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Industrial Refrigeration Systems Market Size, Share & Trends Report, 2030
Industrial Refrigeration Systems Market Growth & Trends
The global industrial refrigeration systems market size is anticipated to reach USD 27.66 billion by 2030, registering a CAGR of 4.4% from 2023 to 2030, according to a new report published by Grand View Research, Inc. The demand for industrial refrigeration is increasing due to the fast-moving consumer goods and retail food which needs efficient storage for perishable edible items. Governments are taking initiatives to support and strengthen the cold chain infrastructure and shifting towards eco-friendly refrigeration systems.
Global warming and climate change have alarmed nations to take the necessary step to curb the crisis. As a result, industrial refrigeration system manufacturing companies have expressed concerns regarding the potential of global warming and ozone depletion of their refrigerants. As a result, companies are focusing on technologies to offer improved cost-effectiveness, lesser toxic refrigerants, lower energy consumption, and less toxic materials.
For instance, DanFoss, a prominent manufacturer of industrial refrigeration systems, introduced Cool selector 2 to help them design and optimize their air conditioning and refrigeration systems. System designers, engineers, and consultants can use the software to make optimum use of energy and HVACR systems. The benefits of using CO2 refrigeration systems are recognized worldwide as CO2 has a GWP (Global Warming Potential) of 1. The new update allows you to calculate components from the standpoint of an application for transcritical high-pressure side systems.
With the advancements in technology, industrial refrigeration systems have shown enhancement in their processes. Innovations have led to the manufacturing of smart and intelligent devices that monitor, set temperature, and notify the person as and when needed. The incorporation of Artificial Intelligence (AI) in the systems became a breakthrough in the market by enhancing productivity and lowering the operational cost for the organizations.
The industry growth in Asia Pacific is anticipated to observe the fastest growth during the forecast period. This expansion is attributed to the rapid growth prospects of cold-chain storage infrastructure in the countries such as Japan, India, and China. For instance, India is the second-largest fruit and vegetable producer, worldwide. The cold storage and handling the refrigeration of this huge vegetable and fruit produce is a challenging job thus fueling the market growth.
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Industrial Refrigeration Systems Market Report Highlights
The compressor segment is the largest growing component in the refrigeration system as they are used in commercial as well as industrial refrigeration, heat pumps, and air conditioning applications
Food and beverage applications accounted for the largest market share due to the growing disposable income and the rising population. It has augmented the demand for frozen and processed food products
The 500-1000kW capacity segment led the industrial refrigeration systems market as they helped extend the shelf life and reduce product wastage
Asia Pacific is the highest-growing region in the market due to the maximum number of fruits and vegetable producers and also a requirement for cold-chain storage
Industrial Refrigeration Systems Market Segmentation
Grand View Research has segmented the global industrial refrigeration systems market market based on component, capacity, refrigerant, application, and region
Industrial Refrigeration Systems Component Outlook (Revenue, USD Million, 2018 - 2030)
Compressors
Rotary Screw Compressor
Centrifugal Compressor
Reciprocating Compressors
Diaphragm Compressors
Others
Condensers
Evaporators
Controls
Others
Industrial Refrigeration Systems Capacity Outlook (Revenue, USD Million, 2018 - 2030)
Less than 100kW
100-500kW
500-1000kW
1000-5000kW
More than 5000kW
Industrial Refrigeration Systems Refrigerant Outlook (Revenue, USD Million, 2018 - 2030)
Ammonia
Carbon Dioxide
Hydrofluorocarbon
Hydrochlorofluorocarbons
Others
Industrial Refrigeration Systems Application Outlook (Revenue, USD Million, 2018 - 2030)
Refrigerated Warehouse
Food & Beverage
Chemical Petrochemical & Pharmaceuticals
Refrigerated Transportation
Industrial Refrigeration Systems Regional Outlook (Revenue, USD Million, 2018 - 2030)
North America
S.
Canada
Europe
Germany
K.
France
Italy
Spain
Asia Pacific
Japan
China
India
South Korea
Australia
Latin America
Brazil
Mexico
Middle East and Africa
Saudi Arabia
South Africa
List of the Key Players in the Industrial Refrigeration Systems Market
Johnson Controls
Emerson Electric Co
Dan Foss
DAIKIN Industries Ltd.
GEA Group Aktiengesellschaft
MAYEKAWA MFG Co. Ltd.
BITZER
EVAPCO Inc.
Guntner GmbH & Co. KG
LU-VE S.P.A
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#Industrial Refrigeration Systems#Industrial Refrigeration Systems Market#Industrial Refrigeration Systems Market Size#Industrial Refrigeration Systems Market Share
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Commercial Refrigeration Equipment Market Analysis & Forecast to 2027
The global commercial refrigeration equipment market witnesses rising revenues. The burgeoning hospitality industry and the rising number of hotels and restaurants worldwide predominantly drive the market growth. Moreover, increasing application areas across the food & beverage industry escalate the market growth to furthered height. Augmented uptake and demand for commercial refrigeration equipment worldwide encourage market growth.
According to Market Research Future (MRFR), the global commercial refrigeration equipment market is projected to gain exponential traction by 2027, registering an impressive CAGR during the forecast period (2020 -2027). Additionally, the rapidly growing food industry, including bakery & confectionaries, fosters the market's growth.
Manufacturers and global suppliers continue their innovations and invest substantially to develop certified commercial refrigeration equipment and advance environmentally friendly refrigerants, which furthers the market sales. Increasing demand for energy-efficient products from quick-service restaurants and the quadrupling chain restaurants provide impetus to the market growth.
Furthermore, factors bolstering the market size include the availability of advanced refrigeration technologies that facilitate natural refrigerants use, the global objective of reducing CO2 emissions, and the changing standards for commercial refrigeration. Low noise, low heat rejection, the optimum capacity range of plug-in freezers, and the move to natural refrigeration are some of the key market trends.
Besides, the demand for reducing energy usage, achieving sustainability targets, reducing labor routines, maintaining food integrity, achieving agile store design, and minimizing maintenance costs increase the adoption of commercial refrigeration equipment.
On the other hand, the lack of large CO2 components carbon dioxide and ammonia (R717) in the industrial refrigeration market impedes the market growth. Nevertheless, the emergence of large CO2 transcritical compressors would support the market growth throughout the review period, leading to CO2 systems consistent cost reduction.
