CO2 Refrigeration Compressor Market Size was valued at USD 253.7 million in 2022. The CO2 Refrigeration Compressor Market industry is projected to grow from USD 262.3 million in 2023 to USD 351.0 million by 2031, exhibiting a compound annual growth rate (CAGR) of 3.71% during the forecast period (2023 - 2031). Growing concerns about climate change and the need to reduce greenhouse gas emissions have led to a shift away from high global warming potential (GWP) refrigerants such as hydrofluorocarbons (HFCs). CO2 has a GWP of 1, meaning it has virtually no global warming effect when released into the atmosphere. As a result, businesses and industry are increasingly choosing CO2 cooling systems to comply with sustainability goals and regulatory requirements. Moreover, CO2 cooling systems are known for their high energy efficiency. Compared to some conventional refrigerants, they can offer superior cooling performance with lower energy consumption. Energy efficiency is an important factor for businesses trying to reduce operating costs and minimize environmental impact.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Commercial refrigeration has been in the spotlight for more than a decade, especially the adverse effects of hydrofluorocarbon (HFC) emissions. The Montreal Protocol obliges governments to phase out CFCs, HCFCs, and other ozone-depleting compounds within a certain time frame, and it specifies the use duration of these substances for developed and developing countries, respectively. Because of their evident greenhouse effect, the HCFC refrigerants that are currently widely employed in industry are mentioned in the Kyoto Protocol's greenhouse gases. Some European governments have prohibited the use of HCFCs in refrigeration and HVAC systems. Meanwhile, they advise phasing out HCFCs in other places. Some nations' law strongly restricts or requires the phasing out of R134a refrigerant in the 2020s, creating a serious quandary for the refrigeration and HVAC industry—the necessity to adjust to the removal of CFCs and HCFCs refrigerants and find substitutes.
Natural refrigerants such as water, ammonia and CO2 are believed to be the ultimate solutions to the environmental challenges posed by CFCs, HCFCs, and other ozone-depleting compounds used as refrigerants. CO2 as a refrigerant has a low kinematic viscosity, a low dynamic viscosity, a small pressure ratio ranging from 2.5 to 3psi, a smaller volume, a large refrigerating capacity per unit volume, a high thermal conductivity, a high heat capacity at constant pressure, a low surface tension, it is environmentally friendly, it is inexpensive, and it is physically stable and safe.
The CO2 substantial environmental benefits have secured its position as a major alternative for future refrigeration systems. Over many years, it has shown favorable outcomes in many system configurations, notably in Europe, Australia, and Canada. Initially high investment prices are gradually declining, while advancements in component technology and application methodologies continue to disclose prospective performance advantages. These findings show that CO2 will be a viable long-term choice in the near future. Thus, the growing preference for CO2 as a refrigerant over other refrigerants will boost the growth in the CO2 Refrigeration Compressor Market.
The CO2 Refrigeration Compressor Market segmentation, based on Type has been segmented as Rolling Rotor Compressor, Sliding Vane Compressor, Screw Compressor and Others. Among these, the Screw Compressor type is projected to dominate the CO2 Refrigeration Compressor Market revenue through the projected period. Screw compressors find various applications in CO2 refrigeration systems, especially in transcritical and subcritical CO2 refrigeration cycles. CO2, also known as carbon dioxide, is increasingly used as a natural refrigerant due to its low global warming potential (GWP) and zero ozone depletion potential (ODP). Screw compressors offer several advantages in CO2 refrigeration systems, making them suitable for specific applications.
Based on Application, the CO2 Refrigeration Compressor Market is segmented as Commercial, Industrial and Others. Out of which the Commercial segment dominated base year market and is also projected to be holding a dominating share in the forecasted period as well. CO2 refrigeration compressors are increasingly popular for commercial purposes due to their environmental and energy efficiency. They are commonly used in various industries and applications. They are commonly used in large supermarkets and grocery stores to chill and freeze perishable goods. These systems help reduce greenhouse gas emissions compared to traditional refrigerants. Furthermore, they are used in food processing operations to maintain the required low temperatures for food preservation and freezing. These systems offer precise temperature control and reduced energy consumption.
Based on Region, the CO2 Refrigeration Compressor market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The Europe CO2 Refrigeration Compressor market held the maximum market share and is also expected to account for the significant revenue share during the forecast period. The growth of global food & beverages, food retail, and food services industries will propel the growth in the CO2 refrigeration compressor market in the forecast period. The demand for CO2 refrigeration compressors in Europe is driven by several factors, primarily due to the region's strong commitment to environmental sustainability, strict refrigerant regulations and the desire to reduce greenhouse gas emissions.
Europe is at the forefront of environmental regulations and efforts to combat climate change. The European Union's F-gas regulation, which aims to phase out the use of refrigerants with a high global warming potential (GWP), has spurred the adoption of low-GWP alternatives such as CO2. This has led to a significant shift towards CO2 refrigeration systems in various commercial applications. CO2 cooling systems are known for their high energy efficiency. They can provide equivalent or even better cooling performance compared to traditional refrigerants while consuming less energy. In Europe, where energy costs are often high, energy-efficient systems are in high demand.
