Europe Transcritical CO2 Market Size and Forecast (2021 - 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: Application (Ice Skating Rinks, Food Processing and Storage Facilities, Heat Pumps, Supermarkets and Convenience Stores, and Others) and Function (Air Conditioning, Refrigeration, and Heating)

November 2025 | 139 pages | ID: E32DD27B28EFEN
The Insight Partners

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The Europe Transcritical CO2 Market is projected to grow significantly, reaching an estimated US$ 83,442.0 million by 2031, up from US$ 30,921.2 million in 2024, reflecting a robust compound annual growth rate (CAGR) of 15.6% from 2025 to 2031. This growth is driven by the increasing adoption of transcritical CO2 systems across various sectors due to their energy efficiency and environmental advantages.

Market Overview

Transcritical CO2 systems utilize carbon dioxide as a refrigerant, replacing traditional hydrofluorocarbons (HFCs) that contribute to global warming. These systems are particularly appealing in Europe, where there is a strong emphasis on sustainability and reducing greenhouse gas emissions. The systems are versatile and can be applied in transport refrigeration, industrial refrigeration, heat pumps, supermarkets, convenience stores, and other commercial and industrial applications. Notably, transcritical CO2 systems have a lower critical temperature than conventional refrigerants, making them safer as they are non-toxic, non-flammable, and non-chlorinated, with minimal ozone depletion potential and low leak rates.

Market Segmentation

The Europe Transcritical CO2 Market is segmented by application and function. In terms of application, the market includes ice skating rinks, food processing and storage facilities, heat pumps, supermarkets, convenience stores, and others. Supermarkets and convenience stores are expected to dominate the market share in 2024. By function, the market is divided into air conditioning, refrigeration, and heating, with refrigeration holding the largest share in 2024.

Drivers of Market Growth

One of the key drivers for the transcritical CO2 market in Europe is the growing demand for energy-efficient cooling solutions, particularly in data centers. Data centers consume substantial energy and require reliable, efficient air conditioning systems. Major European cities such as Frankfurt, London, Amsterdam, Paris, and Dublin are home to significant data center operations, with emerging markets like Milan, Warsaw, and Berlin also expanding rapidly. The increasing reliance on digital services has made data centers critical to the European digital economy.

Data center operators are increasingly focusing on sustainability, influenced by stringent EU regulations on carbon emissions. For instance, in March 2024, Carrier launched the AquaForce 30XF air-cooled screw chillers, which feature a hydronic free-cooling system and variable-speed inverter drives, achieving energy efficiency improvements of up to 50% specifically for data centers. While some data center equipment still uses HFCs, there is a notable shift towards natural refrigerants like CO2, particularly in industrial and commercial cooling systems, further propelling the transcritical CO2 market.

Country Insights

Geographically, the Europe Transcritical CO2 Market is segmented into Germany, the United Kingdom, France, Italy, Russia, and the Rest of Europe. France is anticipated to hold the largest market share in 2024, driven by its extensive network of grocery chains, including major players like Auchan, Carrefour, Intermarch?, Leclerc, and Monoprix. Carrefour, for example, operates over 5,000 stores across France, ranging from small shops to large hypermarkets. The growth of these grocery chains necessitates efficient cooling solutions to preserve food quality, thereby creating a continuous demand for transcritical CO2 systems.

In 2023, France's GDP was approximately US$ 2.809 trillion, making it the seventh-largest economy globally and the second-largest in the EU. The country is rich in agricultural resources, which are vital to its economy. France maintains a favorable trade balance in agricultural and food products, with significant imports and exports contributing to its economic landscape. The retail sector, particularly through hypermarkets and supermarkets, accounts for about 65% of food sales in France, with e-commerce for food sales growing by over 15% since 2021, now representing around 14% of total food retail sales. This expansion in the food industry presents substantial opportunities for the transcritical CO2 market.

Competitive Landscape

Key players in the Transcritical CO2 Market include Emerson Electric Co., Carrier Global Corp, Danfoss AS, Baltimore Aircoil Co., Evapco LMP Inc., TEKO Gesellschaft f?r K?ltetechnik mbH, BITZER K?hlmaschinenbau GmbH, Hussmann Corp, Mayekawa Manufacturing Co., Ltd, and CoolSys. These companies are actively pursuing strategies such as expansion, product innovation, and mergers and acquisitions to enhance their market presence and offer innovative solutions to consumers.