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Commercial Refrigeration Equipment Market - Segments
The report is segmented into type, application, and regions. The type segment is sub-segmented into display cases, walk-in coolers/reach-in coolers and beverage refrigeration. Of these, the walk-in/reach-in coolers segment accounts for the largest market share owing to their high efficiency and ability to keep food fresh for longer hours.
The application segment is sub-segmented into supermarkets, hypermarkets, and others. Among these, the supermarket segment accounts for the largest market share due to its expertise in attaining efficiency and reducing carbon footprints without compromising performance. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Commercial Refrigeration Equipment Market - Regional Analysis
North America dominates the global commercial refrigeration equipment market. The largest market share attributes to the presence of noteworthy equipment manufacturers and distribution channels in all retailer categories. Besides, high adoption rates of commercial refrigeration equipment and eco-friendly and energy-efficient refrigerant regulation in the US and Canada substantiate the market growth.
The Asia Pacific region stands second in the global commercial refrigeration equipment market. The region witnesses the increasing numbers of production plants, with its raw material advantage and cost-competitive workforce, attracting foreign investors. Additionally, the increasing adoption of commercial refrigeration in local retail chains in India, Japan, and China boosts the region's market share.
Commercial Refrigeration Equipment Market - Competitive Analysis
Highly competitive, the commercial refrigeration equipment market appears fragmented due to the presence of several well-established players. Some of them even have an excellent international presence. Mergers & acquisitions, collaboration, expansion, and product/technology launch are key trends observed among the market players. Commercial refrigeration equipment manufacturers strive to create products with precision.
Major Players:
Players leading the commercial refrigeration equipment market include EPTA (Italy), Williams Refrigeration (India), Kysor Warren (US), United Technologies Corporation (US), Voltas, Inc. (India), A Dover Company (US), AHT Cooling Systems GmbH (Austria), Hillphoenix, Hussmann Corporation(US), and Rockwell Industries Limited (India), among others.
Industry/ Innovation/ Related News:
APR.08, 2021 ---- Frigomeccanica Srl (Italy), a leading commercial refrigeration equipment manufacturer, announced selling 75% of its equity to two Italian private investment companies Fondo Agroalimentare Italiano and Fondo Cresci al Sud (Invitalia), for growth. The investment will fund organic growth with the expansion of the sales network into Northern Italy, exports into specific countries and an extension of the product range.
MAR. 31, 2021 ---- CoolSys (the US), a parent of market-leading refrigeration and HVAC services companies, announced the acquisition of Duquette Refrigeration (the US), a commercial refrigeration company, to become a leading nationwide service provider. The acquisition is expected to strengthen Coolsys' commercial and industrial division and broaden its presence in the Northeast region.
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Transcritical CO2 Systems Market Projections, Growth during the Forecast Period 2020-2026
The global Transcritical CO2 Systems market was valued at USD 23.76 Billion in 2018 and is expected to reach USD 91.68 Billion by the year 2026, at a CAGR of 18.0 %.The developmental scope of the new entrants and established companies of the Transcritical CO2 Systems market has been highlighted in the report. Also, the market positions of these companies have been evaluated using cutting-edge analytical tools such as Porter’s Five Forces Analysis, SWOT analysis, and investment assessment. The latest report throws light on the gross profits, revenue shares, individual growth rate, sales volume, manufacturing costs, and financial positions of the key market players. Another key component of the global Transcritical CO2 Systems industry report is the COVID-19 section that deeply analyzes the present global health crisis and its disruptive effects on the global economy and, particularly, this industry. Hence, the Transcritical CO2 Systems industry growth is severely hampered due to the economically damaging impact of the COVID-19 pandemic. Thus, the Transcritical CO2 Systems market report is aimed at helping readers gain actionable insights into this industry.
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The Transcritical CO2 Systems market report begins with basic definitions, product descriptions, competitive landscape, market players, market segmentation, and regional bifurcation of the Transcritical CO2 Systems market. The report further talks about the market scenario with regard to market drivers, restraints, opportunities, and growth prospects. The report also talks about the market segmentation and offers insights into the segment showing promising growth over the forecast period.
Top Leaders Operating in the Market are:
· Shecco SPRL,
· Mayekawa MSG. ,
· Systems LMP,
· Henry Technologies,
· Baltimore Aircoil Company among others
Transcritical CO2 Systems Market Segmentation:
Based on Product Function:
· Refrigeration
· Heating
· Air Conditioning
Based on Application:
· Retail
o Supermarkets
o Hypermarkets
· Heat Pumps
· Transportation
· Food Processing & Storage Facilities
Ice Skating Rings
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The report talks about the key competitors with regard to their market size, product portfolio, manufacturing and production capacity, profit margins, revenue generation, regional spread, and research and development activities. The report also discusses in detail the mergers and acquisitions, joint ventures, product launches, brand promotions, collaborations, corporate deals, and licensing agreements, and more. The report provides a comprehensive overview of the competitive landscape and regional spread.
The regional analysis offers a complete overview of the regional spread of the market along with production and consumption patterns, import/export, supply and demand dynamics, revenue contribution, trends and demands, and presence of prominent players in each region.
Regional Analysis Covers:
· North America (U.S., Canada, Mexico)
· Europe (U.K., Italy, Germany, France, Rest of EU)
· Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
· Latin America (Chile, Brazil, Argentina, Rest of Latin America)
· Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Questions Answered by the Report:
· What are the key market trends influencing the growth of the Transcritical CO2 Systems market?
· Who are the prominent players of the Transcritical CO2 Systems market?
· What is the impact of the COVID-19 pandemic on the Transcritical CO2 Systems market?
· What are the key growth driving and restraining of the Transcritical CO2 Systems market?
· What are the strengths and weaknesses of the prominent players of the Transcritical CO2 Systems market?
· What are the key outcomes of the SWOT analysis and Porter’s Five Forces analysis?
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Transcritical Co2 Market Price Analysis of Top Manufacturers Profiles, Market Growth Factors
The global transcritical CO2 market is anticipated to reach USD 22.44 billion by 2026 according to a new study published by Polaris Market Research.
Increasing application of transcritical CO2 in food processing industry as refrigerant is the major factor driving the product demand. It is used as a substitute for environmentally harmful refrigerants including HCFCs, CFCs, and HFCs. The development of transcritical CO2 as a refrigerant has shown potential in many applications regarding system cost and efficiency both and makes it viable for several applications that is not considered feasible. Some of the mechanism where transcritical CO2 is currently used includes heat pumps water heaters for commercial, domestic and industrial applications, refrigeration systems in supermarkets, chest freezers of ice creams, beverage coolers, water chillers for moderate climates industrial and air conditioning and refrigeration in trains and busses.