Key market players are emphasizing significantly on R&D for increasing their product offerings, which will further help the CO2 Refrigeration Compressor Market to grow considerably. Market players are adopting several business development strategies such as acquisitions, mergers, collaborations, and partnerships to enhance their market presence and acquire larger customer base. To survive in the competitive market, industry players must provide cost effective products.
The CO2 Refrigeration Compressor market is very competitive with market players trying to develop unique and innovative products and solutions, which could render the competitors’ offerings obsolete. The competitive environment is likely to grow further owing to rising technological advancements. Some of the key players operating in the CO2 Refrigeration Compressor Market are Emerson Electric Co, Panasonic Holdings Corporation, BOCK GmbH, Dorin S.p.A, Bitzer, Atlas Copco AB, HAUG Sauer Compressor AG, Mehrer compression GbmH, Isentra, Sanden Corp (Japan). To increase their global reach and client base, key firms are concentrating on acquisitions and product innovation.
Emerson Electric Co: Emerson Electric Co (Emerson) provides innovative solutions for customers in commercial, industrial and residential markets. The company sells a variety of goods, including electrical distribution equipment, pneumatic items, industrial valves, software and systems for process control, fluid control, and measurement and analytical instruments. Additionally, it offers services like as modernization and migration, process automation, smart wireless, consultancy, training, and post-project support. Emerson, Grind2Energy, InSinkErator, Badger, ProTeam, and RIDGID are just a few of the brands that the corporation sells its goods under. It operates in North America, Asia-Pacific, Europe, Latin America, the Middle East, and Africa, among other regions. The US city of St. Louis serves as the headquarters of Emerson.
Panasonic Holdings Corporation: Panasonic Holdings Corporation (Panasonic), develops, produces, sells and services a range of electric and electronic products. The range of products offered by Panasonic includes air conditioners for individual rooms, TVs, landlines, digital cameras, video equipment, audio equipment for the house, rice cookers, lamps, wiring devices, air conditioners, air purifiers, and bicycles. Additionally, it provides projectors, batteries, electric motors, electronic materials, electronic components, electronic materials, semiconductors, LCD panels, mounting machines, welding equipment, PCs and tablets. The business administers and runs facilities as well as R&D sites across Europe, Asia, the Americas, and Japan.
In August 2024, Emerson introduced a new series of Copeland CO2 scroll compressors that support transcritical and subcritical temperature ranges. Such compressors are characterized by small weight and dimensions, and low noise level, which is beneficial in the cities. These compressors have both fixed speed and variable speed modes that increase system efficiency while reducing the amount of off-on cycle which is unnecessary.
In March 2023, Danfoss got its whole control of BOCK GmbH. In the field of sustainable freezing and heating systems, Danfoss’ range was added with the products of BOCK which is known for CO2 and low-GWP semi-hermetic reciprocating compressors manufacture. It is anticipated that this merger will further the goals of the company to go green by giving a solution to its clients that is environmentally friendly and uses less energy. Bock’s compressors are very popular for use in refrigeration circuits based around CO2, making the company one of the leaders of the transition to natural refrigerants R744. It also enables Danfoss to penetrate the international market, especially the eco-friendly cooling technology segment.
In October 2023, Bitzer has purchased Green Point, a company engaged in installing and servicing refrigeration compressors CO2 systems also included. This activity enhances the in-house foreseen after-sales support for CO2 technologies by Bitzer.
In June 2023, Carrier Global acquired Sanz Clima, a manufacturer of air conditioning systems for buses that consist of CO2 compressors. This acquisition is intended for the diversification of Carrier’s offerings in climate friendly transport refrigeration units.
In February 2023, GEA successfully completed the deal on the acquisition of Kelvion, a manufacturer of heat exchangers and components for CO2 refrigeration units, to enhance its reach in the efficient and sustainable refrigerators market.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 253.7 million |
| Market Size 2023 | USD 262.3 million |
| Market Size 2031 | USD 351.0 million |
| Compound Annual Growth Rate (CAGR) | 3.71% (2023-2031) |
| Base Year | 2022 |
| Forecast Period | 2023-2031 |
| Historical Data | 2019 & 2021 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa and South America |
| Countries Covered | US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, South Korea, Argentina, Brazil, GCC Countries, South Africa |
| Key Companies Profiled | Emerson Electric Co (US), Panasonic Holdings Corporation (Japan), BOCK GmbH (Germany), Dorin S.p.A (Italy), Bitzer (Germany), Atlas Copco AB (Sweden), HAUG Sauer Compressor AG (Switzerland), Mehrer compression GbmH (Germany), Isentra (England), Sanden Corp (Japan) |
| Key Market Opportunities | ·      The technological advancements and advantages offered by co2 refrigeration compressors |
| Key Market Dynamics | ·      Growing preference for co2 as a refrigerant over other refrigerants ·      Growth of global food & beverage, food retail and food service industries  |
Frequently Asked Questions (FAQ) :
US$ 253.7 Mn
3.71%
Europe
Emerson Electric Co (US), Panasonic Holdings Corporation (Japan), BOCK GmbH (Germany), Dorin S.p.A (Italy), Bitzer (Germany), Atlas Copco AB (Sweden), HAUG Sauer Compressor AG (Switzerland), Mehrer compression GbmH (Germany), Isentra (England), Sanden Corp (Japan)
Screw Compressor
Commercial
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Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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