Global Transcritical CO2 Market is projected to reach US $22.44 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
As per the report, the major factor driving product demand is the increasing application of transcritical CO2 in the food processing industry as a refrigerant. The material is often used as an alternative for environmentally harmful refrigerants such as HCFCs, CFCs, and HFCs. Expansion of transcritical CO2 as a refrigerant has exhibited a lot of possibilities across numerous applications regarding system cost and efficiency.
Transcritical CO2 is used in several mechanisms including heat pumps water heaters for commercial, domestic, and industrial applications, refrigeration systems in supermarkets, water chillers for moderate climates, chest freezers of ice creams, beverage coolers, and air conditioning & refrigeration in trains and buses.
The other emerging and less commercialized systems that utilize the product constitute transport refrigeration systems in containers and ships, mobile heat pumps, reversible and space heating in residential heat pumps, residential and non-residential combined cooling and heating buildings, vending machines for combined cold and hot beverages, heat pumps for combined space, water heating and space heating. Therefore, the product’s high necessity across an increasing number of application systems is likely to be the major driving force for its demand across numerous industries.
As opposed to traditional refrigerants, transcritical CO2 possesses the most remarkable property of having a low critical temperature of 31.1 degree Celsius. This property results in three distinct features of carbon dioxide in the refrigeration systems, which includes the heat rejection at supercritical pressure, keeping the pressure level quite high, and while heat rejection it causes gliding of large refrigerant temperatures.
These benefits of transcritical CO2 are expected to increase penetration across its application sectors. Owing to such product advantages and growing application segments, the global transcritical CO2 market value is anticipated to expand over the forecast period.
In terms of geographic development, North America was the leading consumption market of transcritical CO2 refrigeration systems and the U.S was the biggest contributor to product demand back in 2017. Favorable regulations pertaining to the limited use of refringent and leakages together with directions for using transcritical CO2 refrigerants in supermarkets are estimated to further boost product demand.
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The U.S. is also a leading contender in terms of production and export of heat pumps, which is an additional driving factor for the industry growth. Asia Pacific is also projected to emerge as a strong regional contender in the global scenario. Furthermore, expansion of the machinery manufacturing base along with the development of transcritical CO2 powered cooling systems are expected to impel product demand in the region, cites report.
The currently active industry participants within the competitive landscape of transcritical CO2 market include Mayekawa MSG. Co., Ltd., Shecco SPRL, Henry Technologies, Inc. , Danfoss GmbH, Advansor A/S, Baltimore Aircoil Company, Inc., Bitzer Kühlmaschinenbau GmbH, Emerson Climate Technologies, SCM Frigo SPA, Green & Cool World Refrigeration Ab, Carnot Refrigeration Inc., Systems LMP, Inc., Hill Phoenix Inc., and Carrier Commercial Refrigeration. These firms are steadily launching new products in a bid to enhance their portfolio. Manufacturers are also innovating and introducing new enhanced solutions to meet the growing end-user demands.
The report also delivers a comprehensive analysis of the transcritical CO2 market drivers, restraints, and opportunities over the estimated timeline. A thorough assessment of the market in terms of application type and regional landscape is also contained within the report. In addition, company profiles of market majors have been highlighted in the report along with their business overview, product benchmarking, financials, and recent developments.