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The other under development and less commercialized systems that make use of the product include mobile heat pumps, transport refrigeration systems in containers and ships, reversible and space heating in residential heat pumps, vending machines for combined cold and hot beverages, residential and non-residential combined cooling and heating buildings, heat pumps for combined space, water heating and space heating. The requirements of the product in increasing number of application systems are expected to be the major factor driving its demand from several industries.
Some of leading and currently active industry participants include Shecco SPRL, Mayekawa MSG. Co., Ltd., Systems LMP, Inc., Henry Technologies, Inc. , Baltimore Aircoil Company, Inc. , Advansor A/S, Danfoss GmbH, Bitzer Kühlmaschinenbau GmbH , SCM Frigo SPA, Emerson Climate Technologies, Carnot Refrigeration Inc., Green & Cool World Refrigeration Ab, Carrier Commercial Refrigeration, and Hill Phoenix Inc.
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In comparison to the traditional refrigerants, transcritical carbon dioxide has the best remarkable property of having low critical temperature of 31.1 degree Celsius. Owing to this, it leads to three discrete features of carbon dioxide in the refrigeration systems. These include that heat is rejected at supercritical pressures, keeps the pressure level quite high and during heat rejection it causes gliding of large refrigerant temperatures. These fundamental functionality advantages on application of transcritical carbon dioxide are expected to help in higher penetration of its applications sectors. Hence, with such advantages of the product and increasing application segments, the market value of TC CO2 is expected to increase over the forecast period.
North America was the leading regional market for consumption of transcritical CO2 refrigeration systems. U.S. was the largest contributor to product demand in 2017. Regulations concerning the limitations of refrigerants use and leakages along with directions for using TC CO2 refrigerants in supermarkets are expected to drive further product demand. The U.S. is also a leading manufacturer and exporter of heat pumps, which is yet another potential factor driving the industry. Asia Pacific is expected to be another leading player in the global scenario. The expanding regional machinery manufacturing base and growing TC CO2 enabled cooling systems is anticipated to boost product demand.
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Transcritical CO2 Systems Market Trends & Analysis, CAGR of 18.0%, By Function, By Application, Forecasts to 2026
The Global Transcritical CO2 Systems Market report gives a comprehensive overview of the Transcritical CO2 Systems market scenario to present accurate forecasts of the upcoming years with special focus on the competitive landscape, market segmentation, current and emerging trends, and strategic recommendations to help readers gain a robust footing in the market. The report also focuses on the comprehensive analysis of the competitive landscape along with descriptive company profiles, market share, product portfolio, financial standings, market reach, global position, and strategic business expansion plans. Market Size – USD 23.76 Billion in 2018, Market Growth - CAGR of 18.0%, Market Trends –low environmental impact of transcritical CO2 systems, increasing demand for refrigerators and cooling systems
The report is furnished with the latest market scenario pertaining to the COVID-19 pandemic and its after-effects on the Transcritical CO2 Systems industry and the key segments. The pandemic has disrupted the workflow of the industry and created financial difficulties. The report assesses the complete impact of the pandemic on the market and offers key insights into the market scenario along with trends and demands disruptions. The report also offers an outlook on the market scenario in the forecast timeline.
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Some of the players profiled in the report are Shecco SPRL, Mayekawa MSG. , Systems LMP, Henry Technologies, Baltimore Aircoil Company among others
The Global Transcritical CO2 Systems Market is segmented as follows:
Function (Revenue, USD Million; 2016–2026)
Refrigeration
Heating
Air Conditioning
Application (Revenue, USD Million; 2016–2026)
Retail
Heat Pumps
Transportation
Food Processing & Storage Facilities
Ice Skating Rings
Supermarkets
Hypermarkets
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Market Segmentation by Regions:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Point Summary of the Report:
The global Transcritical CO2 Systems market research report is an investigative study offering key insights into the latest growth trends, developments, technological and product advancements, and the research and development scenario. The report also covers the market aspects that directly influence the growth of the market. These features include strategies undertaken by the prominent players, their expansion tactics, and the product portfolios of the companies, and micro and macro-economic factors.
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The study also analyses the crucial market aspects, including R&D, product launches and brand promotions, mergers and acquisitions, collaborations, joint ventures, and the growth pattern on both regional and global levels. The report offers an in-depth evaluation of factors such as cost, capacity, rates of production and consumption, gross revenue, profit margin, demand and supply ratio, import/export, market share, market size, and market trends.
The Global Transcritical CO2 Systems Market includes relevant and verified information relating to the overall market, key players, and their market position and financial standing. The report utilizes advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, investment return analysis, and feasibility analysis to offer a comprehensive view of the market position of the major players of the industry.
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To summarize everything stated above, the report offers key insights into the Transcritical CO2 Systems market to allow the reader to gain a complete understanding of the Global Transcritical CO2 Systems Market through accurate estimations, a panoramic view of the market scenario, competitive landscape, factors influencing the growth of the market, driving factors, restraints, regulatory framework, growth prospects and opportunities, and factors propelling the market forward. The research study offers an in-depth view of the industry to offer a competitive edge to the reader and help them in formulating beneficial investment plans. The report provides a comprehensive overview of the market with facts relating to the past, present, and future of the Global Transcritical CO2 Systems Market.
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GREEN REFRIGERANTS MARKET ANALYSIS (2019-2027)
Green Refrigerants Market – Insights
Green refrigerants are the refrigerants which have lower global warming potential and ozone depleting properties as compared to the synthetic refrigerants, which possess a major threat to the ozone layer. The collaborative efforts by countries worldwide is contributing in the process of suppressing the consumption of the widely used group of synthetic refrigerants such as Chlorofluorocarbons (CFCs) and Hydrochlorofluorocarbons (HCFCs), which resulted in depletion of the ozone layer and brought climatic changes due to global warming. Moreover, Montreal Protocol, an international treaty finalized in 1987 by nations to protect the ozone layer from depletion, restricted the usage of these synthetic refrigerants and encouraged development of refrigerants with minimal global warming potential (GWP) and ozone depleting potential (ODP).
