The global transcritical CO2 market size reached USD 60.3 Billion in 2024 and is projected to reach USD 210.2 Billion by 2033, growing at a CAGR of 14.9% during 2025-2033. This growth is driven by increasing adoption in refrigeration applications across diverse retail establishments, advancements in automotive transcritical CO2 technology, and heightened consumer awareness of its benefits. Transcritical CO2 systems are valued for their energy efficiency and low environmental impact, making them an attractive alternative to conventional refrigerants. 

Study Assumption Years

• Base Year: 2024

• Historical Years: 2019-2024

• Forecast Period: 2025-2033

Transcritical CO2 Market Key Takeaways

• The global transcritical CO2 market size was valued at USD 60.3 Billion in 2024.

• The market is expected to grow at a CAGR of 14.9% from 2025 to 2033.

• The forecast period for market growth is from 2025 to 2033.

• Refrigeration holds the largest market share among functions.

• Supermarkets and convenience stores dominate the market by application.

• Europe accounts for the largest regional market share.

• Major players are heavily investing in R&D to enhance system efficiency and applicability.

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Market Growth Factors

The growing global emphasis on environmental regulations and sustainability initiatives is a significant driver for the transcritical CO2 market. Governments and international bodies are enforcing stricter emissions targets and regulatory mandates, making transcritical CO2 systems attractive due to their remarkably low global warming potential (GWP) and non-ozone depleting properties. This alignment with climate goals encourages industries to adopt CO2-based solutions for commercial refrigeration, air conditioning, and heat pumps.

Energy efficiency and operational cost savings play a pivotal role in market expansion. Transcritical CO2 systems maintain high efficiency across various temperature ranges, ensuring reliable operation that translates into substantial long-term energy savings and reduced carbon footprints. Industries with intensive cooling needs, such as supermarkets, food processing, and pharmaceuticals, benefit from reduced energy consumption that enhances profitability and supports environmental objectives.

Continuous technological advancements boost market growth as manufacturers and researchers focus on optimizing critical components like compressors and heat exchangers for transcritical CO2 systems. Innovations in system controls and optimization algorithms help adapt to changing operating conditions, improving energy utilization and overall system reliability. These advancements enhance the scalability and integration of CO2 solutions across commercial refrigeration, industrial processes, and heating applications.

Market Segmentation

Breakup by Function

• Refrigeration: Holds the largest market share due to efficiency and adaptability in various industries including food and beverage, retail, pharmaceuticals, and logistics. Transcritical CO2 refrigeration ensures precise temperature control and food safety even under high temperatures.

• Heating

• Air Conditioning

Breakup by Application

• Supermarkets and Convenience Stores: Dominate the market due to their extensive refrigeration needs and 24/7 operations. Transcritical CO2 systems deliver consistent, cost-effective cooling and align with consumer demand for sustainable shopping.

• Ice Skating Rinks

• Food Processing and Storage Facilities

• Heat Pumps

• Others

Regional Insights

Europe exhibits clear dominance in the transcritical CO2 market, accounting for the largest regional share. The region’s strong commitment to environmental sustainability and stringent regulations limiting fluorinated gases use has accelerated adoption. Europe's diverse industrial sectors, including retail and food, provide broad deployment opportunities, leveraging the low global warming potential and ozone depletion potential of CO2 systems to meet compliance and sustainability goals.

Recent Developments & News

• In August 2023, SCM Frigo S.p.A. launched the "smart booster 2.0" racks featuring five compressors for enhanced cooling capacity in low and medium temperature commercial applications.

• In March 2023, Emerson Electric Co introduced a new transcritical CO2 screw compressor unit that integrates controller, suction valve, inverter motor, and oil management for scalable and efficient operation.

• In June 2022, Carrier Global Corporation launched the EasyCube solution, a versatile and energy-efficient plug-in island cabinet capable of switching between chilled and frozen refrigeration with enhanced product visibility.

Key Players

• Baltimore Aircoil Company Inc. (AMSTED Industries Incorporated)

• Bitzer SE

• Carnot Refrigeration (M&M Refrigeration)

• Carrier Global Corporation

• Danfoss

• Dorin S.p.A.

• Emerson Electric Co.

• Hill Phoenix Inc. (Dover Corporation)

• Mayekawa Mfg. Co. Ltd.

• Panasonic Holdings Corporation

• SCM Frigo S.p.A.

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