At 11.4% CAGR, the Middle East & Africa Transcritical CO2 Market is Projected to be Worth US$ 2,254.90 million by 2030, says Business Market Insights

According to Business Market Insights research, the Middle East & Africa transcritical CO2 market was valued at US$ 1061.21 million in 2023 and is expected to reach US$ 2,254.90 million by 2030, registering a CAGR of 11.4% from 2023 to 2030. Sustainable cooling and refrigeration solutions and adoption of transcritical CO2 systems in supermarkets and convenience stores are among the critical factors attributed to the growth of Middle East & Africa transcritical CO2 market.        

Transcritical CO2 systems use carbon dioxide (CO2) as a refrigerant, which has an ozone depletion potential (ODP) of zero. Unlike traditional refrigerants such as hydrochlorofluorocarbons (HCFCs) or hydrofluorocarbons (HFCs), which contribute to ozone layer depletion, CO2 does not harm the ozone layer. This characteristic makes transcritical CO2 systems environmentally friendly and aligns with regional efforts to phase out ozone-depleting substances. Transcritical CO2 systems have a significantly lower global warming potential (GWP) compared to many conventional refrigerants. GWP measures the potential for a greenhouse gas to contribute to global warming over a specific period. CO2 has a GWP of 1, whereas HFCs commonly used in refrigeration systems have GWPs in the thousands or even tens of thousands. By using CO2 as a refrigerant, transcritical systems help mitigate climate change and reduce the carbon footprint of cooling and refrigeration applications. Overall, the low environmental impact of transcritical CO2 systems is driving the market by aligning with environmental goals. As the need for sustainable cooling and refrigeration solutions continues to grow, transcritical CO2 systems offer a viable and attractive option for businesses across various sectors.

On the contrary, higher upfront cost of installing transcritical CO2 system hampers the Middle East & Africa transcritical CO2 market.  

Based on application, the Middle East & Africa 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 52.7% share of Middle East & Africa transcritical CO2 market in 2023, amassing US$ 559.18 million. It is projected to garner US$ 1,252.60 million by 2030 to expand at 12.2% CAGR during 2023–2030. 

Based on function, the Middle East & Africa transcritical CO2 market is segmented into air conditioning, refrigeration, and heating. The refrigeration segment held 62.7% share of Middle East & Africa transcritical CO2 market in 2023, amassing US$ 665.14 million. It is projected to garner US$ 1,465.94 million by 2030 to expand at 12.0% CAGR during 2023–2030.

Based on country, the Middle East & Africa transcritical CO2 market has been categorized into the South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa. Our regional analysis states that the UAE captured 36.8% share of Middle East & Africa transcritical CO2 market in 2023. It was assessed at US$ 390.61 million in 2023 and is likely to hit US$ 879.18 million by 2030, exhibiting a CAGR of 12.3% during the forecast period.      

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

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