Among product type, Carbon dioxide-based equipment observed a rise in demand as major companies in Commercial refrigeration sector are encouraging the development of efficient CO2 based refrigeration technology. Owing to its properties such as odorless, non-toxic, and non-flammable, CO2 is used in transcritical refrigeration systems especially in large supermarkets and energy-efficient buildings. For instance, in Oct 2019, Huurre Group Oy, a manufacturer of CO2 based refrigeration systems, was acquired by Caverion, a Finland-based refrigeration business firm involved in providing sustainable and energy-efficient building solutions.
Among application, transport refrigeration is projected to increase in demand due to rise in trading of perishable commodities, food, and medical supplies. Green refrigerants being cheap and efficient solutions for transportation across countries is one of the leading factors for growth of refrigerated transport industry. Technological developments in green refrigerants-based systems aid in avoiding harmful effects of synthetic refrigerants. The main aim of these refrigerated transport carriers is to maintain the product quality and minimalize losses due to food spoilage. According to an International Institute of Refrigeration (IIR) report, around four million refrigerated vehicles function across the globe. However, lack of infrastructure in emerging economies, expensive product maintenance, and inflation in fuel costs are expected to hamper the segment growth over the forecast period.
Among regions, Europe has been a key center for research and development of natural refrigerants used in Heating, ventilation, air conditioning and refrigeration (HVAC&R) sector. The main driving factor behind this was the F-gas regulation, which was implemented by European Union in 2015 with an aim to reduce emissions of Fluorinated greenhouse gases due to refrigerant leaks and degradation of refrigeration and cooling appliances. Moreover, over 150 F-gases with GWPs were banned in the domestic refrigeration and air conditioning sector of Europe to achieve 21% reduction in use of F-gases by 2030.
Figure 1. Global Green Refrigerants Market Share (%), By Region, 2018
Large supermarkets and hypermarkets play a significant role in the growth of green refrigerants market over the forecast period. Leading players are switching their preferences towards manufacturing green refrigerant-based cooling systems. For instance, Carrefour, Europe-headquartered multinational stores, almost shifted its HFC-based refrigeration systems to CO2 based refrigeration systems. By 2017, they had 170 transcritical CO2 based systems functioning across 7 different countries and a total of 418 stores operating with natural refrigerants. Furthermore, key challenge for smaller companies in Commercial refrigeration sector is the difficulty to implement a natural refrigerant based technology especially in regions with warm and humid climate such as South Asia, Middle East, and parts of Latin America due to the higher cost and lower energy efficiencies of green refrigerant-based technologies.
The global green refrigerants market was valued at US$ 15.00 Billion in 2018 and is expected to double by the end of 2027, growing substantially over the forecast period (2019-2027).
Figure 2. Global Green Refrigerants Market Share (%), By Application, 2018
Natural existing refrigerants such as CO2, hydrocarbon, ammonia, hydrofluoroolefins (HFOs), and water are preferred in refrigeration industry especially for residential and commercial cooling and refrigeration purposes in buildings, owing to their low-GWP, minimum ODP, ease of availability, and low cost. The market is expected to record substantial growth over the forecast period (2019 to 2027), owing to rising demand for refrigeration, cooling, and heating systems.
Key companies operating in the global green refrigeration market are focused on expanding their businesses by acquisition of companies involved in green refrigerant- based technologies. For instance, in June 2019, M&M Refrigeration, LLC (M&M), a global leader in industrial refrigeration based in U.S. acquired Carnot Refrigeration (Carnot), a Canada-based company, which specializes in CO2-based transcritical refrigeration for industrial and commercial applications.
Moreover, in April 2019, research teams from Polytechnic University of Catalonia and Chinese Academy of Sciences entered into a collaboration for a research on developing a new variety of refrigerant, which uses colossal ‘baro-caloric effects’, where a solid material is made to undergo temperature changes during the process of compression and expansion. The main aim of the research is to develop cooling systems, which do not use hydrofluorocarbons, as it possess a significant threat to environment for its extremely high GWP equivalent to 2T of carbon dioxide.
Key companies operating in the global green refrigerants market include AGC Inc., Arkema SA, ASPEN Refrigerants Inc., Daikin Industries Ltd, Global Refrigerants, Harp International Ltd., Honeywell International Inc., The Linde Group, SRF Limited, Tazzetti S.p.A., and The Chemours Company.
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Transcritical Co2 Systems market growing steady at 17.9% CAGR and projected to reach US$ 61.8 billion available in new report - WhaTech
Get This Report with Special Discount | Transcritical Co2 Systems market report provides analysis of top players in all regions with industry size, growth, revenue, cost, sales, technology, market insights, demand, trend, key statistics and industry forecasts to 2023.
MarketResearchView's insight:
Get This Report with Special Discount | Transcritical Co2 Systems market report provides analysis of top players in all regions with industry size, growth, revenue, cost, sales, technology, market insights, demand, trend, key statistics and industry forecasts to 2023.
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Transcritical CO2 Market Highlights Various Opportunities 2023
Transcritical CO2is an energy-efficient technology that is widely used in refrigeration, heat pump, and air conditioning industries. Most of the refrigeration, air conditioning, and heat generating systems operate under varying climatic conditions. Different chemicals and gaseous mixtures such as NH3, SO2, and hydrofluorocarbons (HFC) have been used in the past few years to cope with climatic variations. However, usage of transcritical CO2technology has resulted in providing improved energy efficiency and minimized problems related to global warming as compared to chemicals and other gaseous mixtures that were previously used.
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CO2is a supercritical fluid that has been considered as a safety refrigerant as it is chlorine-free, non-flammable, and has no ozone depletion potential. Furthermore, it is preferred over other refrigerants as its vapor pressure is considerably higher and its thermodynamic properties change rapidly with variations in temperature and pressure conditions. Transcritical CO2technology is a vapor compression system in which CO2 operates at normal temperature and is primarily required in heat pump and refrigeration systems. Working at normal temperature helps in sustenance and control of critical pressures inside the operating system. Major end-users of transcritical CO2 technology include marine, transportation, household appliance, and food processing industries.
Growing environmental regulations related to usage of chlorofluorocarbons (CFC) and greenhouse gases (GHG) is expected to drive global demand for transcritical CO2 during the next couple of years.Various chlorofluorocarbons such as carbon tetrachloride, dichlorofluoromethane, dimethyl ether, and ethane are commonly used industrial refrigerants. These CFCs have greater ozone depletion potential as well as global warming potential as the chloride bond present in these compounds interferes with the ozone molecule, thus breaking its molecular bond to give oxygen and chlorine monoxide molecules. This process leads to depletion of protective atmospheric layers and failsto block harmful UV rays of the Sun from penetrating through the layer. Rising awareness about global warming has impeded the alarming necessity for usage of chlorine-free refrigeration and heat pump systems. Hence, demand for transcriticalCO2 technology is anticipated to increase at a faster rate by the end of 2023. Transcritical CO2 technology comprises usage of CO2, which has superior performance characteristics such as zero global warming as well as ozone depletion potential, non-toxicity, and inflammability. Hence, this technology is anticipated to replace other thermal technologies during the forecast period.
