The latest report by IMARC Group, titled “Transcritical Co2 Market Report by Function (Refrigeration, Heating, Air Conditioning), Application (Supermarkets and Convenience Stores, Ice Skating Rinks, Food Processing and Storage Facilities, Heat Pumps, and Others), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the transcritical CO2 market forecast. The global market size reached US$ 52.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 195.8 Billion by 2032, exhibiting a growth rate (CAGR) of 15.5% during 2024-2032.

Factors Affecting the Growth of the Transcritical CO₂ Industry:

• Environmental Concerns:

Transcritical CO₂ refrigeration systems are gaining traction due to their exceptionally low global warming potential (GWP). As concerns about climate change and greenhouse gas emissions are intensifying, businesses and industries are seeking refrigeration solutions that have minimal impact on global warming. Moreover, transcritical CO₂ refrigeration systems have zero ozone depletion potential (ODP). This aligns with international agreements like the Montreal Protocol, which aims to phase out ozone-depleting substances. Besides this, transcritical CO₂ systems offer an alternative that substantially reduces hydrofluorocarbon (HFC) emissions, contributing to the reduction of greenhouse gases.

• Energy Efficiency:

Transcritical CO₂ systems are renowned for their high coefficient of performance (COP), which indicates their efficiency in converting energy input into cooling or heating output. This high COP translates to lower energy consumption, reduced operating costs, and enhanced overall system efficiency. In addition, energy-efficient transcritical CO₂ systems significantly reduce energy bills for businesses. As energy prices are rising, organizations are keen to adopt refrigeration solutions that offer long-term operational cost savings. This financial incentive is catalyzing the demand for transcritical CO₂ technology.

• Technological Advancements:

Innovations are leading to the development of transcritical CO₂ systems with improved efficiency. These systems can operate more effectively in a wide range of environmental conditions, making them more versatile and reliable. Moreover, advancements in the design of components, such as compressors, heat exchangers, and valves, are resulting in more efficient and durable transcritical CO₂ systems. These innovations contribute to reduced energy consumption and maintenance costs. Technology is also enabling better integration of transcritical CO₂ systems with existing infrastructure.

For an in-depth analysis, you can request the sample copy of the report: https://www.imarcgroup.com/transcritical-co2-market/requestsample

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• 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.

Transcritical CO₂ Market Report Segmentation:

By Function:

• Refrigeration
• Heating
• Air Conditioning

Refrigeration represents the largest segment due to the increasing adoption of transcritical CO₂ systems in various refrigeration applications, including cold storage facilities, food processing, and industrial refrigeration.

By Application:

• Supermarkets and Convenience Stores
• Ice Skating Rinks
• Food Processing and Storage Facilities
• Heat Pumps
• Others

Supermarkets and convenience stores account for the majority of the market share, owing to their reliance on efficient refrigeration systems, and the regulatory pressure to reduce greenhouse gas emissions.

Regional Insights:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa

Europe enjoys the leading position in the transcritical CO₂ market, which can be attributed to stringent environmental regulations and the rising emphasis on sustainability in the region.

Global Transcritical CO₂ Market Trends:

Ongoing innovations in transcritical CO₂ technology are improving system performance, safety, and reliability. These advancements are making transcritical CO₂ systems more attractive to a broader range of industries. Apart from this, retrofitting existing refrigeration systems with transcritical CO₂ technology is gaining traction. This approach allows businesses to enhance sustainability without major infrastructure changes.

Moreover, the ability of transcritical CO₂ systems to capture and reuse waste heat is increasing its utilization in applications, such as space heating and hot water production, which is bolstering market growth.

Browse the Full Report with TOC & List of Figures: https://www.imarcgroup.com/transcritical-co2-market

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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