Transcritical CO2 Refrigeration Market Worth $30.7 Billion by 2020
Europe is the dominant market for transcritical CO2 systems
PUNE, India — The global transcritical CO2 refrigeration market was valued at $4.9 billion in 2014, and is forecast to reach $30.7 billion by 2020, growing at a compound annual growth rate (CAGR) of 40.2 percent from 2015 to 2020, according to a report published by MarketsandMarkets.
Globally, Europe is the dominant market for transcritical CO2 systems. It is expected to reach $26 billion by 2020, growing at a CAGR of 42.1 percent during the forecast period of 2015 to 2020. This substantial growth is due to the phasing down of HCFC and HFC refrigerants to bring down the global warming and ozone-depletion potential of these refrigerants. The installations in this region are mainly contributed by Denmark, where the highest number of transcritical CO2 systems has been installed. Denmark has a market share of 33.5 percent in 2015 and it is expected to grow at a CAGR of 33.9 percent from 2015 to 2020. The growing HFC phaseout initiatives in the region have attracted many industries, especially supermarkets and retail stores, which are looking to switch to transcritical CO2 owing to its properties of being environmentally friendly and highly efficient under low ambient temperatures.