In terms of demand, Europe and North America held larger share of the global transcritical CO2 market in 2014. Europe is estimated to continue dominating the transcritical CO2 market due to strict governmental regulations as well as abolishment of usage of CFCs. The U.K.followed by Germany, Denmark, France, and Norwayare few major countries in Europe that are likely to depict substantial growth in the transcritical CO2 market by the end of 2023.However, North America is anticipated to be one of the fastest-growing markets for transcritical CO2during the next couple of years due to high demand for energy and cost-saving technologies. Asia Pacific is also likely to depict a similar scenario due to significant growth of end-user applications of the transcritical CO2 market, chiefly heat pumps. Australia and Japan are few of the major consumers of transcritical CO2 in Asia Pacific that are likely to support growth in this region in the next couple of years.Currently, Latin America and the Middle East & Africa are projected to experience steady market growth due to current economic status as well as nascent developing stages of refrigeration and airconditioning industries.
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Some of the key players operating in the transcritical CO2 market include Emerson Climate Technologies, Parker Hannifin Corporation, Green & Cool World Refrigeration AB, andCarrier Commercial Refrigeration.
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Transcritical CO2 Systems Market Forecast, Trend Analysis, Competition and Growth Opportunities Till 2026
Market Size – USD 23.76 Billion in 2018, Market Growth - CAGR of 18.0%, Market Trends –low environmental impact of transcritical CO2 systems, increasing demand for refrigerators and cooling systems
According to the current analysis of Reports and Data, the global Transcritical CO2 Systems market was valued at USD 23.76 Billion in 2018 and is expected to reach USD 91.68 Billion by the year 2026, at a CAGR of 18.0 %. CO2 is environmentally friendly, not flammable, economical and chemically inert and thus it is extensively used in refrigerators, heat pumps and air conditioners.
The methodologies employed to study the Transcritical CO2 Systems market for the forecast period, 2019-2026 categorize the industry by type, geography, end-use and end-user to add more accuracy and accentuate the factors responsible for boosting business expansion. The market intelligence report on the Transcritical CO2 Systems market will offer stakeholders valuable insights into their target consumers and geographies to devise more promising marketing strategies for the forecast years from 2019 to 2026. Above all, the report will empower business owners and professionals to gain vital information about potential consumers and where they can find them. Apart from this, the literature emphasizes how major vendors operating in the Transcritical CO2 Systems market are optimizing their marketing campaigns. With an exclusive coverage of the top vendors, the study arms business owners with extensive knowledge of the local market as well as improved ability to locate potential consumers and retain existing consumers.
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Key market players include Shecco SPRL, Mayekawa MSG. , Systems LMP, Henry Technologies, Baltimore Aircoil Company among others
For the purpose of this study, Reports and Data have segmented the Transcritical CO2 Systems market on the basis of function, application and region:
Function (Revenue, USD Million; 2016–2026)
Refrigeration
Heating
Air Conditioning
Application (Revenue, USD Million; 2016–2026)
Retail
Heat Pumps
Transportation
Food Processing & Storage Facilities
Ice Skating Rings
Supermarkets
Hypermarkets
Regional Outlook (Revenue in USD Million; 2016–2026)
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
U.S.
Canada
Germany
France
UK
Spain
Italy
Rest of the Europe
China
India
Japan
Rest of Asia-Pacific
Brazil
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The report not only empowers companies and professionals to understand the significant characteristics of the target market but also the communication preferences. The audience can get the estimated size of the market calculated on the basis of the number of sales in a specific region. By offering insights into the profit margin, the study aims at improving the communication between companies and potential customers. Armed with all essential information on recent developments in the competitive landscape, such as a joint venture, collaboration, acquisition and merger and product launch, the study enables business owners to build a robust portfolio of their best buyers.
The objectives of the report are:
To examine and forecast the market size of the Transcritical CO2 Systems Industry in the global market.
To study the global key players with a focus on the SWOT analysis, value and global market share for leading players.
To analyze the market by type, end use, and region to draw a forecast for the years 2019–2026.
To assess the market potential and advantage, opportunities and challenges, restraints and risks faced by global key regions.
To decipher significant trends and elements driving or confining the market growth.
To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
To critically analyze each submarket by evaluating individual growth trends and their role in the market.
To examine competitive developments such as agreements, business expansions, product launches, and possessions in the market.
To outline the key players and comprehensively analyze their growth strategies.
The research provides answers to the following key questions:
What type of customers are purchasing the products and services from companies operational in the Transcritical CO2 Systems market?
What will be the roadmap for product manufacturers engaged in the Transcritical CO2 Systems industry for the forecast years from 2019 to 2026?
What are the recent advancements and feats by key competitors to look out for during the estimated period?
What are the major trends influencing customers’ lifestyles and consequently, their purchasing activities?
How can brands best appeal to the customers they intend to target?
When, where, and how can the customers use or consume the products or services?
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Transcritical CO2 Market Outlook, Growth Analysis on Volume, Revenue, Share 2026
Global Transcritical CO2 Market: Trending in 2021
New York, NY 14 June 2021: The global transcritical CO2 market is anticipated to reach USD 22.44 billion by 2026 according to a new study published by Polaris Market Research.
Increasing application of transcritical CO2 in food processing industry as refrigerant is the major factor driving the product demand. It is used as a substitute for environmentally harmful refrigerants including HCFCs, CFCs, and HFCs. The development of transcritical CO2 as a refrigerant has shown potential in many applications regarding system cost and efficiency both and makes it viable for several applications that is not considered feasible. Some of the mechanism where transcritical CO2 is currently used includes heat pumps water heaters for commercial, domestic and industrial applications, refrigeration systems in supermarkets, chest freezers of ice creams, beverage coolers, water chillers for moderate climates industrial and air conditioning and refrigeration in trains and busses.
The other under development and less commercialized systems that make use of the product include mobile heat pumps, transport refrigeration systems in containers and ships, reversible and space heating in residential heat pumps, vending machines for combined cold and hot beverages, residential and non-residential combined cooling and heating buildings, heat pumps for combined space, water heating and space heating. The requirements of the product in increasing number of application systems are expected to be the major factor driving its demand from several industries.
