The transcritical CO2 market size is expected to grow from US$ 48,529.81 million in 2023 to US$ 140,931.01 million by 2030; it is estimated to record a CAGR of 16.5% from 2023 to 2030.
Analyst Perspective:
Transcritical CO2 is also used to produce dry ice in the food industry for freezing and shipping food. Apart from dairy products, transcritical CO2 systems are used to chill and freeze meat and poultry products. They are also used to produce CO2 gas, which is used in the meat industry for packaging and preservation. Various vendors and manufacturers of transcritical CO2 systems have developed cold storage and freezing transcritical CO2 systems for the food processing industry. In March 2023, Innovative Refrigeration Systems, Inc. built transcritical CO2 refrigeration systems for cold storage and food processing. Innovative Refrigeration Systems, Inc has also installed 60 ammonia (R717)/CO2 (R744) cascade systems for industrial cold storage, blast freezing, and process cooling applications in the US.
In June 2023, New York-based food retailer DeCicco & Sons installed a transcritical CO2 system in its Larchmont store. The Larchmont store is the first food-processing store using CO2 refrigeration. After using the CO2 refrigerator system in the Larchmont stores, they have found significant energy saving in their stores. In September 2022, Malaysian HVAC&R contractor FFM Engineering installed the first industrial transcritical CO2 in a cold storage facility in Kuala Lumpur. Thus, the increasing number of food storage facilities is driving the adoption of transcritical CO2 systems which is contributing to the Transcritical CO2 market growth.
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Transcritical CO2 Market: Strategic Insights
Market Size Value in US$ 48,529.81 million in 2023 Market Size Value by US$ 140,931.01 million by 2030 Growth rate CAGR of 16.5% from 2023 to 2030 Forecast Period 2023-2030 Base Year 2023
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Transcritical CO2 Market: Strategic Insights
| Market Size Value in | US$ 48,529.81 million in 2023 |
| Market Size Value by | US$ 140,931.01 million by 2030 |
| Growth rate | CAGR of 16.5% from 2023 to 2030 |
| Forecast Period | 2023-2030 |
| Base Year | 2023 |
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Market Overview:
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.
Key Player Analysis:
TEKO Gesellschaft für Kältetechnik mbH; ADVANSOR A/S; BITZER Kühlmaschinenbau GmbH; Carrier Global Corporation; Danfoss A/S; Hussmann Corporation; Emerson Electric Co.; Panasonic Holdings Corporation; EVAPCO LMP; and MAYEKAWA MFG. CO., LTD are among the key players operating in the transcritical CO2 market. Five key global Transcritical CO2 market players includes Carrier Corporation, Danfoss, Emerson Electric, Panasonic Corporation, and Evapco LMP.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the global transcritical CO2 market. A few recent developments by key Transcritical CO2 market players are listed below:
- In May 2023, Blackstone and Emerson announced that private equity funds managed by Blackstone completed the previously announced acquisition of a majority stake in Emerson’s Climate Technologies business in a transaction valuing the business at US$14.0 billion.
- In January 2022, EDEKA Beckesepp, a German food retailer company, installed a transcritical CO2 (R744) refrigeration system for Teko GmbH.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Application, and Function
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global transcritical CO2 market was valued at US$ 613.49 million in 2022 and is expected to grow at a CAGR of 5.7% during the forecast period of 2023 to 2030 to reach US$ 933.26 million by 2030.
The low environmental impact of transcritical CO2 systems is driving the market by aligning with global environmental goals. As the need for sustainable cooling and refrigeration solutions continues to grow, transcritical CO2 systems offer a viable and attractive option for businesses across various sectors.
The key players, holding majority shares, in transcritical CO2 market includes Carrier Corporation, Danfoss, Emerson Electric, Panasonic Corporation, and Evapco LMP.
ATMO Europe, a leading platform for natural refrigerants news and events, reported that an integrated CO2 system successfully reduced energy consumption by 30% at a Swiss cold storage facility. This achievement highlights the energy-saving potential of using CO2 as a refrigerant in the cold storage industry. Thus, the transcritical CO2 market is expected to witness growing adoption of integrated transcritical CO2 systems during the forecast period.
The country anticipated to grow with the highest CAGR are Canada, UK, and India.
North America is anticipated to grow with the highest CAGR over the forecast period.
The List of Companies - Transcritical CO2 Market
- TEKO Gesellschaft fur Kaltetechnik mbH
- Baltimore Aircoil Co
- BITZER Kuhlmaschinenbau GmbH
- Carrier Global Corp
- Danfoss AS
- Hussmann Corp
- Emerson Electric Co
- Panasonic Holdings Corp
- Evapco LMP Inc
- Mayekawa Manufacturing Co Ltd
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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