Transcritical CO2 Market Size USD 187.94 Bn By 2032, CAGR 15.1%

Transcritical CO2 Market Size Worth USD 187.94 Billion By 2032 | CAGR: 15.1%

The global transcritical CO2 market size is expected to reach USD 187.94 billion by 2032, according to a new study by Polaris Market Research. The report “Transcritical CO2 Market Share, Size, Trends, Industry Analysis Report, By Function (Refrigeration, Heating, Air Conditioning); By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Since CO2 is a more environmentally friendly refrigerant than synthetic alternatives, the transcritical CO2 market has grown at a significant rate. The market's minimum environmental impact is one of its main motivators. With a negligible global warming potential (GWP) and zero ozone depletion potential (ODP), carbon dioxide is a naturally occurring refrigerant. Industries are adopting transcritical CO2 systems more frequently in response to strict regulations eliminating gradually synthetic refrigerants known for their adverse effects on the ozone layer and contribution to global warming.

One other important factor driving the market's growth is energy efficiency. High energy efficiency transcritical CO2 systems are well-known, especially in colder climates where traditional refrigerants tend to lose efficiency. Because these systems can effectively provide heating even in below-freezing temperatures, adoption has increased, particularly in areas with colder climates.  

The market is still limited by several issues, such as the high initial costs associated with deploying transcritical CO2 systems. Compared to conventional systems, the equipment and technology needed for transcritical CO2 refrigeration may require a larger investment. Some end users might find this cost factor prohibitive, especially in developing nations where money constraint is high. The complexity of transcritical CO2 systems presents another difficulty because installation, operation, and maintenance require specialized knowledge.

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Leading companies in the market, including multinational corporations and creative startups, are devoting a substantial amount of funds to R&D projects. The primary objectives of these initiatives are transcritical CO2 system’s dependability, efficiency, and safety. Also, producers are focusing on enhancing the application and scalability of the transcritical CO2 solution.

Transcritical CO2 Market Report Highlights

  • In 2023, the refrigeration segment emerges as the dominant revenue holder in the transcritical CO2 market owing to the increasing recognition of transcritical CO2 systems as an environment-friendly solution for refrigeration applications.
  • The retail segment is anticipated to hold the largest revenue share in the market because retail establishments, such as supermarkets, hypermarkets, and convenience stores have become the point of attraction for the adoption of transcritical CO2 systems,
  • In North America, the market is predicted to grow at the fastest rate because the region is home to a large number of the most prestigious food manufacturing companies in the world many of which have started using CO2 for refrigeration.
  • The global key market players include Advansor A/S, Baltimore Aircoil Company Inc., BITZER KÜHLMASCHINENBAU GMBH, Carnot Refrigeration Inc., Carrier Commercial Refrigeration, Danfoss GmbH, Emerson Climate Technologies, Green & Cool World Refrigeration Ab, Henry Technologies Inc., Hill Phoenix Inc, Mayekawa MSG. Co. Ltd., SCM Frigo SPA, Shecco SPRL, Systems LMP Inc., etc.

Polaris Market Research has segmented the transcritical co2 market report based on function, application, and region:

Transcritical CO2, Function Outlook (Revenue - USD Billion, 2019 - 2032)

  • Refrigeration
  • Heating
  • Air Conditioning

Transcritical CO2, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Heat Pumps
  • Retail
  • Food Processing
  • Ice Skating Rinks
  • Others

Transcritical CO2, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Transcritical CO2 Market Report Scope

Report Attributes


The market size value in 2024

USD 61.03 billion

Revenue Forecast in 2032

USD 187.94 billion


15.1% from 2024 – 2032

Base year


Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments Covered

By Function, By Application, and By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa


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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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