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In comparison to the traditional refrigerants, transcritical carbon dioxide has the best remarkable property of having low critical temperature of 31.1 degree Celsius. Owing to this, it leads to three discrete features of carbon dioxide in the refrigeration systems. These include that heat is rejected at supercritical pressures, keeps the pressure level quite high and during heat rejection it causes gliding of large refrigerant temperatures. These fundamental functionality advantages on application of transcritical carbon dioxide are expected to help in higher penetration of its applications sectors. Hence, with such advantages of the product and increasing application segments, the market value of TC CO2 is expected to increase over the forecast period.
North America was the leading regional market for consumption of transcritical CO2 refrigeration systems. U.S. was the largest contributor to product demand in 2017. Regulations concerning the limitations of refrigerants use and leakages along with directions for using TC CO2 refrigerants in supermarkets are expected to drive further product demand. The U.S. is also a leading manufacturer and exporter of heat pumps, which is yet another potential factor driving the industry. Asia Pacific is expected to be another leading player in the global scenario. The expanding regional machinery manufacturing base and growing TC CO2 enabled cooling systems is anticipated to boost product demand.
Some of leading and currently active industry participants include Shecco SPRL, Mayekawa MSG. Co., Ltd., Systems LMP, Inc., Henry Technologies, Inc., Baltimore Aircoil Company, Inc. , Advansor A/S, Danfoss GmbH, Bitzer Kühlmaschinenbau GmbH , SCM Frigo SPA, Emerson Climate Technologies, Carnot Refrigeration Inc., Green & Cool World Refrigeration Ab, Carrier Commercial Refrigeration, and Hill Phoenix Inc.
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#Transcritical CO2 market#Transcritical CO2 size#Transcritical CO2 share#Transcritical CO2 trends#Transcritical CO2 Forecast
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Transcritical CO2 Market Report Future Development, Top Manufacturers, Technological Advancement, Share, Size And Forecast | GET FLAT 20% OFF ON THIS REPORT
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Market Overview
Transcritical CO2 Market research is an intelligence report with OMR efforts undertaken to study the right and valuable information. The data which has been looked upon is done considering both, the existing top players and the upcoming competitors. Business strategies of the key players and the new entering market industries are studied in detail. Well explained SWOT analysis, revenue share, and contact information are shared in this report analysis.
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https://ordientmarketresearch.com/energy-and-power/transcritical-co2-market/OMR8008
The latest research report, titled “Transcritical CO2 Market” Added by OMR, provides the reader with a comprehensive overview of the Transcritical CO2 Industry and familiarizes them with the latest market trends, industry information, and market share.Transcritical CO2 including key market trends, upcoming technologies, industry drivers, challenges, regulatory policies & strategies. The research study provides forecasts for Transcritical CO2 investments till 2029. The report does include the most recent post-pandemic market survey on Transcritical CO2 Market.
Market Scope
The Transcritical CO2 Market 2021 Systematic Industry survey provides a detailed analysis of key trends, market size, share, and growth, with higher growth rates expected to impact market insights from 2020 to 2025. This in-depth study covered key points such as Transcritical CO2 market revenue, imports and exports, supply chain analysis, cost structure analysis, marketing strategies, technology trends, and market impact factors.
Market Segmentation
This effective set of information delivers an in-depth analysis of the drivers, challenges, market share, market dynamics, emerging countries, pricing, investment activity, industry performance, revenue generation, and CAGR. The report covers key aspects including production, market share, CAGR, key regions, leading vendors, and revenue rates. The report also offers a major microscopic view of the market and identifies the footprints of the manufacturers with the help of understanding the Global revenue of vendors along with price and sales. The report studies the demand coming from a particular region and category of consumers taking interest in the product or services of the Transcritical CO2 Market. The report manages to convey a detailed information regarding prominent vendors of the Transcritical CO2 Market including recent innovations, advancements, improvements, business estimation, revenue margin, and sales graph.
Product Type Coverage
Refrigeration
Heating
Air Conditioning
Application Coverage
Supermarkets and Convenience Stores
Heat Pumps
Food Processing and Storage Facilities
Ice Skating Rinks
Regions covered in the Transcritical CO2 market report are:
North AmericaEuropeAsia PacificLatin AmericaThe Middle East and Africa
Global Transcritical CO2 Market Report provides in-depth information about the Leading Competitors involved in this report:
Carrier Commercial Refrigeration
Green and Cool World Refrigeration AB
Hillphoenix, Inc.
Advansor
Danfoss
BITZER
Carnot Refrigeration
SCM Frigo S.p.A.
Emerson Climate Technologies
Baltimore Aircoil Company�
Henry Technologies, Inc
Systemes LMP, Inc.
Mayekawa Mfg. Co., Ltd.
Panasonic
Key questions answered in the report
1.What is the total market value of the Transcritical CO2 Market report?2.What would be the forecast period in the market report?3.What is the market value of the Transcritical CO2 Market in 2021?4.What is the Key Industry Leader's opinion for the Transcritical CO2 ?5.Which is the base year calculated in the Transcritical CO2 Market Report?6.What are the key trends in the Transcritical CO2 Market Report?7.What are the market values/growth % of emerging countries?8.Which market holds the maximum market share of the Transcritical CO2 Market?
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Sanket KurhadeHead of Business DevelopmentPhone: +18018538449Email: [email protected]: https://ordientmarketresearch.com/
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Transcritical CO2 Market Expected to Witness a Sustainable Growth over 2026
The global transcritical CO2 market is anticipated to reach USD 22.44 billion by 2026 according to a new study published by Polaris Market Research.
Increasing application of transcritical CO2 in food processing industry as refrigerant is the major factor driving the product demand. It is used as a substitute for environmentally harmful refrigerants including HCFCs, CFCs, and HFCs. The development of transcritical CO2 as a refrigerant has shown potential in many applications regarding system cost and efficiency both and makes it viable for several applications that is not considered feasible. Some of the mechanism where transcritical CO2 is currently used includes heat pumps water heaters for commercial, domestic and industrial applications, refrigeration systems in supermarkets, chest freezers of ice creams, beverage coolers, water chillers for moderate climates industrial and air conditioning and refrigeration in trains and busses. The other under development and less commercialized systems that make use of the product include mobile heat pumps, transport refrigeration systems in containers and ships, reversible and space heating in residential heat pumps, vending machines for combined cold and hot beverages, residential and non-residential combined cooling and heating buildings, heat pumps for combined space, water heating and space heating. The requirements of the product in increasing number of application systems are expected to be the major factor driving its demand from several industries.
