North America Transcritical CO2 Market Forecast to 2030
North America Transcritical CO2 Market Forecast to 2030 – Regional Analysis- by Application (Ice Skating Rinks, Food Processing & Storage Facilities, Heat Pumps, Supermarkets & Convenience Stores, and Others) and Function (Air Conditioning, Refrigeration, and Heating)
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Description
Adoption of Transcritical CO2 Systems in Supermarkets and Convenience Stores Fuel the North America Transcritical CO2 Market
Supermarkets and convenience stores often face consumer scrutiny regarding their environmental impact and sustainability practices. Adopting transcritical CO2 systems allows retailers to showcase their commitment to sustainability and environmental responsibility, improving their brand image and attracting eco-conscious consumers. Consumer demand for environmentally friendly products and services has been increasing, and retailers that embrace transcritical CO2 systems can differentiate themselves in the market and gain a competitive advantage. Moreover, transcritical CO2 systems offer operational flexibility and adaptability to varying ambient conditions. They can effectively operate in both subcritical and transcritical modes, allowing for optimal performance in different climates. The transcritical CO2 system design can be tailored to meet the specific needs of supermarkets and convenience stores, such as different refrigeration loads, store layouts, and product display requirements. The flexibility and customization options of transcritical CO2 systems make them suitable for these retail environments. Thus, all such advantages of transcritical CO2 systems are driving the market further.
North America Transcritical CO2 Market Overview
The transcritical CO2 market in North America is segmented into the US, Canada, and Mexico. Transcritical CO2 system is an environmental-friendly and reliable system under which CO2 is cooled but does not condense at the gas cooler outlet and operates above the critical point. These systems are mainly used for commercial purposes in supermarkets, convenience stores, and other commercial refrigeration applications. These systems are also used for industrial purposes such as food processing, cold storage warehouses, and breweries. These industries need reliable temperature control and energy efficiency, making transcritical CO2 systems a preferred choice.
The increasing concerns regarding environmental sustainability and the phase-out of ozone-depleting substances have driven the demand for transcritical CO2 systems. These systems are known for their low global warming and zero depletion potential, making them an environmentally friendly alternative to traditional refrigerants.
The rise in demand for transcritical CO2 in the ice-making, beer-brewing, and margarine-production industries is one of the key factors anticipated to propel the expansion of the North American transcritical CO2 market in the coming years. Additionally, growing demand for air conditioning and refrigeration applications and the lower operating costs of systems will fuel the regional market growth.
North America Transcritical CO2 Market Revenue and Forecast to 2030 (US$ Million)
North America Transcritical CO2 Market Segmentation
The North America transcritical CO2 market is segmented into application, function, and country.
Based on application, the North America transcritical CO2 market is segmented into ice skating rinks, food processing & storage facilities, heat pumps, supermarkets & convenience stores, and others. The supermarkets and convenience stores segment held the largest share of the North America transcritical CO2 market in 2023.
Based on function, the North America transcritical CO2 market is segmented into air conditioning, refrigeration, and heating. The refrigeration segment held the largest share of the North America transcritical CO2 market in 2023.
Based on country, the North America transcritical CO2 market is segmented int o the US, Canada, and Mexico. The US dominated the North America transcritical CO2 market in 2023.
Baltimore Aircoil Co, BITZER Kuhlmaschinenbau GmbH, Carrier Global Corp, Danfoss AS, Hussmann Corp, Panasonic Holdings Corp, Evapco LMP Inc, and Mayekawa Manufacturing Co Ltd are some of the leading companies operating in the North America transcritical CO2 market.
Summary Info
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According to the research team’ research, the North America Transcritical CO2 Market was valued at US$ 8,282.59 million in 2023 and is expected to reach US$ 26,776.89 million by 2030, registering a CAGR of 18.2% from 2023 to 2030. Sustainable cooling and refrigeration solutions and adoption of transcritical CO2 systems in supermarkets and convenience stores are the critical factors attributed to the North America transcritical CO2 market expansion.
Transcritical CO2 systems use carbon dioxide (CO2) as a refrigerant, which has an ozone depletion potential (ODP) of zero. Unlike traditional refrigerants such as hydrochlorofluorocarbons (HCFCs) or hydrofluorocarbons (HFCs), which contribute to ozone layer depletion, CO2 does not harm the ozone layer. This characteristic makes transcritical CO2 systems environmentally friendly and aligns with efforts to phase out ozone-depleting substances. Transcritical CO2 systems have a significantly lower global warming potential (GWP) compared to many conventional refrigerants. GWP measures the potential for a greenhouse gas to contribute to global warming over a specific period. CO2 has a GWP of 1, whereas HFCs commonly used in refrigeration systems have GWPs in the thousands or even tens of thousands. By using CO2 as a refrigerant, transcritical systems help mitigate climate change and reduce the carbon footprint of cooling and refrigeration applications. Overall, the low environmental impact of transcritical CO2 systems is driving the market by aligning with environmental goals. As the need for sustainable cooling and refrigeration solutions continues to grow, transcritical CO2 systems offer a viable and attractive option for businesses across various sectors.
