Transcritical CO2 is an innovative and efficient technology that is used for refrigeration and heating purposes. Transcritical systems use carbon dioxide as the primary fluid for refrigeration and heating. The initial installation cost of these systems is comparatively higher than that of a conventional system that uses an HFC-based refrigerant. However, the operational cost for a transcritical CO2 system is much lesser. Apart from the affordable operation cost, the other key feature of this system is its extreme efficiency in water heating pumps. There are more than four million transcritical CO2 domestic water heat pumps installed all over the world.

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North America is the fastest-growing market as there are more than 36,000 supermarkets in this region and the supermarkets segment is the biggest (excluding domestic heat pumps) application for transcritical CO2 systems, which accounted for 75.9% in 2014. In Canada, transcritical CO2 is rapidly becoming an established commercial refrigeration technology.

Europe was the biggest market for transcritical CO2 systems with a market share of 83.2%, in terms of number of installations, and 84.1% in terms of market value during the year 2014. The European market is expected to grow at a CAGR of 42.1% during the forecast period from 2015 to 2020 to reach USD 26.00 Billion, in terms of market value. One of the prominent reasons for this growth is the low ambient temperature in the European continent, which is most suitable for transcritical CO2 systems.

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One of the key applications of transcritical CO2 market is heat pumps segment, which accounted for 14.1% of the market share in 2014. Asia-Pacific is the biggest consumer of transcritical CO2 heat pumps in the world, with Japan as the global leader in this segment. The heat pumps segment is expected to grow at a CAGR of 26.5%, by value, during the forecasted period from 2015 to 2020 to reach USD 2.23 Billion by 2020.

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