Transcritical CO2 Market Size and Forecast (2025 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Application (Ice Skating Rinks, Food Processing and Storage Facilities, Heat Pumps, Supermarkets and Convenienc

The transcritical CO2 market size is expected to reach US$ 156.99 billion by 2031 from US$ 54.15 billion in 2024. The market is estimated to register a CAGR of 16.8% during 2025–2031. The utilization of CO2 recycled from waste in refrigeration applications is likely to bring new trends to the market in the coming years.

Further, imports and exports of food products have a significant impact on North American and US food security and the economy. The import of food products has intensified in recent years with population growth and urbanization. In 2023, the value of food and farm products exported from the US to the world totaled nearly US$ 175 billion. Soybean, cotton, corn, wheat, and other bulk commodities cumulatively accounted for ~34% of all US agricultural exports in 2023. In 2023, India exported pharmaceuticals and drugs worth INR 606 billion (~US$ 7.21 billion) to the US. On the other hand, the US exported ~US$ 93.6 billion and imported ~US$ 163 billion worth of pharmaceutical products in 2022. Further, in 2024, the US exported US$ 94.4 billion worth of pharmaceutical products. In 2024, the key destinations for US pharmaceutical product exports were China (US$ 9.5 billion), the Netherlands (US$ 8.71 billion), Japan (US$ 8.41 billion), Germany (US$ 7.67 billion), and Canada (US$ 6.8 billion). Additionally, in 2024, the US imported US$ 212 billion of pharmaceutical products. In 2024, the key origins of US pharmaceutical product imports were Ireland (US$ 50.3 billion), Switzerland (US$ 19 billion), Germany (US$ 17.1 billion), Singapore (US$ 15.3 billion), and India (US$ 12.5 billion).

Thus, continuous developments in the food & beverages and pharmaceutical industries, coupled with the rising import and export activities, are expected to fuel the demand for CO2 refrigerants across the globe, thereby generating growth opportunities for the transcritical CO2 market.

Utilizing waste CO2 in a transcritical CO2 cycle involves recovering heat from waste sources and using it to drive a CO2 power or refrigeration cycle. This process can be employed for power generation, cooling, or heating. Waste CO2 refers to carbon dioxide emissions produced as a byproduct of various industrial processes, agricultural activities, and energy production. Instead of allowing the release of CO2 into the atmosphere, it can be captured, purified, and utilized in transcritical refrigeration systems. This approach not only decreases greenhouse gas emissions but also provides a valuable resource for cooling applications.

The utilization of waste CO2 for transcritical refrigeration systems presents a promising prospect for industries aiming to curb their carbon footprint while enhancing energy efficiency. By leveraging captured carbon emissions that would otherwise contribute to climate change, companies can foster sustainable refrigeration solutions that align with global environmental goals. With upgrades in capture and utilization processes following technological advancements and the evolution of regulatory frameworks to support sustainability initiatives, the adoption of waste CO2 in transcritical systems is projected to expand in the near future. The transition to waste CO2 in transcritical refrigeration systems is also being perceived as an important step toward a circular economy, wherein waste is transformed into valuable resources. By embracing the potential of waste CO2, industries can contribute to a more sustainable future while simultaneously achieving operational efficiencies and cost efficiency. Thus, the reuse of waste CO2 is emerging as a noteworthy trend in the transcritical CO2 market.

The global transcritical CO2 market is segmented on the basis of function and application. Based on function, the market is segmented into air conditioning, refrigeration, and heating. The transcritical CO2 market, by application, is segmented into ice skating rinks, food processing and storage facilities, heat pumps, supermarkets and convenience stores, and others.

TEKO Gesellschaft fur Kaltetechnik GmbH, Baltimore Aircoil Co, BITZER Kuhlmaschinenbau GmbH, Carrier Global Corp, Danfoss AS, Hussmann Corp, Emerson Electric Co, Evapco LMP Inc., Mayekawa Manufacturing Co Ltd, and CoolSys are a few of the key players profiled in the transcritical CO2 market report. Other major players were also studied and analyzed in the report to get a holistic view of the market and its ecosystem. The transcritical CO2 market forecast can help stakeholders plan their growth strategies. The market analysis provides detailed market insights, which help the key players strategize their growth.

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