On the contrary. higher upfront cost of installing transcritical CO2 system hampers the North America transcritical CO2 market.
Based on application, the North America transcritical CO2 market is segmented into ice skating rinks, food processing and storage facilities, heat pumps, supermarkets and convenience stores, others (hotels, buildings, water treatment plants, etc.). The supermarkets and convenience stores segment held 52.6% share of North America transcritical CO2 market in 2023, amassing US$ 4,355.29 million. It is projected to garner US$ 14,803.47 million by 2030 to expand at 19.1% CAGR during 2023–2030.
Based on function, the North America transcritical CO2 market is segmented into air conditioning, refrigeration, and heating. The refrigeration segment held 62.5% share of North America transcritical CO2 market in 2023, amassing US$ 5,180.02 million. It is projected to garner US$ 17,348.56 million by 2030 to expand at 18.8% CAGR during 2023–2030.
Based on country, the North America transcritical CO2 market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 66.5% share of North America transcritical CO2 market in 2023. It was assessed at US$ 5,505.10 million in 2023 and is likely to hit US$ 17,838.77 million by 2030, exhibiting a CAGR of 18.3% during the forecast period.
Key players operating in the North America transcritical CO2 market are Baltimore Aircoil Co, BITZER Kuhlmaschinenbau GmbH, Carrier Global Corp, Danfoss AS, Hussmann Corp, Panasonic Holdings Corp, Evapco LMP Inc, and Mayekawa Manufacturing Co Ltd, among others.
In May 2023, Blackstone and Emerson announced that private equity funds managed by Blackstone completed the previously announced acquisition of a majority stake in Emerson’s Climate Technologies business in a transaction valuing the business at $14.0 billion. In Mar 2023, Emerson, a US manufacturer, announced an expansion of its CO2 compression portfolio with the launch of the industry’s first transcritical CO2 screw compressor.
o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America transcritical CO2 market.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in North America transcritical CO2 market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth North America market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Research Team Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Transcritical CO2 Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Transcritical CO2 Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Sustainable Cooling and Refrigeration Solutions
5.1.2 Adoption of Transcritical CO2 Systems in Supermarkets and Convenience Stores
5.2 Market Restraints
5.2.1 Higher Upfront Cost of Installing Transcritical CO2 System
5.3 Market Opportunities
5.3.1 Adverse Impact of High Global Warming Potential Refrigerants
5.4 Future Trends
5.4.1 Growing Adoption of Integrated Transcritical CO2 Systems
5.5 North America Impact Analysis of Drivers and Restraints
6. Transcritical CO2 Market – North America Market Analysis
6.1 Overview
6.2 North America Transcritical CO2 Market – Revenue and Forecast to 2030 (US$ Million)
7. North America Transcritical CO2 Market Analysis – By Application
7.1 Overview
7.2 North America Transcritical CO2 Market, By Application (2022 and 2030)
7.3 Ice Skating Rinks
7.3.1 Overview
7.3.2 North America Ice Skating Rinks: Transcritical CO2 Market – Revenue, and Forecast to 2030 (US$ Million)
7.4 Food Processing & Storage Facilities
7.4.1 Overview
7.4.2 North America Food Processing & Storage Facilities: Transcritical CO2 Market – Revenue, and Forecast to 2030 (US$ Million)
7.5 Heat Pumps
7.5.1 Overview
7.5.2 North America Heat Pumps: Transcritical CO2 Market – Revenue, and Forecast to 2030 (US$ Million)
7.6 Supermarkets & Convenience Stores
7.6.1 Overview
7.6.2 North America Supermarkets & Convenience Stores: Transcritical CO2 Market – Revenue, and Forecast to 2030 (US$ Million)
7.7 Others
7.7.1 Overview
7.7.2 North America Others: Transcritical CO2 Market – Revenue, and Forecast to 2030 (US$ Million)
8. North America Transcritical CO2 Market Analysis – By Function
8.1 Overview
8.2 North America Transcritical CO2 Market, By Function (2022 and 2030)
8.3 Air Conditioning
8.3.1 Overview
8.3.2 North America Air Conditioning: Transcritical CO2 Market – Revenue, and Forecast to 2030 (US$ Million)
8.4 Refrigeration
8.4.1 Overview
8.4.2 North America Refrigeration: Transcritical CO2 Market – Revenue, and Forecast to 2030 (US$ Million)
8.5 Heating
8.5.1 Overview
8.5.2 North America Heating: Transcritical CO2 Market – Revenue, and Forecast to 2030 (US$ Million)
9. Transcritical CO2 Market– Country Analysis
9.1 Overview
9.1.1 North America: Transcritical CO2 Market, by Key Country
