At 17.1% CAGR, the Asia Pacific Transcritical CO2 Market is Projected to be Worth US$ 37,346.72 million by 2030, says Business Market Insights

According to Business Market Insights research, the Asia Pacific transcritical CO2 market was valued at US$ 12,380.95 million in 2023 and is expected to reach US$ 37,346.72 million by 2030, registering a CAGR of 17.1% from 2023 to 2030. Adoption of transcritical CO2 systems in supermarkets and convenience stores and sustainable cooling and refrigeration solutions  are among the critical factors attributed to the Asia Pacific transcritical CO2 market expansion.        

Supermarkets and convenience stores often face consumer scrutiny regarding their environmental impact and sustainability 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. Consumer demand for environmentally friendly products and services has been increasing, and retailers that embrace transcritical CO2 systems can differentiate themselves in the market and gain a competitive advantage. 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. The flexibility and customization options of transcritical CO2 systems make them suitable for these retail environments. Thus, all such advantages of transcritical CO2 systems are driving the market further.

On the contrary, higher upfront cost of installing transcritical CO2 system hampers the Asia Pacific Transcritical CO2 Market.  

Based on application, the Asia Pacific transcritical CO2 market is segmented into ice skating rinks, food processing and storage facilities, heat pumps, supermarkets and convenience stores, and  others (hotels, buildings, water treatment plants, etc.). The supermarkets and convenience stores segment held 52.6% share of Asia Pacific transcritical CO2 market in 2023, amassing US$ 6,510.54 million. It is projected to garner US$ 20,570.53 million by 2030 to expand at 17.9% CAGR during 2023–2030. 

Based on function, the Asia Pacific transcritical CO2 market is segmented into air conditioning, refrigeration, and heating. The refrigeration segment held 62.1% share of Asia Pacific transcritical CO2 market in 2023, amassing US$ 7,684.40 million. It is projected to garner US$ 24,114.24 million by 2030 to expand at 17.7% CAGR during 2023–2030.

Based on country, the Asia Pacific transcritical CO2 market has been categorized into the Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that the China captured 40.3% share of Asia Pacific transcritical CO2 market in 2023. It was assessed at US$ 4,989.80 million in 2023 and is likely to hit US$ 14,232.83 million by 2030, exhibiting a CAGR of 16.2% during the forecast period.      

Key players operating in the Asia Pacific transcritical CO2 market are Baltimore Aircoil Co, BITZER Kuhlmaschinenbau GmbH, Carrier Global Corp, Danfoss AS, Hussmann Corp, Emerson Electric Co, Panasonic Holdings Corp, and Mayekawa Manufacturing Co Ltd, among others.   

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