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Transcritical CO2 Market worth $30.70 Billion by 2020
The report “Transcritical CO2 Market by Application (Supermarkets, Heat Pumps, Food Processing & Storage Facilities, Ice Skating Rinks), by Geography (Europe, North America, Asia-Pacific) - Global Forecast to 2020” The Global Transcritical CO2 system Market is projected to reach $30.70 Billion by 2020.
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Globally, Europe is the dominant market for transcritical CO2 systems. It is expected to reach $26.00 Billion by 2020, at a CAGR of 42.1% during the forecast period from 2015 to 2020. This enormous growth is due to the phasing down of HCFC (Hydrochloroflorocarbons) and HFC (Hydroflorocarbons) based refrigerants to bring down the global warming and ozone-depletion potential of these refrigerants. The installations in this region are mainly contributed by Denmark, where the highest number of transcritical CO2 systems have been installed. Denmark has a market share of 33.5% in 2015 and it is expected to grow at a CAGR of 33.9% during the forecast period from 2015 to 2020. The growing HFC phase-out initiatives in the region has attracted many industries, specially supermarkets and retail stores, which are looking forward to switch to transcritical CO2 owing to its properties of being environmental-friendly and highly efficient under low ambient temperatures.
Industry experts believe that the global refrigerant market is going through a revolution and carbon dioxide has a lot of potential to become the future refrigerant for commercial and industrial purposes.
Globally, the domestic heat pumps segment has been the largest end-user of transcritical CO2 systems, with more than 4 million units of ECOcute-based heat pumps installed all across the globe. However, the commercial use of transcritical CO2 heat pump is still in the growing phase. The biggest commercial application for transcritical CO2 is the supermarkets segment with 72.4% of market share in 2015.
The North America region is the fastest-growing market and has the potential to become the largest market for transcritical CO2 systems in the near future.. It is expected that R-22 refrigerant will be completely phased out by 2020. Denmark, Germany, Canada, Japan, and the U.K. are at forefront in the transcritical CO2 system consumption. As end-users, China and the U.S. are expected to be the key regions in the near future.
Supermarkets is projected to be the fastest-growing segment during the forecast period from 2015 to 2020, by application; it was followed by the ice skating rinks segment. Leading players, such as Hill Phoenix Inc. (U.S.), Carrier Commercial Refrigeration (U.S.), Green & Cool World Refrigeration AB (Sweden), and Carnot Refrigeration Inc. (Canada) have been working keenly on improving the efficiency of these systems. The suppliers are also working in the direction of making these systems more viable in hot ambient temperatures to increase the marketability of these systems in regions, such as the Middle East and Asia-Pacific. The installation cost of these systems has dropped in the recent years, and experts believe that the payback period for a transcritical CO2 system is estimated to be less than three years. Apart from the affordable installation cost, other properties of transcritical CO2 systems, such as better cooling capacity and improved heat rejection process, give an edge to these systems over other natural refrigerants.
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