Transcritical CO2 market to witness a CAGR of 35.78% from 2018 to 2024
Transcritical Co2 is energy-saving technology that is used in various industries like refrigeration, heat pump, and air-conditioning. Transcritical Co2 has become a material of choice for various industries as it helps in reducing the maintenance cost of the refrigeration system. The increasingly stringent rules and regulations regarding usage of various harmful gases like dichlorofluoromethane, dimethyl ether, greenhouse gases (GHG) and chlorofluorocarbons (CFC) are expected to lift the Transcritical Co2 market globally. The market report “Global Transcritical CO2 Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast 2017 to 2024” available at DecisionDatabases.com is projects the market to surpass a market valuation of USD 104.32 bn by 2024, rising at a CAGR of 35.78% under the study period 2017 - 2024.
This technology helps to cope up with the varying climatic conditions which pose numerous environmental threats. With the usage of transcritical Co2 technology problems related to global warming has been minimized. Since Co2 is a chlorine free, non- inflammable and has no ozone depletion potential it is considered as a safety refrigerant nowadays. Also, it is an ideal refrigerant as its vapor pressure is substantially higher and its thermodynamic properties change quickly with variations in temperature and pressure conditions. The basic function of transcritical Co2 is vapor compression in which CO2 works at normal temperature and is mostly required in heat pump and refrigeration systems.
With the evolving advanced technology, it has been extensively adopted in various sectors like marine, transportation, household appliance, and food processing industries. Additionally, growing awareness regarding global warming has compelled the necessity for use of chlorine-free refrigeration and heat pump systems. Owing to zero global warming and ozone depletion potential this technology is likely to replace other thermal technologies hence this will create a positive impact during the next couple of years. Furthermore, the continuous development and innovation, along with various industry partnerships, are projected to establish a bright future for this market.
The consumption of Transcritical Co2 is rising globally but Europe is leading the market due to strict environmental regulation followed by the UK. North America is expected to grow at a healthy rate due to growing demand for cost and energy-saving technologies. Moreover, rising construction activity in Asian countries like China and India is likely to experience strong market growth in the near future
However, aforementioned advantages of transcritical Co2 coupled with rising concern over global warming will favor the market growth overall.
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