Dublin, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The "Transcritical CO2 Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global transcritical CO2 market has experienced substantial growth, reaching $44.7 billion in 2022, and is poised for further expansion. Industry experts anticipate the market to reach $117.1 billion by 2028, exhibiting a remarkable Compound Annual Growth Rate (CAGR) of 16.7% during the forecast period from 2023 to 2028.
Market Overview
Transcritical CO2 refers to a refrigeration system consisting of a gas cooler for heat dissipation and a high-pressure expansion valve to regulate the evaporator. This system is known for its environmental-friendliness, non-flammability, non-toxicity, and excellent heat transfer properties with a high latent heat of vaporization.
Moreover, it offers cost-effectiveness by using more affordable fluids and demonstrating higher efficiency compared to traditional refrigeration systems. Additionally, it enables the recovery of rejected heat due to its higher enthalpy, which can be harnessed for building heating, ventilation, and air conditioning (HVAC) as well as domestic hot water. Consequently, transcritical CO2 finds extensive applications in the food and beverage (F&B) and retail industries worldwide.
Market Trends
Several trends are driving the growth of the transcritical CO2 market:
- Demand for Air Conditioning Units: There is a rising demand for air conditioning units in the hospitality and residential sectors globally. Coupled with the lower operational costs of transcritical CO2 systems, this factor is a key driver of market growth.
- Reduced Maintenance Costs: The high maintenance costs associated with hydro-chlorofluorocarbon (HCFC) and chlorofluorocarbon (CFC) based equipment are prompting businesses to opt for transcritical CO2 systems.
- Environmental Awareness: Increasing awareness about global warming is driving the utilization of transcritical CO2 systems as an environmentally friendly alternative. It offers high energy performance and technical reliability, similar to HFC-134a refrigerant.
- Cold Storage Facilities: The escalating demand for transcritical CO2 in cold storage facilities is creating significant growth opportunities for industry investors.
- Regulatory Stringency: Governments worldwide are implementing stringent regulations to reduce the use of fluorinated gases (F-gases), further propelling market growth.
Key Market Segmentation
The global transcritical CO2 market is segmented based on function, application, and region:
- Function: Refrigeration, heating, and air conditioning.
- Application: Supermarkets and convenience stores, ice skating rinks, food processing and storage facilities, heat pumps, and others.
- Region: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.
Key Players in the Market
Prominent companies operating in the global transcritical CO2 market include:
- Baltimore Aircoil Company Inc. (AMSTED Industries Incorporated)
- Bitzer SE
- Carnot Refrigeration (M&M Refrigeration)
- Carrier Global Corporation
- Danfoss
- Dorin S.p.A.
- Emerson Electric Co.
- Hill Phoenix Inc. (Dover Corporation)
- Mayekawa Mfg. Co. Ltd.
- Panasonic Holdings Corporation
- SCM Frigo S.p.A.
Key Questions Answered:
- How has the global transcritical CO2 market performed so far, and what are the future growth prospects?
- What has been the impact of COVID-19 on the global transcritical CO2 market?
- Which are the key regional markets for transcritical CO2 systems?
- What are the primary functions for which transcritical CO2 systems are used?
- What are the major applications of transcritical CO2 systems, and which industries benefit from them?
- What is the competitive landscape in the transcritical CO2 market, and who are the key players?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 142 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $44.7 Billion |
| Forecasted Market Value (USD) by 2028 | $117.1 Billion |
| Compound Annual Growth Rate | 17.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/rbxw9z
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