Request for a sample copy of this research report @ https://www.polarismarketresearch.com/industry-analysis/transcritical-co2-market/request-for-sample
In comparison to the traditional refrigerants, transcritical carbon dioxide has the best remarkable property of having low critical temperature of 31.1 degree Celsius. Owing to this, it leads to three discrete features of carbon dioxide in the refrigeration systems. These include that heat is rejected at supercritical pressures, keeps the pressure level quite high and during heat rejection it causes gliding of large refrigerant temperatures. These fundamental functionality advantages on application of transcritical carbon dioxide are expected to help in higher penetration of its applications sectors. Hence, with such advantages of the product and increasing application segments, the market value of TC CO2 is expected to increase over the forecast period.
North America was the leading regional market for consumption of transcritical CO2 refrigeration systems. U.S. was the largest contributor to product demand in 2017. Regulations concerning the limitations of refrigerants use and leakages along with directions for using TC CO2 refrigerants in supermarkets are expected to drive further product demand. The U.S. is also a leading manufacturer and exporter of heat pumps, which is yet another potential factor driving the industry. Asia Pacific is expected to be another leading player in the global scenario. The expanding regional machinery manufacturing base and growing TC CO2 enabled cooling systems is anticipated to boost product demand.
Complete Summary with TOC Available @ https://www.polarismarketresearch.com/industry-analysis/transcritical-co2-market
Some of leading and currently active industry participants include Shecco SPRL, Mayekawa MSG. Co., Ltd., Systems LMP, Inc., Henry Technologies, Inc. , Baltimore Aircoil Company, Inc. , Advansor A/S, Danfoss GmbH, Bitzer Kühlmaschinenbau GmbH , SCM Frigo SPA, Emerson Climate Technologies, Carnot Refrigeration Inc., Green & Cool World Refrigeration Ab, Carrier Commercial Refrigeration, and Hill Phoenix Inc.
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.
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Phone: 1–646–568–9980
Email: [email protected]
Web: www.polarismarketresearch.com
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Analysis of the COVID-19 Impact on Transcritical CO2 Systems Market $61.8 billion by 2023
The report "Transcritical CO2 Systems Market by Function (Refrigeration, Heating, Air Conditioning), Application (Supermarkets And Convenience Stores, Heat Pumps, Food Processing & Storage Facilities, Ice Skating Rinks), and Region - Global Forecast to 2023" The transcritical CO2 systems market is expected to grow from USD 27.2 billion in 2018 to USD 61.8 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 17.9% during the forecast period. The major driving factors for the transcritical CO2 systems market are low environmental impact of transcritical CO2 systems, phasing out CFC, HCFC, and HFC refrigerants, increasing demand for refrigeration and air-conditioning applications, and lower operating cost of transcritical CO2 refrigeration systems.
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♦ Leading Key Players -
Key players in the market include Carrier Commercial Refrigeration (US), Green & Cool World Refrigeration AB (Sweden), Hillphoenix, Inc. (US), Advansor (Denmark), Danfoss (Denmark), BITZER (Germany), Carnot Refrigeration (Canada), SCM Frigo S.p.A. (Italy), Emerson Climate Technologies (US), Baltimore Aircoil Company (US), Henry Technologies, Inc. (US), Systemes LMP, Inc. (Canada), Mayekawa Mfg. Co., Ltd. (Japan), and Panasonic (Japan). These players have expanded their geographical presence through new product launches, acquisitions, and expansions.
The refrigeration function segment is expected to grow at the highest rate due to the increasing demand from the construction and infrastructure sectors.
Refrigeration is mostly used in supermarkets and convenience stores. Transcritical CO2 refrigeration has a high safety rating and is non-toxic and non-flammable. Additionally, these systems are used in the refrigeration processes due to their high volumetric cooling capacity.
Supermarkets & convenience stores application segment is the largest segment.
Refrigeration systems account for more than 50% of the total electricity consumption in supermarkets. The use of transcritical CO₂ helps retailers reduce energy consumption by reducing the maintenance cost of refrigeration systems. Transcritical CO2 systems operate at higher pressure than other refrigeration systems. Low Ozone-Depletion Potential (ODP) and low Global Warming Potential (GWP) of these systems make them preferable in supermarkets in Europe, Australia, and Japan.
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Based on application the transcritical CO2 systems market is segmented into:
Supermarkets and Convenience Stores
Heat Pumps
Food Processing & Storage Facilities
Ice Skating Rinks
Others (Hotels, Buildings, and Water Treatment Plants)
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Transcritical CO2 Systems Market Trends & Analysis, CAGR of 18.0%, By Function, By Application, Forecasts to 2026
The Global Transcritical CO2 Systems Market report gives a comprehensive overview of the Transcritical CO2 Systems market scenario to present accurate forecasts of the upcoming years with special focus on the competitive landscape, market segmentation, current and emerging trends, and strategic recommendations to help readers gain a robust footing in the market. The report also focuses on the comprehensive analysis of the competitive landscape along with descriptive company profiles, market share, product portfolio, financial standings, market reach, global position, and strategic business expansion plans. Market Size – USD 23.76 Billion in 2018, Market Growth - CAGR of 18.0%, Market Trends –low environmental impact of transcritical CO2 systems, increasing demand for refrigerators and cooling systems
The report is furnished with the latest market scenario pertaining to the COVID-19 pandemic and its after-effects on the Transcritical CO2 Systems industry and the key segments. The pandemic has disrupted the workflow of the industry and created financial difficulties. The report assesses the complete impact of the pandemic on the market and offers key insights into the market scenario along with trends and demands disruptions. The report also offers an outlook on the market scenario in the forecast timeline.
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Some of the players profiled in the report are Shecco SPRL, Mayekawa MSG. , Systems LMP, Henry Technologies, Baltimore Aircoil Company among others
The Global Transcritical CO2 Systems Market is segmented as follows:
Function (Revenue, USD Million; 2016–2026)
Refrigeration
Heating
Air Conditioning
Application (Revenue, USD Million; 2016–2026)
Retail
Heat Pumps
Transportation
Food Processing & Storage Facilities
Ice Skating Rings
Supermarkets
Hypermarkets
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Market Segmentation by Regions:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Point Summary of the Report:
The global Transcritical CO2 Systems market research report is an investigative study offering key insights into the latest growth trends, developments, technological and product advancements, and the research and development scenario. The report also covers the market aspects that directly influence the growth of the market. These features include strategies undertaken by the prominent players, their expansion tactics, and the product portfolios of the companies, and micro and macro-economic factors.
