Transcritical Co2 Market to reach US$ 195.8 Billion by 2032 According to the latest research report, the global transcritical CO2 market size reached US$ 52.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 195.8 Billion by 2032, exhibiting a growth rate (CAGR) of 15.5% during 2024-2032.
Global Transcritical CO2 Market Trends and Drivers:
The significant growth in the retail industry across the globe is creating a positive outlook for the transcritical CO2 market. Transcritical CO2 is extensively used in various retail establishments for refrigeration applications due to its low maintenance requirements, energy consumption reduction, and cost-effectiveness. Additionally, the widespread adoption of transcritical CO2 systems in food processing and commercial cold storage facilities to maintain product freshness and extend shelf life is serving as another growth-inducing factor.
Further, the rising demand for transcritical CO2 systems in air conditioning, building heating, and hot water supply applications in the hospitality and residential sectors is propelling market growth. Moreover, the recent advancement in automotive transcritical CO2 technology, which can meet all the thermal management requirements of a vehicle, such as passenger compartment cooling or heating, battery pack temperature control, and motor and electrical systems cooling, is positively influencing market growth.
Request a free sample copy of the report: https://www.imarcgroup.com/transcritical-co2-market/requestsample
Furthermore, increasing awareness among consumers regarding the adverse environmental impact of various fluorocarbon refrigerants, such as chlorofluorocarbon (CFC), hydrofluorocarbon (HFC), and hydrochlorofluorocarbon (HCFC), is favoring market growth. In line with this, stringent policies implemented by several governments to reduce the utilization of fluorinated gases are further propelling market growth. Other factors, including rising consumer awareness of the various benefits of transcritical CO2 systems, increasing concerns regarding global warming, and the widespread utilization of transcritical CO2 systems in margarine production, beer brewing, and ice-making industries, are anticipated to drive market growth.