9.1.1.1 US: Transcritical CO2 Market– Revenue and Forecast to 2030 (US$ Million)
9.1.1.1.1 US: Transcritical CO2 Market, By Application
9.1.1.1.2 US: Transcritical CO2 Market, By Function Type
9.1.1.2 Canada: Transcritical CO2 Market– Revenue and Forecast to 2030 (US$ Million)
9.1.1.2.1 Canada: Transcritical CO2 Market, By Application
9.1.1.2.2 Canada: Transcritical CO2 Market, By Function Type
9.1.1.3 Mexico: Transcritical CO2 Market– Revenue and Forecast to 2030 (US$ Million)
9.1.1.3.1 Mexico: Transcritical CO2 Market, By Application
9.1.1.3.2 Mexico: Transcritical CO2 Market, By Function Type
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 New Product Development
10.4 Merger and Acquisition
11. Company Profiles
11.1 Baltimore Aircoil Co
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 BITZER Kuhlmaschinenbau GmbH
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Carrier Global Corp
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Danfoss AS
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Hussmann Corp
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Emerson Electric Co
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Panasonic Holdings Corp
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Evapco LMP Inc
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 Mayekawa Manufacturing Co Ltd
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
12. Appendix
12.1 About Research Team
12.2 Word Index
LIST OF TABLES
Table 1. North America Transcritical CO2 Market – Revenue and Forecast to 2030 (US$ Million)
Table 2. US: Transcritical CO2 Market, By Application – Revenue and Forecast to 2030 (US$ Million)
Table 3. US: Transcritical CO2 Market, By Function Type – Revenue and Forecast to 2030 (US$ Million)
Table 4. Canada: Transcritical CO2 Market, By Application – Revenue and Forecast to 2030 (US$ Million)
Table 5. Canada: Transcritical CO2 Market, By Function Type – Revenue and Forecast to 2030 (US$ Million)
Table 6. Mexico: Transcritical CO2 Market, By Application – Revenue and Forecast to 2030 (US$ Million)
Table 7. Mexico: Transcritical CO2 Market, By Function Type – Revenue and Forecast to 2030 (US$ Million)
Table 8. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Transcritical CO2 Market Segmentation
Figure 2. North America Transcritical CO2 Market Segmentation – By Country
Figure 3. North America Transcritical CO2 Market Overview
Figure 4. North America Transcritical CO2 Market, by Application
Figure 5. North America Transcritical CO2 Market, by Function
Figure 6. North America Transcritical CO2 Market, by Country
Figure 7. North America: PEST Analysis
Figure 8. Expert Opinion
Figure 9. North America Transcritical CO2 Market Impact Analysis of Drivers and Restraints
Figure 10. North America Transcritical CO2 Market – Revenue and Forecast to 2030 (US$ Million)
Figure 11. North America Transcritical CO2 Market Revenue Share, By Application (2022 and 2030)
Figure 12. North America Ice Skating Rinks: Transcritical CO2 Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 13. North America Food Processing & Storage Facilities: Transcritical CO2 Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 14. North America Heat Pumps: Transcritical CO2 Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 15. North America Supermarkets & Convenience Stores: Transcritical CO2 Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 16. North America Others: Transcritical CO2 Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 17. North America Transcritical CO2 Market Revenue Share, By Function (2022 and 2030)
Figure 18. North America Air Conditioning: Transcritical CO2 Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 19. North America Refrigeration: Transcritical CO2 Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 20. North America Heating: Transcritical CO2 Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 21. North America Transcritical CO2 Revenue Share, by Key Country – Revenue (2022) (US$ Million)
Figure 22. North America: Transcritical CO2 Revenue Share, by Key Country (2022 and 2030)
Figure 23. US: Transcritical CO2 Market– Revenue and Forecast to 2030 (US$ Million)
Figure 24. Canada: Transcritical CO2 Market– Revenue and Forecast to 2030 (US$ Million)
Figure 25. Mexico: Transcritical CO2 Market– Revenue and Forecast to 2030 (US$ Million)
The List of Companies – North America Transcritical CO2 Market
o Baltimore Aircoil Co
o BITZER Kuhlmaschinenbau GmbH
o Carrier Global Corp
o Danfoss AS
o Emerson Electric Co
o Evapco LMP Inc
o Hussmann Corp
o Mayekawa Manufacturing Co Ltd
o Panasonic Holdings Corp
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