The transcritical CO2 systems market is expected to grow from USD 27.2 billion in 2018 to USD 61.8 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 17.9% during the forecast period. The major driving factors for the transcritical CO2 systems market are low environmental impact of transcritical CO2 systems, phasing out CFC, HCFC, and HFC refrigerants, increasing demand for refrigeration and air-conditioning applications, and lower operating cost of transcritical CO2 refrigeration systems.

Refrigeration is mostly used in supermarkets and convenience stores. Transcritical CO2 refrigeration has a high safety rating and is non-toxic and non-flammable. Additionally, these systems are used in refrigeration processes due to their high volumetric cooling capacity.

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CO₂ is increasingly being used as a refrigerant in ice skating rinks, as it saves nearly 80-90% of the energy usage. The cost of CO2 systems used in ice skating rinks declined in the past few years, making transcritical CO2 an excellent substitute for ammonia. The majority of ice skating rinks employing transcritical CO2 systems are located in Canada. Carnot Refrigeration and SCM Frigo are the major players producing transcritical CO2 systems for ice skating rinks. Europe is expected to be the largest transcritical CO2 systems market during the forecast period

The Europe market includes Germany, Norway, Denmark, UK, Switzerland, and Sweden. The transcritical CO2 systems market in Europe is expected to witness significant growth on account of the recent F-Gas regulations/HFC phase-out plan which dictates the reduction of the use of HFC refrigerants by almost half by 2025. The region also houses the highest number of end-user entities, such as Tesco (UK) and Metro AG (Germany) that have already switched to refrigeration systems based on transcritical CO2 systems.