Carbon dioxide or CO2 is an extremely important component of our atmosphere and is essential in our existence. It comes with no potential of ozone depletion and nominal potential of global warming. As such, it can be easily understood that carbon dioxide comes with no regulatory liability, just as Hydrofluorocarbon or HFC. Till now, it is not needed to account for the amount that has been used. There is no need for its reclamation as well.
CO2 is considered chemically inert, cost effective, not flammable, and environment friendly. In addition, it is used widely in air conditioners, refrigerators, and heat pumps, which adds fuel to the global transcritical CO2 market over the forecast tenure. Transport and thermodynamic properties make it ideal for use in machineries like vapour compression refrigerating appliances and heat pumps. Some of the main reasons that could add to the impetus to the global transcritical CO2 market are listed below
- Transcritical CO2 systems come with low environmental impact
- Low cost of operation for the equipment
- Strict regulations by government for eliminating fluorinated refrigerants
In recent times, many a research projects have been undertaken regarding transcritical refrigeration of CO2, air-conditioning systems, and heat pumps. Over the last few years, commercialization of Transcritical CO2 heat pump water heaters have increased manifold across the globe. It has acted as a growth factor for the global transcritical CO2 market. In the year 2019, Cryogium introduced a brand new transcritical CO2 condensing units and double compressor systems. The system came with many properties such as high resistance to weather, accessibility to components, and ease of installation.
In the global transcritical CO2 market, Europe is likely to dominate throughout the period of review, thanks to its strict regulations pertaining to environmental pollution. In addition, the European Union is targeting lessening of the environmental impact of fluorinated gases through F-Gas regulation.
Transcritical CO2is an energy-efficient technology that is widely used in refrigeration, heat pump, and air conditioning industries. Most of the refrigeration, air conditioning, and heat generating systems operate under varying climatic conditions. Different chemicals and gaseous mixtures such as NH3, SO2, and hydrofluorocarbons (HFC) have been used in the past few years to cope with climatic variations. However, usage of transcritical CO2technology has resulted in providing improved energy efficiency and minimized problems related to global warming as compared to chemicals and other gaseous mixtures that were previously used.
CO2is a supercritical fluid that has been considered as a safety refrigerant as it is chlorine-free, non-flammable, and has no ozone depletion potential. Furthermore, it is preferred over other refrigerants as its vapor pressure is considerably higher and its thermodynamic properties change rapidly with variations in temperature and pressure conditions. Transcritical CO2technology is a vapor compression system in which CO2 operates at normal temperature and is primarily required in heat pump and refrigeration systems. Working at normal temperature helps in sustenance and control of critical pressures inside the operating system. Major end-users of transcritical CO2 technology include marine, transportation, household appliance, and food processing industries.
Growing environmental regulations related to usage of chlorofluorocarbons (CFC) and greenhouse gases (GHG) is expected to drive global demand for transcritical CO2 during the next couple of years.Various chlorofluorocarbons such as carbon tetrachloride, dichlorofluoromethane, dimethyl ether, and ethane are commonly used industrial refrigerants. These CFCs have greater ozone depletion potential as well as global warming potential as the chloride bond present in these compounds interferes with the ozone molecule, thus breaking its molecular bond to give oxygen and chlorine monoxide molecules. This process leads to depletion of protective atmospheric layers and failsto block harmful UV rays of the Sun from penetrating through the layer. Rising awareness about global warming has impeded the alarming necessity for usage of chlorine-free refrigeration and heat pump systems. Hence, demand for transcriticalCO2 technology is anticipated to increase at a faster rate by the end of 2023. Transcritical CO2 technology comprises usage of CO2, which has superior performance characteristics such as zero global warming as well as ozone depletion potential, non-toxicity, and inflammability. Hence, this technology is anticipated to replace other thermal technologies during the forecast period.
In terms of demand, Europe and North America held larger share of the global transcritical CO2 market in 2014. Europe is estimated to continue dominating the transcritical CO2 market due to strict governmental regulations as well as abolishment of usage of CFCs. The U.K.followed by Germany, Denmark, France, and Norwayare few major countries in Europe that are likely to depict substantial growth in the transcritical CO2 market by the end of 2023.However, North America is anticipated to be one of the fastest-growing markets for transcritical CO2during the next couple of years due to high demand for energy and cost-saving technologies. Asia Pacific is also likely to depict a similar scenario due to significant growth of end-user applications of the transcritical CO2 market, chiefly heat pumps. Australia and Japan are few of the major consumers of transcritical CO2 in Asia Pacific that are likely to support growth in this region in the next couple of years.Currently, Latin America and the Middle East & Africa are projected to experience steady market growth due to current economic status as well as nascent developing stages of refrigeration and airconditioning industries.
Some of the key players operating in the transcritical CO2 market include Emerson Climate Technologies, Parker Hannifin Corporation, Green & Cool World Refrigeration AB, andCarrier Commercial Refrigeration.
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.