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The study also analyses the crucial market aspects, including R&D, product launches and brand promotions, mergers and acquisitions, collaborations, joint ventures, and the growth pattern on both regional and global levels. The report offers an in-depth evaluation of factors such as cost, capacity, rates of production and consumption, gross revenue, profit margin, demand and supply ratio, import/export, market share, market size, and market trends.
The Global Transcritical CO2 Systems Market includes relevant and verified information relating to the overall market, key players, and their market position and financial standing. The report utilizes advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, investment return analysis, and feasibility analysis to offer a comprehensive view of the market position of the major players of the industry.
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To summarize everything stated above, the report offers key insights into the Transcritical CO2 Systems market to allow the reader to gain a complete understanding of the Global Transcritical CO2 Systems Market through accurate estimations, a panoramic view of the market scenario, competitive landscape, factors influencing the growth of the market, driving factors, restraints, regulatory framework, growth prospects and opportunities, and factors propelling the market forward. The research study offers an in-depth view of the industry to offer a competitive edge to the reader and help them in formulating beneficial investment plans. The report provides a comprehensive overview of the market with facts relating to the past, present, and future of the Global Transcritical CO2 Systems Market.
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Transcritical CO2 Market Estimated to Record Highest CAGR by 2023
Carbon dioxide or CO2 is an extremely important component of our atmosphere and is essential in our existence. It comes with no potential of ozone depletion and nominal potential of global warming. As such, it can be easily understood that carbon dioxide comes with no regulatory liability, just as Hydrofluorocarbon or HFC. Till now, it is not needed to account for the amount that has been used. There is no need for its reclamation as well.
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CO2 is considered chemically inert, cost effective, not flammable, and environment friendly. In addition, it is used widely in air conditioners, refrigerators, and heat pumps, which adds fuel to the global transcritical CO2 market over the forecast tenure. Transport and thermodynamic properties make it ideal for use in machineries like vapour compression refrigerating appliances and heat pumps. Some of the main reasons that could add to the impetus to the global transcritical CO2 market are listed below
Transcritical CO2 systems come with low environmental impact
Low cost of operation for the equipment
Strict regulations by government for eliminating fluorinated refrigerants
In recent times, many a research projects have been undertaken regarding transcritical refrigeration of CO2, air-conditioning systems, and heat pumps. Over the last few years, commercialization of Transcritical CO2 heat pump water heaters have increased manifold across the globe. It has acted as a growth factor for the global transcritical CO2 market. In the year 2019, Cryogium introduced a brand new transcritical CO2 condensing units and double compressor systems. The system came with many properties such as high resistance to weather, accessibility to components, and ease of installation.
In the global transcritical CO2 market, Europe is likely to dominate throughout the period of review, thanks to its strict regulations pertaining to environmental pollution. In addition, the European Union is targeting lessening of the environmental impact of fluorinated gases through F-Gas regulation.
Transcritical CO2is an energy-efficient technology that is widely used in refrigeration, heat pump, and air conditioning industries. Most of the refrigeration, air conditioning, and heat generating systems operate under varying climatic conditions. Different chemicals and gaseous mixtures such as NH3, SO2, and hydrofluorocarbons (HFC) have been used in the past few years to cope with climatic variations. However, usage of transcritical CO2technology has resulted in providing improved energy efficiency and minimized problems related to global warming as compared to chemicals and other gaseous mixtures that were previously used.
CO2is a supercritical fluid that has been considered as a safety refrigerant as it is chlorine-free, non-flammable, and has no ozone depletion potential. Furthermore, it is preferred over other refrigerants as its vapor pressure is considerably higher and its thermodynamic properties change rapidly with variations in temperature and pressure conditions. Transcritical CO2technology is a vapor compression system in which CO2 operates at normal temperature and is primarily required in heat pump and refrigeration systems. Working at normal temperature helps in sustenance and control of critical pressures inside the operating system. Major end-users of transcritical CO2 technology include marine, transportation, household appliance, and food processing industries.
Growing environmental regulations related to usage of chlorofluorocarbons (CFC) and greenhouse gases (GHG) is expected to drive global demand for transcritical CO2 during the next couple of years.Various chlorofluorocarbons such as carbon tetrachloride, dichlorofluoromethane, dimethyl ether, and ethane are commonly used industrial refrigerants. These CFCs have greater ozone depletion potential as well as global warming potential as the chloride bond present in these compounds interferes with the ozone molecule, thus breaking its molecular bond to give oxygen and chlorine monoxide molecules. This process leads to depletion of protective atmospheric layers and failsto block harmful UV rays of the Sun from penetrating through the layer. Rising awareness about global warming has impeded the alarming necessity for usage of chlorine-free refrigeration and heat pump systems. Hence, demand for transcriticalCO2 technology is anticipated to increase at a faster rate by the end of 2023. Transcritical CO2 technology comprises usage of CO2, which has superior performance characteristics such as zero global warming as well as ozone depletion potential, non-toxicity, and inflammability. Hence, this technology is anticipated to replace other thermal technologies during the forecast period.
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In terms of demand, Europe and North America held larger share of the global transcritical CO2 market in 2014. Europe is estimated to continue dominating the transcritical CO2 market due to strict governmental regulations as well as abolishment of usage of CFCs. The U.K.followed by Germany, Denmark, France, and Norwayare few major countries in Europe that are likely to depict substantial growth in the transcritical CO2 market by the end of 2023.However, North America is anticipated to be one of the fastest-growing markets for transcritical CO2during the next couple of years due to high demand for energy and cost-saving technologies. Asia Pacific is also likely to depict a similar scenario due to significant growth of end-user applications of the transcritical CO2 market, chiefly heat pumps. Australia and Japan are few of the major consumers of transcritical CO2 in Asia Pacific that are likely to support growth in this region in the next couple of years.Currently, Latin America and the Middle East & Africa are projected to experience steady market growth due to current economic status as well as nascent developing stages of refrigeration and airconditioning industries.
Some of the key players operating in the transcritical CO2 market include Emerson Climate Technologies, Parker Hannifin Corporation, Green & Cool World Refrigeration AB, andCarrier Commercial Refrigeration.
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