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3. New Product Launches and Expansions were the Most Preferred Development Strategies Followed by Companies to Strengthen their Presence in the Transcritical CO2 Systems Market.

The transcritical CO2 systems market size is expected to grow from USD 27.2 billion in 2018 to USD 61.8 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 17.9% during the forecast period. The major driving factors for the transcritical CO2 systems market are low environmental impact of transcritical CO2 systems, phasing out CFC, HCFC, and HFC refrigerants, increasing demand for refrigeration and air-conditioning applications and lower operating cost of transcritical CO2 refrigeration systems.

The transcritical CO2 systems market has grown at a moderate pace over the past 5 years owing to the increase in demand for transcritical CO2 systems for applications such as supermarket refrigeration, heat pumps, food processing & storage facilities, ice skating rinks, hotels & buildings for heating water, and so on. Currently, the transcritical CO2 systems market is dominated by various key players, such as Carrier Commercial Refrigeration (US), Green & Cool World Refrigeration AB (Sweden), Hillphoenix, Inc. (US), Advansor (Denmark), and Danfoss (Denmark).

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New product launches and expansions were the most preferred development strategies followed by companies to strengthen their presence in the transcritical CO2 systems market. In October 2018, Danfoss launched a new series of pumps to target large capacity industrial wastewater treatment plants. In July 2017, Hillphoenix launched AdaptaPak, an outdoor refrigeration system for small retail applications, such as drug stores and convenience stores.

Carrier Commercial Refrigeration is one of the world¡¯s leading providers of refrigeration and air conditioning solutions. It operates under the UTC building & industrial systems segment of United Technologies Corp. The company offers solutions for transport refrigeration, air conditioning, and commercial refrigeration applications. In March 2017, Carrier Commercial Refrigeration added a transparency feature to its product, Danaos. This is a full-glass display product installed to attract the attention of shoppers. In October 2016, Carrier Commercial Refrigeration established a new distribution center in Austria to provide CO2 installation technologies to its customers based in the country. Also in October 2016, Carrier Commercial Refrigeration established a new distribution center in Austria to provide CO2 installation technologies to its customers based in the country.  

Advansor is a manufacturer of sustainable thermal systems, which are used for refrigeration applications in the food processing industry, supermarkets, etc. The company has adopted green technologies for its products and as such, uses CO©ü as a refrigerant in heat pumps and refrigeration systems. The company offers refrigeration systems for small- and medium-sized stores, convenience stores & express stores, condensing units installed in small shops, convenience stores, and petrol stations.

In November 2018, Advansor opened a new refrigeration test laboratory at the Norwegian University. This laboratory is expected to provide new opportunities for students to improve CO2 refrigeration systems so that they can be used in the international research of different refrigeration technologies. In May 2017, Advansor opened a new production facility in Szczecin (Poland) to enable the establishment of the compSUPER XS setup in the country.

Related Reports:

Transcritical Co2 Systems Market by Function (Refrigeration, Heating, Air Conditioning), Application (Supermarkets And Convenience Stores, Heat Pumps, Food Processing & Storage Facilities, Ice Skating Rinks), and Region - Global Forecast to 2023

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