Europe Transcritical CO2 Market Size Worth USD 94.20 Billion By 2032 | CAGR: 15.3%

The europe transcritical CO2 market size is expected to reach USD 94.20 Billion by 2032, according to a new study by Polaris Market Research. The report “Europe Transcritical CO2 Market Share, Size, Trends, Industry Analysis Report, By Function (Refrigeration, Heating, Air Conditioning); By Application; By Country; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The European market for transcritical CO2 systems has become increasingly dominant due to the rise in demand for natural refrigerants and energy-efficient solutions in the refrigeration sector. The primary driving force behind this market is the need to reduce greenhouse gas emissions and comply with environmental regulations. For instance, the EU's F-Gas Regulation 2014 seeks to phase down hydrofluorocarbons (HFCs) due to their high global warming potential. Transcritical CO2 systems offer a viable alternative to HFCs, as they have a negligible impact on the ozone layer and climate change. Supermarket chains and other large commercial refrigeration applications are increasingly adopting transcritical CO2 systems due to their energy efficiency, cost-effectiveness, and lower environmental impact compared to traditional HFC systems.

However, the growth and adoption of transcritical CO2 systems are hampered by the need for more trained personnel and technical expertise in installing and maintaining these systems, particularly in smaller countries or regions where the technology is still relatively new. This shortage of expertise leads to higher installation costs and longer payback periods for end-users, making it more challenging for them to justify investments in transcritical CO2 systems.

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Transcritical CO2 systems have certain advantages when compared to traditional HFCs. These advantages include higher energy efficiency and lower global warming potential (GWP). The textile industry is witnessing a growing interest in adopting environmentally sustainable technologies and reducing their carbon footprint. This has led to an increased demand for innovative products from manufacturers in this market. To cater to the changing needs of the industry, these manufacturers are expanding their product portfolios by focusing on product innovation.

Europe Transcritical CO2 Market Report Highlights

• In 2023, the European transcritical CO2 market saw the refrigeration sector generating the highest revenue share. This was due to the broad usage of CO2 as a refrigerant in numerous applications like industrial refrigeration systems, convenience stores, and supermarkets.
• Several factors have contributed to the retail sector's significant market share in 2023. These include a rise in the demand for natural refrigerants and the gradual reduction of hydrofluorocarbons (HFCs) due to environmental concerns. As a result, retailers are increasingly interested in utilizing CO2-based systems.
• France has emerged as the dominant country in the European market, owing to its unwavering commitment to integrating eco-friendly technologies in its operations. The country's ambitious targets to reduce its carbon footprint have played a crucial role in cementing its position as a leader in this space.
• The key market players include Advansor A/S, Baltimore Aircoil Company, BITZER KÜHLMASCHINENBAU GMBH, Carnot Refrigeration Inc., Carrier Commercial Refrigeration, Danfoss GmbH, Emerson Electric Co., Green & Cool, Henry Group Industries, Hillphoenix (A Dover Company), Mayekawa Co. Ltd., etc.

Polaris Market Research has segmented the Europe transcritical CO2 market report based on function, application, and country:

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

• Refrigeration
• Heating
• Air Conditioning

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

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

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

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe

Transcritical CO2 Market Report Scope