The transcritical CO2 systems market is booming with new research showing a Compound Annual Growth Rate (CAGR) of 19.5%.
The ResearchAndMarkets.com report said that in 2018 the global market was worth $27.20 billion.
However, this figure is set to top $135.17 billion by 2027.
Demand is being driven by the low environmental impact of transcritical CO2 systems.
“Transcritical CO2 systems are environmentally friendly and dependable; they are also the most promising solution using natural refrigerants in the retail sector,” the report said.
“In this system, the heat recovery function exploits the heat normally dissolute by the gas cooler for domestic hot water production or space heating.
“These systems are suitable for medium to large supermarkets, cold storage facilities and light industrial processes.”
Despite huge demand, the report said flammability and toxicity issues are hindering market growth.
By geography, Europe has the highest number of end-users that have adopted transcritical CO2 systems and this is expected to continue.
Its clear that refrigeration is growing on all fronts. For example, the increased use of vaccines and other heat-sensitive biopharmaceutical products means that demand is growing at double the growth rate of the pharmaceutical industry.
Increased urbanization and a growing global population has created a booming cold chain market. According to Statistics MRC, the global cold chain market is projected to grow 400 per cent from $152.7 billion in 2018 to $608.4 billion in 2027.