“The Global Transcritical CO2 systems market was valued at USD 4.90 billion in 2014, which is expected to reach USD 30.70 billion by 2020, at a CAGR of 40.2% during the forecast period from 2015 to 2020.
Transcritical CO₂ offers a number of functionalities for a variety of applications in various industries, such as supermarkets, food processing & storage facilities, commercial & industrial buildings, etc. Transcritical CO₂ is non-toxic and non-flammable. These performance characteristics, coupled with many other advantages, such as low GWP (1) and zero ODP, have provided transcritical CO₂ with a wide acceptance as materials of choice across various end-use industries.
Europe is the global leader in the consumption of transcritical CO₂, and this dominance is expected to continue till 2020. Denmark is the key market in this region, which is consuming nearly half of the demand for transcritical CO₂, followed by the U.K., where the consumption rate is growing steadily. The increase in the consumption of transcritical CO₂ in supermarket refrigeration, heat pumps, food processing & storage facilities, ice skating rinks, hotels & buildings industries has been observed in Europe pertaining to the phase-out of the synthetic refrigerants, such as HCFC (hydrochloroflorocarbons) and HFC (hydroflorocarbons). The continuous growth and innovation, along with various industry consolidations, are projected to ascertain a bright future for this market.
Supermarkets and heat pumps are the two major application segments of transcritical CO₂. Their growth is driven by the sustainability of the transcritical CO₂ technology. Use of transcritical CO₂ helps retailers to reduce energy consumption, thereby helps in increasing their profit margin. Transcritical CO₂ also helps in reducing the maintenance cost of the refrigeration system. The increasing construction spending in emerging economies, such as China and India, is also expected to fuel the demand for transcritical CO₂ over the next few years.
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