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.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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