In summary, the Europe Transcritical CO2 Market is poised for significant growth, driven by the increasing demand for sustainable and energy-efficient refrigeration solutions across various sectors, particularly in the context of the expanding data center industry and the retail food sector.
1. INTRODUCTION

1.1 Report Guidance
1.2 Market Segmentation

2. EXECUTIVE SUMMARY

2.1 Key Insights
2.2 Market Attractiveness

3. RESEARCH METHODOLOGY

3.1 Secondary Research
3.2 Primary Research
  3.2.1 Hypothesis formulation:
  3.2.2 Macroeconomic factor analysis:
  3.2.3 Developing base number:
  3.2.4 Data Triangulation:
  3.2.5 Country-level data:

4. TRANSCRITICAL CO2 MARKET LANDSCAPE

4.1 Market Overview
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
  4.3.1 List of Vendors in the Value Chain

5. EUROPE TRANSCRITICAL CO2 MARKET - KEY MARKET DYNAMICS

5.1 Market Drivers
5.2 Market Restraints
5.3 Market Opportunities
5.4 Future Trends
5.5 Impact of Drivers and Restraints:

6. TRANSCRITICAL CO2 MARKET - EUROPE MARKET ANALYSIS

6.1 Europe Transcritical CO2 Market Revenue (US$ Million), 2024 - 2031
6.2 Europe Transcritical CO2 Market Forecast and Analysis

7. EUROPE TRANSCRITICAL CO2 MARKET REVENUE ANALYSIS - BY APPLICATION

7.1 Ice Skating Rinks
  7.1.1 Overview
  7.1.2 Ice Skating Rinks: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
7.2 Food Processing and Storage Facilities
  7.2.1 Overview
  7.2.2 Food Processing and Storage Facilities: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
7.3 Heat Pumps
  7.3.1 Overview
  7.3.2 Heat Pumps: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
7.4 Supermarkets and Convenience Stores
  7.4.1 Overview
  7.4.2 Supermarkets and Convenience Stores: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
7.5 Others
  7.5.1 Overview
  7.5.2 Others: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)

8. EUROPE TRANSCRITICAL CO2 MARKET REVENUE ANALYSIS - BY FUNCTION

8.1 Air Conditioning
  8.1.1 Overview
  8.1.2 Air Conditioning: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
8.2 Refrigeration
  8.2.1 Overview
  8.2.2 Refrigeration: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
8.3 Heating
  8.3.1 Overview
  8.3.2 Heating: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)

9. EUROPE TRANSCRITICAL CO2 MARKET - COUNTRY ANALYSIS

9.1 Europe
  9.1.1 Europe Transcritical CO2 Market Revenue and Forecast and Analysis - by Country
    9.1.1.1 Europe Transcritical CO2 Market Revenue and Forecast and Analysis - by Country
    9.1.2.2 Germany: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
      9.1.2.2.1 Germany: Europe Transcritical CO2 Market Share - by Application
      9.1.2.2.2 Germany: Europe Transcritical CO2 Market Share - by Function
    9.2.3.3 United Kingdom: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
      9.2.3.3.1 United Kingdom: Europe Transcritical CO2 Market Share - by Application
      9.2.3.3.2 United Kingdom: Europe Transcritical CO2 Market Share - by Function
    9.3.4.4 France: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
      9.3.4.4.1 France: Europe Transcritical CO2 Market Share - by Application
      9.3.4.4.2 France: Europe Transcritical CO2 Market Share - by Function
    9.4.5.5 Italy: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
      9.4.5.5.1 Italy: Europe Transcritical CO2 Market Share - by Application
      9.4.5.5.2 Italy: Europe Transcritical CO2 Market Share - by Function
    9.5.6.6 Russia: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
      9.5.6.6.1 Russia: Europe Transcritical CO2 Market Share - by Application
      9.5.6.6.2 Russia: Europe Transcritical CO2 Market Share - by Function
    9.6.7.7 Rest of Europe: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
      9.6.7.7.1 Rest of Europe: Europe Transcritical CO2 Market Share - by Application
      9.6.7.7.2 Rest of Europe: Europe Transcritical CO2 Market Share - by Function

