Kenneth Research, in its repository of market research reports, has recently added a report on Transcritical CO2 Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Transcritical CO2 Marketis anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Transcritical CO2 Market products.
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The global Trans critical CO2 market was valued at USD 9.56 billion in 2016 and is projected to reach USD 193.8 billion by 2025, growing at a CAGR of 39.7% from 2017 to 2025.
Transcritical CO2 is an efficient and innovative method used for heating and refrigeration purposes. These systems use liquid carbon dioxide as the primary coolant. The adverse effects faced due to usage of chlorofluoro carbons is driving the demand for these products. The increasing application in supermarkets is expected to further augment market demand over the forecast period.
1. Market Drivers
1.1 Stringent environmental regulations related to usage of chlorofluorocarbons and greenhouse gases
1.2 Rising awareness about global warming has impeded the alarming necessity for usage of chlorine-free refrigeration and heat pump systems
2. Market Restraints
2.1 High installation cost
The global Transcritical CO2market is segmented on the applicationand region.
1. By Application:
1.2 Heat Pump
1.3 Food Processing Facilities
1.4 Ice Skating Rinks
2. By Region:
2.1 North America (U.S., Canada, Mexico)
2.2 Europe (Germany, UK, France, Rest of Europe)
2.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
2.4 Latin America (Brazil, Argentina, Rest of Latin America)
2.5 Middle East & Africa
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The major players in the market are as follows:
1. Hill Phoenix Inc.
2. Carrier Commercial Refrigeration
3. Green & Cool World Refrigeration AB
4. Carnot Refrigeration Inc.
5. Emerson Climate Technologies
6. SCM Frigo SPA
7. BitzerKuhlmaschinenbau GmbH
8. Danfoss GmbH
9. Advansor A/S
10. Baltimore Aircoil Company Inc.
11. Henry Technologies Inc.
12. Systems LMP Inc.
13. Mayekawa MSG Co. Ltd.
14. Shecco SPRL
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Transcritical CO2market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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