The global transcritical CO2 systems market is set to register a Compound Annual Growth Rate (CAGR) of 16.9% from 2020 to 2027.
In its latest report Grand View Research estimates the value of the market will top $A159.018 billion ($US110.43 billion) by 2027.
This huge growth is attributed to rising demand for air conditioning and refrigeration applications, along with lower operational costs associated with transcritical CO2 systems.
The biggest driver is the global HFC phasedown and F-Gas restrictions.
Other factors influencing transcritical CO2 adoption is a significantly smaller copper piping system, and less refrigerant charge in comparison to HFC systems, along with high energy efficiency in most climates.
By function, the refrigeration segment held the largest revenue share of 67.3% in 2019 as a result of the Kigali Amendment coming into effect in 2019.
Due to its high energy performance,CO2 has also become a popular alternative to HFC-134a and this is likely to continue.
The retail segment accounted for the largest share of 55.8% in 2019 with supermarkets proactively adopting environmental best practices in order to build their green credentials.
CO2 heat pumps are expected to register a CAGR of 18.8% from 2020 to 2027 as they offer high service temperature and limited capacity loss.
Heat pumps are increasingly used in residential and commercial developments, particularly in Europe which accounted for 78.4% of the market in 2019.