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.
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North America Transcritical CO2 Market: Strategic Insights
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- 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.
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 InsightsBy 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 ProfilesSome 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 MethodologyThe 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 presentationsIndustry trade journals
and other relevant publicationsGovernment documents,
statistical databases, and market reportsNews articles,
press releases, and webcasts specific to companies operating in the market
Note:
All financial data included in the Company Profiles section has been standardized to US$. For companies reporting in other currencies, figures have been converted to US$ using the relevant exchange rates for the corresponding year.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 ManagersExternal experts:
Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The refrigeration segment led the North America transcritical CO2 market with a significant share in 2023.
The North America transcritical CO2 market is expected to reach US$ 28.45 billion by 2031.
Canada is anticipated to grow at the fastest CAGR over the forecast period.
The key players operating in the North America transcritical CO2 market include BITZER Kuhlmaschinenbau GmbH; Carrier Global Corp; Danfoss A/S; Emerson Electric Co.; Panasonic Holdings Corporation; EVAPCO LMP; MAYEKAWA MFG. CO., LTD; Dover Corporation; CoolSys; and Epta Group.
Growing implementation of advanced transcritical CO2 systems is expected to drive the growth of the North America transcritical CO2 market in the coming years.
Rise in demand for sustainable refrigeration & storage technologies, rise in demand for energy-efficient air conditioning in data centers, and implementation of transcritical co2 systems in supermarkets and convenience stores are some of the major drivers of the North America transcritical CO2 market.
The North America transcritical CO2 market was valued at US$ 4.57 billion in 2023; it is expected to register a CAGR of 25.7% during 2023–2031.
1. Introduction
1.1 Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macroeconomic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country-level data:
4.Transcritical CO2 Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. North America Transcritical CO2 Market - Key Market Dynamics
5.1 Market Drivers
5.2 Market Restraints
5.3 Market Opportunities
5.4 Future Trends
5.5 Impact of Drivers and Restraints:
6. Transcritical CO2 Market - North America Market Analysis
6.1 North America Transcritical CO2 Market Revenue (US$ Million), 2024 - 2031
6.2 North America Transcritical CO2 Market Forecast and Analysis
7. North America Transcritical CO2 Market Revenue Analysis - by Application
7.1 Ice Skating Rinks
7.1.1 Overview
7.1.2 Ice Skating Rinks: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
7.2 Food Processing and Storage Facilities
7.2.1 Overview
7.2.2 Food Processing and Storage Facilities: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
7.3 Heat Pumps
7.3.1 Overview
7.3.2 Heat Pumps: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
7.4 Supermarkets and Convenience Stores
7.4.1 Overview
7.4.2 Supermarkets and Convenience Stores: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
7.5 Others
7.5.1 Overview
7.5.2 Others: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
8. North America Transcritical CO2 Market Revenue Analysis - by Function
8.1 Air Conditioning
8.1.1 Overview
8.1.2 Air Conditioning: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
8.2 Refrigeration
8.2.1 Overview
8.2.2 Refrigeration: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
8.3 Heating
8.3.1 Overview
8.3.2 Heating: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
9. North America Transcritical CO2 Market - Country Analysis
9.1 North America
9.1.1 North America Transcritical CO2 Market Revenue and Forecast and Analysis - by Country
9.1.1.1 North America Transcritical CO2 Market Revenue and Forecast and Analysis - by Country
9.1.2.2 United States: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
9.1.2.2.1 United States: North America Transcritical CO2 Market Share - by Application
9.1.2.2.2 United States: North America Transcritical CO2 Market Share - by Function
9.2.3.3 Canada: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
9.2.3.3.1 Canada: North America Transcritical CO2 Market Share - by Application
9.2.3.3.2 Canada: North America Transcritical CO2 Market Share - by Function
9.3.4.4 Mexico: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
9.3.4.4.1 Mexico: North America Transcritical CO2 Market Share - by Application
9.3.4.4.2 Mexico: North America Transcritical CO2 Market Share - by Function
10 Competitive Landscape
10.1 Heat Map Analysis by Key Players
10.2 Company Positioning & Concentration
11 Industry Landscape
11.1 Overview
11.2 New Product Development
11.3 Merger and Acquisition
11.4 Other Strategic Developments
12 COMPANY PROFILES
12.1 Emerson Electric Co
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Carrier Global Corp
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Danfoss AS
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Baltimore Aircoil Co
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Evapco LMP Inc
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 TEKO Gesellschaft fur Kaltetechnik mbH
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 BITZER Kuhlmaschinenbau GmbH
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Hussmann Corp
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Mayekawa Manufacturing Co Ltd
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 CoolSys
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
List of Tables
Table 1. North America Transcritical CO2 Market Segmentation
Table 2. List of Vendors
Table 3. North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Table 4. North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Application
Table 5. North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Function
Table 6. North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Country
Table 7. United States: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Application
Table 8. United States: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Function
Table 9. Canada: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Application
Table 10. Canada: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Function
Table 11. Mexico: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Application
Table 12. Mexico: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Function
Table 13. Heat Map Analysis by Key Players
List of Figures
Figure 1. North America Transcritical CO2 Market Segmentation - Country
Figure 2. PEST Analysis
Figure 3. Ecosystem: Transcritical CO2 Market
Figure 4. North America Transcritical CO2 Market - Key Market Dynamics
Figure 5. Impact Analysis of Drivers and Restraints
Figure 6. North America Transcritical CO2 Market Revenue (US$ Million), 2024 - 2031
Figure 7. North America Transcritical CO2 Market Share (%) - by Application, 2024 and 2031
Figure 8. Ice Skating Rinks: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 9. Food Processing and Storage Facilities: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 10. Heat Pumps: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 11. Supermarkets and Convenience Stores: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 12. Others: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 13. North America Transcritical CO2 Market Share (%) - by Function, 2024 and 2031
Figure 14. Air Conditioning: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 15. Refrigeration: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 16. Heating: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 17. North America Transcritical CO2 Market Breakdown by Key Countries, 2024 and 2031 (%)
Figure 18. United States: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 19. Canada: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 20. Mexico: North America Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 21. Company Positioning & Concentration
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The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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