys.

These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

North America Transcritical CO2 Market Research Methodology

The following methodology has been followed for the collection and analysis of data presented in this report:

Secondary Research

The research process begins with comprehensive secondary research, utilizing internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

• Company websites, annual reports, financial statements, broker analyses, and investor presentations
• Industry trade journals and other relevant publications
• Government documents, statistical databases, and market reports
• News articles, press releases, and webcasts specific to companies operating in the market

Note:

Primary Research

The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis and gain valuable insights. These research interviews are designed to:

• Validate and refine findings from secondary research
• Enhance the expertise and market understanding of the analysis team
• Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

• Industry stakeholders: Vice Presidents, Business Development Managers, Market Intelligence Managers, and National Sales Managers
• External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise