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Attractive Opportunities in Transcritical CO2 Systems Market

Feb 28, 2019 2:07 PM ET

According to the new market research 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.

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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.

Carbon Dioxide (CO₂) plays a vital role in various natural and industrial processes. Its odorless, non-flammable, and non-toxic properties make CO₂ a viable option for applications in refrigeration. The refrigeration number of CO₂ is R744; it has no ozone depletion potential, and an insignificant global warming potential. In transcritical systems, CO₂, being above the critical temperature, cools but does not condense at the gas cooler outlet. Transcritical CO₂ systems are natural refrigerant-based, with high efficiency at average outside temperatures less than 15° C. They are non-corrosive with most materials, have negligible GWP, and are widely available and inexpensive to produce. These systems find wide acceptance in supermarkets and heat pumps, especially in Europe and Japan. MarketsandMarkets expects the global transcritical CO₂ systems market 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.

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The transcritical CO₂ systems market size 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 CO₂systems 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.

The transcritical CO₂ systems market has grown at a moderate pace over the past 5 years owing to the increase in demand for transcritical CO₂ systems for applications such as supermarket refrigeration, heat pumps, food processing & storage facilities, ice skating rinks, hotels & buildings for heating water, and so on. Currently, the transcritical CO₂ systems market is dominated by various key players, such as Carrier Commercial Refrigeration (US), Green & Cool World Refrigeration AB (Sweden), Hillphoenix, Inc. (US), Advansor (Denmark), and Danfoss (Denmark).

New product launches and expansions were the most preferred development strategies followed by companies to strengthen their presence in the transcritical CO₂ systems market. In October 2018, Danfoss launched a new series of pumps to target large capacity industrial wastewater treatment plants. In July 2017, Hillphoenix launched AdaptaPak, an outdoor refrigeration system for small retail applications, such as drug stores and convenience stores.

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Carrier Commercial Refrigeration is one of the world’s leading providers of refrigeration and air conditioning solutions. It operates under the UTC building & industrial systems segment of United Technologies Corp. The company offers solutions for transport refrigeration, air conditioning, and commercial refrigeration applications. In March 2017, Carrier Commercial Refrigeration added a transparency feature to its product, Danaos. This is a full-glass display product installed to attract the attention of shoppers. In October 2016, Carrier Commercial Refrigeration established a new distribution center in Austria to provide CO₂ installation technologies to its customers based in the country. Also in October 2016, Carrier Commercial Refrigeration established a new distribution center in Austria to provide CO₂ installation technologies to its customers based in the country.

Advansor is a manufacturer of sustainable thermal systems, which are used for refrigeration applications in the food processing industry, supermarkets, etc. The company has adopted green technologies for its products and as such, uses CO? as a refrigerant in heat pumps and refrigeration systems. The company offers refrigeration systems for small- and medium-sized stores, convenience stores & express stores, condensing units installed in small shops, convenience stores, and petrol stations.

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