SAN FRANCISCO, June 15, 2020 /PRNewswire/ -- The global transcritical CO2 systems market size is expected to reachUSD 110.43billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 16.9% from 2020 to2027. The market growth is attributed to rising demand for air conditioning and refrigeration applications, along with lower operational costs associated with transcritical CO2 systems.
The market is driven by looming taxation and inexorable F-gases restrictions across the globe. In addition, the system's low global warming potential, significantly smaller copper piping system, and less refrigerant charge in comparison to HFC systems, along with high energy efficiency in most climates, are anticipated to further stimulate the market growth over the coming years.
Key suggestions from the report:
- By function, the refrigeration segment held the largest revenue share of 67.3% in 2019 on account of the global phase-down of HFCs with the Kigali Amendment coming into effect in 2019
- By function, the retail segment accounted for the largest share of 55.8% in 2019 owing to growing trend of green consumerism, which has propelled supermarkets to proactively use environmental best practices in order to build their green credentials
- Heat pumps are expected to register the fastest CAGR of 18.8% from 2020 to 2027 as they offer high service temperature and limited capacity loss. In addition, increasing use of these pumps across the residential and commercial sectors is driving the segment
- Europe accounted for the largest share of 78.4% in 2019 owing to the stringent regulatory scenario, growing demand for CO2 air conditioning systems in passenger cars, and increasing number of supermarkets in east European countries
- Key players in the market are collaborating with other manufacturers to gain a competitive advantage in order to use advanced technologies in the field and establish a strong foothold in the industry space.
Read 109 page research report with ToC on "Transcritical CO2 Systems Market Size, Share & Trends Analysis Report By Function (Refrigeration, Heating, Air Conditioning), By Application (Retail, Heat Pumps), And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/transcritical-co2-systems-market
Refrigeration systems account for around 50% of the energy consumption of a supermarket according to the U.S. Department of Energy as they use HFCs, which have higher GWPs compared to natural refrigerants. Due to federal, international, and local regulations, HFC-free systems are gaining popularity, which is anticipated to boost the product demand over the next few years.
The required global phase-out of HCFCs, need to manage the lifetime operation of HCFC and CFC based equipment, and rising concerns regarding global warming are boosting the market growth. Moreover, rising demand for CO2 as an alternative on account of its high energy performance and same technical reliability as HFC-134a is anticipated to stimulate the market growth over the forecast period.
Grand View Research has segmented the global transcritical CO2 systems market on the basis of function, application, and region:
- Transcritical CO2 Systems Function Outlook (Revenue, USD Million, 2016 - 2027)
- Refrigeration
- Heating
- Air Conditioning
- Transcritical CO2 Systems Application Outlook (Revenue, USD Million, 2016 - 2027)
- Retail
- Heat Pumps
- Food Processing and Storage Facilities
- Ice Skating Rinks
- Automobiles
- Others
- Transcritical CO2 Systems Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- Denmark
- U.K.
- Switzerland
- Norway
- Asia Pacific
- China
- Japan
- Indonesia
- Pacific
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- South Africa
- List of Key Players of Transcritical CO2 Systems Market:
- Advansor
- Teko GmbH
- Carrier Commercial Refrigeration
- Green & Cool World Refrigeration AB
- Hillphoenix, Inc.
- Danfoss
- Bitzer
- Carnot Refrigeration
- SCM Frigo S.P.A.
- Emerson Climate Technologies
- Panasonic Corporation
- Baltimore Aircoil Company, Inc.
- Henry Technologies, Inc.
- Strategic Initiatives
- Systemes LMP, Inc.
- Mayekawa MFG. Co., Ltd.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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