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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Major vendors in the transcritical CO2 systems 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).

Recent Developments

In November 2018, Baltimore Aircoil Company, Inc. launched Vertex Evaporative Condenser, which offers maximum uptime. It has low maintenance and operation costs and reduces the installation cost by 30%. This product launch is expected to help the company enhance its product portfolio.
In October 2018, Danfoss launched a new series of pumps to target the large capacity industrial wastewater treatment plants. This product launch enhanced the product portfolio of the company to cater to the requirements of its customers.
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The refrigeration segment of the transcritical CO2 systems market is expected to grow at the highest CAGR during the forecast period

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 refrigeration processes due to their high volumetric cooling capacity.

The ice skating rinks application segment of the transcritical CO2 systems market is expected to grow at the highest CAGR during the forecast period

CO₂ is increasingly being used as a refrigerant in ice skating rinks, as it saves nearly 80-90% of the energy usage. The cost of CO2 systems used in ice skating rinks declined in the past few years, making transcritical CO2 an excellent substitute to ammonia. Majority of ice skating rinks employing transcritical CO2 systems are located in Canada. Carnot Refrigeration and SCM Frigo are the major players producing transcritical CO2 systems for ice skating rinks.

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