Global Transcritical CO2 Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Transcritical CO2 Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global Transcritical CO2 market growth, share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
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.
Supercritical carbon dioxide (CO2), often referred to as transcritical CO2, denotes a state where CO2 surpasses its critical temperature and pressure. This state is characterized by its low resistance to flow, facilitating efficient heat transfer. Moreover, transcritical CO2 contributes to reduced environmental impact owing to its natural abundance and low global warming potential. It exhibits high solubility, enabling the dissolution of substances that are typically insoluble in the liquid state. Consequently, it facilitates efficient heat exchange and enhances heat recovery in industrial processes. In particular, it finds extensive use as a refrigerant in transcritical CO2 refrigeration systems and as a means to produce nanoparticles with tailored properties for diverse applications. Additionally, transcritical CO2 serves as a non-reactive cleaning agent for delicate components.
Global Transcritical CO2 Market Trends and Drivers:
The market is experiencing a positive shift due to the surge in urbanization and commercial sector expansion, driving the need for efficient heating and cooling solutions. Notably, the food and beverage (F&B) industry's growth and modernization of retail outlets such as supermarkets and hypermarkets are fueling demand for efficient refrigeration solutions, promoting the adoption of transcritical CO2 systems. Simultaneously, the escalating operations of data centers are heightening the requirement for efficient cooling solutions, presenting a favorable market outlook. Moreover, the expanding utilization of transcritical CO2 in chemical and petrochemical industries for diverse processes is generating global demand. Awareness regarding the health benefits associated with CO2-based extraction is further propelling its adoption in the pharmaceutical sector. Specifically, transcritical CO2 is instrumental in eliminating residual solvents from pharmaceutical products post-synthesis, maintaining quality through its gentle conditions that prevent thermal degradation of sensitive compounds. Additionally, the growing need for eco-friendly cold chain solutions in the pharmaceutical sector is fostering a positive market outlook. Governments worldwide are incentivizing the adoption of environmentally friendly technologies, contributing to a favorable market landscape. Concurrently, increased public awareness about the advantages of eco-friendly products is driving industries to embrace transcritical CO2 technologies to align with consumer preferences. Continual research and innovations in transcritical CO2 systems are enhancing their performance, reliability, and cost-effectiveness. Escalating energy costs and a concerted focus on energy efficiency are compelling industries to opt for transcritical CO2 solutions, offering superior heat transfer and energy savings. Stringent environmental regulations that endorse sustainable technologies, including transcritical CO2 due to its low global warming potential and reduced carbon footprint, are further fostering 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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