Global Transcritical CO2 Market Overview 2023-2028
The global transcritical CO2 market size reached US$ 44.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 117.1 Billion by 2028, exhibiting a growth rate (CAGR) of 16.7% during 2023-2028.
Transcritical carbon dioxide (CO2), commonly referred to as supercritical CO2, denotes a condition in which CO2 surpasses its critical temperature and pressure. In this state, it demonstrates minimal resistance to flow, thereby facilitating effective heat transfer. Notably, its environmental impact is diminished owing to its abundant natural occurrence and low global warming potential. Moreover, it boasts remarkable solubility and can dissolve substances that are typically insoluble in a liquid state. This property lends itself to efficient heat exchange and enhances heat recovery in industrial processes. Consequently, transcritical CO2 finds widespread use as a refrigerant in transcritical CO2 refrigeration systems. Additionally, it plays a vital role in the creation of nanoparticles with precisely controlled properties for diverse applications. Furthermore, its non-reactive nature makes it a valuable cleaning agent for delicate components.
Global Transcritical CO2 Market Trends and Drivers:
The surge in urbanization and the expansion of commercial sectors are spurring demand for efficient heating and cooling solutions, a key factor positively impacting the market. Furthermore, the growth of the food and beverage (F&B) industry and the modernization of food retail establishments, such as supermarkets and hypermarkets, are driving the need for efficient refrigeration solutions and fostering the adoption of transcritical CO2 systems. Additionally, the increasing operation of data centers is leading to a higher demand for efficient cooling solutions, contributing to a favorable market outlook. Moreover, the expanding utilization of transcritical CO2 in chemical and petrochemical industries for various processes is boosting its global demand. Additionally, growing awareness of the health benefits associated with CO2-based extraction is encouraging its adoption in the pharmaceutical industry. Transcritical CO2 is employed to eliminate residual solvents from pharmaceutical products post-synthesis, maintaining the quality of the final product due to its gentle conditions. Furthermore, the increasing demand for efficient and eco-friendly cold chain solutions in the pharmaceutical sector is creating a positive market outlook. Moreover, governments in various countries are providing incentives and subsidies to promote the adoption of environmentally friendly technologies, further enhancing the market’s prospects. Additionally, heightened awareness among the general public about the advantages of eco-friendly products is prompting industries to embrace transcritical CO2 technologies to align with consumer preferences. Furthermore, ongoing research and innovations in transcritical CO2 systems are resulting in improved performance, reliability, and cost-effectiveness. The rising costs of energy and a focus on energy efficiency are driving industries to adopt transcritical CO2 solutions, which offer enhanced heat transfer and energy savings. Stringent environmental regulations that promote sustainable technologies like transcritical CO2 due to its low global warming potential and reduced carbon footprint are also favoring market growth.
Global Transcritical CO2 Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: Baltimore Aircoil Company Inc. (AMSTED Industries Incorporated), Bitzer SE, Carnot Refrigeration (M&M Refrigeration), Carrier Global Corporation, Danfoss, Dorin S.p.A., Emerson Electric Co., Hill Phoenix Inc. (Dover Corporation), Mayekawa Mfg. Co. Ltd., Panasonic Holdings Corporation, SCM Frigo S.p.A. etc.
The report segmented the market on the basis of region, function and application.
Breakup by Function:
- Refrigeration
- Heating
- Air Conditioning
Breakup by Application:
- Supermarkets and Convenience Stores
- Ice Skating Rinks
- Food Processing and Storage Facilities
- Heat Pumps
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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