According to our latest market study on "Transcritical CO2 Market Size and Forecast (2025-2031), Global and Regional Share, Trend, and Growth Opportunity Analysis - by Application and Function," the market was valued at US$ 54.15 billion in 2024 and is anticipated to reach US$ 156.99 billion by 2031; it is estimated to register a CAGR of 16.8% during 2025-2031. The report includes growth prospects in light of current transcritical CO2 market trends and driving factors influencing market growth.

The transcritical CO2 market is growing steadily and showing positive outcomes, driven by increasing demand for sustainable refrigeration solutions, advancements in refrigeration and heating technology, and stringent regulations restricting the use of hydrofluorocarbons (HFCs). The adoption of transcritical CO2 systems is prominent in industries such as retail; cold storage; food processing; and heating, ventilation, and air conditioning (HVAC). Governments and international organizations are enforcing strict regulations to phase out high-GWP refrigerants, such as HFCs and HCFCs, due to their potential to aggravate climate change. For instance, the Kigali Amendment to the Montreal Protocol mandates a global phasedown of HFCs. The European Union's F-Gas Regulation aims to reduce HFC consumption by ~79% by 2030. Supermarkets such as Tesco and ALDI are adopting transcritical CO2 systems in their refrigeration units to decrease operational costs and meet sustainability targets.

Supermarkets and convenience stores often face consumers' and environmentalists' scrutiny regarding the lack of sustainability in their practices. Adopting transcritical CO2 systems allows retailers to showcase their commitment to sustainability and environmental responsibility, improving their brand image and attracting eco-conscious consumers. Retailers that embrace transcritical CO2 systems can differentiate themselves in the market and gain a competitive advantage, thereby addressing a burgeoning consumer demand for environmentally friendly products and services. Moreover, transcritical CO2 systems offer operational flexibility and adaptability to varying ambient conditions. They can effectively operate in both subcritical and transcritical modes, allowing for optimal performance in different climates. The transcritical CO2 system design can be tailored to meet the specific needs of supermarkets and convenience stores, such as different refrigeration loads, store layouts, and product display requirements. Moreover, the flexibility and customization options associated with transcritical CO2 systems make them suitable for these retail environments. As per the North American Sustainable Refrigeration Council, 1,067 stores among the 14 food retailer companies installed transcritical CO2 systems at the beginning of 2024, with another 185 new stores anticipated to install these systems in the coming years. By 2028, 2,481 stores are projected to install transcritical CO2 systems at the outset, along with another 340 new stores and 125 existing locations having these systems in place. The retail sector in Europe is undergoing substantial transformation, particularly with the rising establishment of supermarkets and convenience stores. This growth is driven by changing consumer behaviors, urbanization, and evolving market dynamics. Countries such as Germany, France, and the UK are observing strong growth in supermarket chains and convenience stores. European regulations directed at lowering greenhouse gas emissions, e.g., the EU F-Gas Regulation, are pushing retailers to transition away from high-GWP refrigerants. This regulatory environment supports the adoption of transcritical CO? systems in supermarkets and convenience stores. For example, with an aim to be a net-zero business by 2035, Tesco has integrated transcritical CO? systems into its refrigeration strategy. Thus, the growing implementation of transcritical CO2 systems in convenience stores and supermarkets bolsters the transcritical CO2 market.

Global Transcritical CO2 Market Report: Key Findings

The global transcritical CO2 market is segmented on the basis of function and application. Based on function, the market is segmented into air conditioning, refrigeration, and heating. The market, by application, is segmented into ice skating rinks, food processing and storage facilities, heat pumps, supermarkets and convenience stores, and others.

TEKO Gesellschaft fur Kaltetechnik GmbH, Baltimore Aircoil Co, BITZER Kuhlmaschinenbau GmbH, Carrier Global Corp, Danfoss AS, Hussmann Corp, Emerson Electric Co, Evapco LMP Inc., Mayekawa Manufacturing Co Ltd, and CoolSys are a few of the key players profiled in the transcritical CO2 market report. Other major players were also studied and analyzed in the report to get a holistic view of the market and its ecosystem. The transcritical CO2 market forecast can help stakeholders plan their growth strategies. The market analysis provides detailed market insights, which help the key players strategize their growth.

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