10 COMPETITIVE LANDSCAPE

10.1 Heat Map Analysis by Key Players
10.2 Company Positioning & Concentration

11 INDUSTRY LANDSCAPE

11.1 Overview
11.2 New Product Development
11.3 Merger and Acquisition
11.4 Other Strategic Developments

12 COMPANY PROFILES

12.1 Emerson Electric Co
  12.1.1 Key Facts
  12.1.2 Business Description
  12.1.3 Products and Services
  12.1.4 Financial Overview
  12.1.5 SWOT Analysis
  12.1.6 Key Developments
12.2 Carrier Global Corp
  12.2.1 Key Facts
  12.2.2 Business Description
  12.2.3 Products and Services
  12.2.4 Financial Overview
  12.2.5 SWOT Analysis
  12.2.6 Key Developments
12.3 Danfoss AS
  12.3.1 Key Facts
  12.3.2 Business Description
  12.3.3 Products and Services
  12.3.4 Financial Overview
  12.3.5 SWOT Analysis
  12.3.6 Key Developments
12.4 Baltimore Aircoil Co
  12.4.1 Key Facts
  12.4.2 Business Description
  12.4.3 Products and Services
  12.4.4 Financial Overview
  12.4.5 SWOT Analysis
  12.4.6 Key Developments
12.5 Evapco LMP Inc
  12.5.1 Key Facts
  12.5.2 Business Description
  12.5.3 Products and Services
  12.5.4 Financial Overview
  12.5.5 SWOT Analysis
  12.5.6 Key Developments
12.6 TEKO Gesellschaft fur Kaltetechnik mbH
  12.6.1 Key Facts
  12.6.2 Business Description
  12.6.3 Products and Services
  12.6.4 Financial Overview
  12.6.5 SWOT Analysis
  12.6.6 Key Developments
12.7 BITZER Kuhlmaschinenbau GmbH
  12.7.1 Key Facts
  12.7.2 Business Description
  12.7.3 Products and Services
  12.7.4 Financial Overview
  12.7.5 SWOT Analysis
  12.7.6 Key Developments
12.8 Hussmann Corp
  12.8.1 Key Facts
  12.8.2 Business Description
  12.8.3 Products and Services
  12.8.4 Financial Overview
  12.8.5 SWOT Analysis
  12.8.6 Key Developments
12.9 Mayekawa Manufacturing Co Ltd
  12.9.1 Key Facts
  12.9.2 Business Description
  12.9.3 Products and Services
  12.9.4 Financial Overview
  12.9.5 SWOT Analysis
  12.9.6 Key Developments
12.10 CoolSys
  12.10.1 Key Facts
  12.10.2 Business Description
  12.10.3 Products and Services
  12.10.4 Financial Overview
  12.10.5 SWOT Analysis
  12.10.6 Key Developments

13. APPENDIX

13.1 About The Insight Partners
LIST OF TABLES

Table 1. Europe Transcritical CO2 Market Segmentation
Table 2. List of Vendors
Table 3. Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Table 4. Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Application
Table 5. Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Function
Table 6. Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Country
Table 7. Germany: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Application
Table 8. Germany: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Function
Table 9. United Kingdom: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Application
Table 10. United Kingdom: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Function
Table 11. France: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Application
Table 12. France: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Function
Table 13. Italy: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Application
Table 14. Italy: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Function
Table 15. Russia: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Application
Table 16. Russia: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Function
Table 17. Rest of Europe: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Application
Table 18. Rest of Europe: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Function
Table 19. Heat Map Analysis by Key Players
LIST OF FIGURES

Figure 1. Europe Transcritical CO2 Market Segmentation - Country
Figure 2. PEST Analysis
Figure 3. Ecosystem: Transcritical CO2 Market
Figure 4. Europe Transcritical CO2 Market - Key Market Dynamics
Figure 5. Impact Analysis of Drivers and Restraints
Figure 6. Europe Transcritical CO2 Market Revenue (US$ Million), 2024 - 2031
Figure 7. Europe Transcritical CO2 Market Share (%) - by Application, 2024 and 2031
Figure 8. Ice Skating Rinks: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 9. Food Processing and Storage Facilities: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 10. Heat Pumps: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 11. Supermarkets and Convenience Stores: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 12. Others: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 13. Europe Transcritical CO2 Market Share (%) - by Function, 2024 and 2031
Figure 14. Air Conditioning: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 15. Refrigeration: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 16. Heating: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 17. Europe Transcritical CO2 Market Breakdown by Key Countries, 2024 and 2031 (%)
Figure 18. Germany: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 19. United Kingdom: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 20. France: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 21. Italy: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 22. Russia: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 23. Rest of Europe: Europe Transcritical CO2 Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 24. Company Positioning & Concentration


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