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Global Transcritical CO2 Systems Market is Expected to Reach USD 66.49 Billion by 2025 : Fior Markets

Global Transcritical CO2 Systems Market by Function (Refrigeration, Air Conditioning, Heating), Application (Heat Pumps, Food Processing, Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025

/EIN News/ -- Newark, NJ, Feb. 20, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global transcritical CO2 systems market is expected to grow from USD 24.16 Billion in 2017 to USD 66.49 Billion by 2025 at a CAGR of 12.69% during the forecast period 2018-2025. Low environmental impact, phasing out chlorofluorocarbon (CFC), hydrochlorofluorocarbons (HCFC), and hydrofluorocarbon (HFC) refrigerants, increasing demand for refrigeration & air-conditioning applications and lowers operating cost are the factors fuelling the transcritical CO2 systems market.

Transcritical carbon dioxide (CO2) is a new technology used in refrigeration and heating applications. These systems use carbon dioxide as fluid for refrigeration and heating purpose. It has several benefits such as chlorine-free, non-flammable, and non-toxic to the environment. The CO2 based system is a vapor compression system that is used in heat pump and refrigeration systems and provides extreme efficiency in water heating pumps. Approximately four million transcritical CO2 systems installed in domestic water heat pumps globally. Also, the adoption of CO2 transcritical refrigeration systems is increasing due to several countries that have banned the use of HFCs. For instance, the UK currently has 267 supermarkets running transcritical CO2 systems and this count is increasing continuously due to government laws and enforcement.

Greenhouse effect, decreasing chlorofluorocarbon (CFC), hydrochlorofluorocarbons (HCFC), and hydrofluorocarbon (HFC) refrigerants, and lowers operating cost are the key driving factors for the transcritical CO2 systems market. In addition, increasing demand for refrigeration and air-conditioning applications will lead to the growth of the transcritical CO2 systems market in a couple of years. However, high initial capital investment, less demand for transcritical CO2 systems, and flammability and toxicity issues may limit the growth of the market. The presence of few companies for the purification of CO2 refrigerants and lack of training and awareness about transcritical CO2 refrigerant systems are key challenges for the market. The effects of global warming and lower operating cost of transcritical CO2 refrigerant systems are expected to create new opportunities for the transcritical CO2 systems. Challenges faced by the transcritical CO2 systems market are lack of know-how about the operation of the system, lack of awareness about transcritical CO2 systems and the presence of few players in purification of CO2 systems.

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Key players operating in the global transcritical CO2 systems market include Henry Technologies, Inc., Systemes LMP, Inc., Mayekawa Mfg. Co., Ltd., Panasonic, Carrier Commercial Refrigeration, Green & Cool World Refrigeration AB, Baltimore Aircoil Company, Advansor, Danfoss, BITZER, Carnot Refrigeration, Hillphoenix, Inc., SCM Frigo S.p.A., Emerson Climate Technologies, and others. The Carrier Commercial Refrigeration, Hillphoenix, Inc., Green & Cool World Refrigeration AB, and Advansor are the top leading players of the market. To enhance their market position in the global transcritical CO2 systems market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.

  • For instance, in 2018, Baltimore Aircoil Company, Inc. introduced transcritical CO2 systems named Vertex Evaporative Condenser. This system provides maximum uptime with low maintenance and operation costs as well as reduce installation cost by 30%.
  • Major players are continuously focused on new product developments and venture capital investments to obtain market share. For instance, in April 2018, Panasonic exhibited its first CO2 transcritical rack at China Refrigeration 2018 in Beijing. This way organization broadening its offer in an increasingly competitive global market for larger capacity CO2-based HVAC&R systems. 

Refrigeration segment held largest market share of 38.71% in 2017

Function segment includes refrigeration, air conditioning, and heating. The refrigeration segment held largest market share of 38.71% in 2017. This is attributable due to the use of refrigeration in various stores and supermarkets as transcritical CO2 systems provides safety with non-toxic and high volumetric cooling capacity. These system uses high pressure expansion valve (HPEV) that helps to maintain increase or decrease gas cooler pressure.

Supermarkets & convenience stores segment held highest CAGR of 14.47% over the forecast period

Application segment covers supermarkets & convenience stores, ice skating rinks, heat pumps, food processing & storage facilities, and others. Supermarkets & convenience stores segment held highest market share of 29.84% over the forecast period. The less energy consumption, low global warming potential (GWP), and maintenance cost of refrigeration system has increased the market share of supermarkets & convenience.

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Regional Segment Analysis of the Transcritical CO2 Systems Market

  • North America (U.S. , Canada, Mexico)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
  • Asia-Pacific (China, Japan India, Rest of APAC)
  • South America (Brazil and Rest of South America)
  • Middle East and Africa (UAE, South Africa, Rest of MEA)

The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. Europe region held the largest market share of approximately 36.29% in 2017 where as the Asia Pacific region held the second dominant position in the global transcritical CO2 systems market. Europe region held highest market share due to presence of leading food manufacturing companies, strict governmental regulations like recent F-Gas regulations/HFC phase-out plan which states the reduction of use of HFC refrigerants by almost half by 2025, and banned use of CFCs. The region also holds the maximum number of end-user entities such as Tesco and Metro AG have already switched to refrigeration systems which is based on transcritical CO2 systems. The increasing adoption by end-user applications and Japan being the biggest consumers for heat pumps sector using transcritical CO2 systems such as are creating opportunity for the growth of Asia Pacific region in the market.

About the report:

The global transcritical CO2 systems market is analysed on the basis of value (USD Billion), volume (Number of Installations), consumption (Number of Installations), imports (Number of Installations) and exports (Number of Installations). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients’ objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.

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