Transcritical CO2 Market Size Projected of USD 156.99 Billion By 2031, Experiences Growth Due to Growing Emphasis on Sustainable Refrigeration and Storage Technologies | The Insight Partners

The global transcritical CO₂ systems market is experiencing robust growth, driven by the demand for eco-friendly and energy-efficient refrigeration and heating solutions. This expansion is fueled by stringent environmental regulations phasing out high-GWP refrigerants and the adoption of CO₂ systems in supermarkets, food processing, and industrial applications. Key players include Danfoss, Carrier, Emerson Electric, Bitzer, Advansor, Hillphoenix, Mayekawa, SCM Frigo, and Panasonic.

/EIN News/ -- US & Canada, June 03, 2025 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the global Transcritical CO2 Market is observing significant growth owing to growing emphasis on sustainable refrigeration and storage technologies.

The report runs an in-depth analysis of market trends, key players, and future opportunities. The Transcritical CO2 Market analysis focuses on a vast array of applications that are expected to determine market strength in the coming years.

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Overview of Report Findings

1. Market Growth: The Transcritical CO2 Market was valued at US$ 54.15 billion in 2024 and is projected to reach US$ 156.99 billion by 2031; it is expected to register a CAGR of 16.8% during 2025–2031. The global Transcritical CO2 Market is observing substantial growth and is expected to maintain its upward trajectory in the foreseeable future. This growth is attributed to the increasing focus on the growing emphasis on sustainable refrigeration and storage technologies. The Transcritical CO2 market is seeing remarkable growth, driven by a combination of regulatory pressures, technological advancements, and shifting industry priorities. One of the most significant drivers in this market is the growing emphasis on sustainable refrigeration and storage technologies. Traditional refrigerants such as HFCs (Hydrofluorocarbons) and HCFCs (Hydrochlorofluorocarbons) are being phased out owing to their high global warming potential (GWP) and ozone-depleting properties. Companies in the retail and cold storage sectors are progressively emphasizing carbon neutrality and green initiatives. Transcritical CO2 systems enable firms to meet these sustainability targets by reducing greenhouse gas emissions.
2. Supermarkets and grocery chains are among the largest adopters of transcritical CO₂ systems, as refrigeration accounts for a significant portion of their energy consumption and carbon emissions. For instance, Tesco has installed transcritical CO₂ systems in its stores as part of its strategy to achieve net-zero carbon emissions by 2035. Transcritical CO2 systems are more energy-efficient in cold climates in comparison to conventional systems. They also align with the circular economy framework by minimizing the environmental footprint of refrigeration and storage systems. Governments are incentivizing the adoption of sustainable refrigeration technologies through tax credits, subsidies, and grants. The penalties for using high-GWP refrigerants further push companies to capitalize in transcritical CO2 systems. Innovations such as parallel compression, ejector technology, and heat recovery systems have made transcritical CO2 systems more efficient and cost-effective, even in warmer climates where their performance was previously limited.
3. The transcritical CO2 market is on a growth trajectory across the world, driven by environmental regulations, technological advancements, and increasing demand for sustainable refrigeration and HVAC solutions. Innovations and government incentives help overcome the existing challenges such as high initial costs and performance in warm climates. With opportunities presented by emerging economies and renewable energy integration, the transcritical CO2 market is set to play a pivotal role in the global transition toward a greener and more sustainable future.
4. According to the European Cold Storage & Logistics Association (ECSLA), Europe has thousands of cold shops with more than 60,000 m3 of cold storage capacity for various commodities. Moreover, European countries have implemented rules and regulations to have stringent control over fluorinated greenhouse gas and ozone-depleting substance emissions. Thus, with the F-Gas law and HFC phase-out plan, the transcritical CO2 system market in Europe is expected to grow at a notable rate in the future.
5. Geographical Insights: In 2024, Europe led the market with a substantial revenue share, followed by Asia Pacific and North America. Further, North America is expected to register the highest CAGR during the forecast period.
   
   

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Market Segmentation

• Based on application, the market is categorized into ice skating rinks, food processing and storage facilities, heat pumps, supermarkets and convenience stores, and others. The supermarkets and convenience stores segment dominated the market in 2024.
• Based on function, the market is categorized into air conditioning, refrigeration, heating. The refrigeration segment dominated the market in 2024.
• The Transcritical CO2 Market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
  
  

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Competitive Strategy and Development

• Key Players: A few major companies operating in the Transcritical CO2 Market are TEKO Gesellschaft fur Kaltetechnik GmbH, Baltimore Aircoil Co, BITZER Kuhlmaschinenbau GmbH, Carrier Global Corp, Danfoss AS, Hussmann Corp, Emerson Electric Co, Evapco LMP Inc., Mayekawa Manufacturing Co Ltd, CoolSys.
• Trending Topics: Cold Storage, Refrigerant, HVAC.

Global Headlines on Transcritical CO2

• German CO2 (R744) refrigeration systems manufacturer TEKO has announced it is establishing a new business unit for commercial and industrial R744 heat pumps and chillers (December, 2024).
• Baltimore Aircoil Company, Inc. (BAC), announced the appointment of Morin Process Equipment as their new representative for industrial, power, and process in Alabama, Georgia, Mississippi, Tennessee, Kentucky, and Arkansas (April, 2025).

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Conclusion

The market is expected to witness tremendous growth in the coming years owing to the rise in demand for energy-efficient air conditioning in data centers across north america and Europe, rising emphasis on sustainable refrigeration and storage technologies, and implementation in supermarkets and convenience stores. Further, the increasing awareness of environmental impacts, regulatory pressure to lower greenhouse gas emissions, and rising demand for energy-efficient systems, these regions are exhibiting a steady shift toward transcritical CO2 solutions. The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system technology integrators, system manufacturers, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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