DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/s26t26/transcritical_co2) has announced the addition of the "Transcritical CO2 Market by Application, by Geography - Global Forecast to 2020" report to their offering.
The Global Transcritical CO2 systems market was valued at USD 4.90 billion in 2014, which is expected to reach USD 30.70 billion by 2020, at a CAGR of 40.2% during the forecast period from 2015 to 2020.
Transcritical CO2 is an innovative and efficient technology that is used for refrigeration and heating purposes. Transcritical systems use carbon dioxide as the primary fluid for refrigeration and heating. The initial installation cost of these systems is comparatively higher than that of a conventional system that uses an HFC-based refrigerant. However, the operational cost for a transcritical CO2 system is much less. Apart from the affordable operation cost, the other key feature of this system is its extreme efficiency in water heating pumps. There are more than four million transcritical CO2 domestic water heat pumps installed all over the world.
North America is the fastest-growing market as there are more than 36,000 supermarkets in this region and the supermarkets segment is the biggest (excluding domestic heat pumps) application for transcritical CO2 systems, which accounted for 75.9% in 2014. In Canada, transcritical CO2 is rapidly becoming an established commercial refrigeration technology.
Europe was the biggest market for transcritical CO2 systems with a market share of 83.2%, in terms of number of installations, and 84.1% in terms of market value during the year 2014. The European market is expected to grow at a CAGR of 42.1% during the forecast period from 2015 to 2020 to reach USD 26.00 billion in terms of market value. One of the prominent reasons for this growth is the low ambient temperature in the European continent, which is most suitable for transcritical CO2 systems.
One of the key applications of this market is the heat pumps segment, which accounted for 14.1% of the market share in 2014. Asia-Pacific is the biggest consumer of transcritical CO2 heat pumps in the world, with Japan as the global leader in this segment. The heat pumps segment is expected to grow at a CAGR of 26.5%, in value, during the forecasted period from 2015 to 2020 to reach USD 2.23 billion by 2020.
The supermarkets segment is also projected to grow at a CAGR of 42.1%. This growth could be attributed to the large number of supermarkets, which still rely on HFC for refrigeration and would have to shift to other natural refrigerants with transcritical CO2 systems coming up as the best alternative.
In addition, huge investments were made in the last few years by key companies, such as Hill Phoenix Inc. (U.S.), Carrier Commercial Refrigeration (U.S.), Green & Cool World Refrigeration AB (Sweden), and Carnot Refrigeration Inc. (Canada) to meet the future demands of transcritical CO2 arising from the phase-out initiatives for HCFC- and HFC-based refrigerants across the globe.
- 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 Mfg. Co., Ltd.
- Scm Frigo Spa
- Shecco Sprl
- Systems Lmp, Inc.
For more information visit http://www.researchandmarkets.com/research/s26t26/transcritical_co2