CO2 Refrigeration Compressor Market

The global CO2 refrigeration compressors market was valued at USD 253.67 million in 2022 and is expected to reach a value of USD 338.57 million by 2030 with a CAGR of 3.71%. The growth of the global CO2 refrigeration compressors market is primarily driven by a growing preference for CO2 as a refrigerant over other refrigerants, and the growth of global food & beverage, food retail and food service industries.

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. Some European governments have prohibited the use of HCFCs in refrigeration and HVAC systems. Meanwhile, they advise phasing out HCFCs in other places. 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. Also, 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. Commercial refrigerators are commonly used for food storage and retail purposes. Global use of processed and frozen foods is increasing. The food retail sector is expanding globally as more supermarkets and hypermarkets are developed. The demand for frozen meals, packaged foods, and processed foods is steadily expanding. These are some of the primary factors projected to drive the global CO2 refrigeration compressors market.

Furthermore, the drawbacks of CO2 as a refrigerant system include its low critical temperature of refrigerant up to 31.1 °C and high critical pressure of up to 7.37 MPa. The most crucial issue while charging a CO2 refrigeration system is the refrigerant's triple point pressure and avoiding converting the charge to dry ice. CO2 leaks, like HFC leaks, must be detected and mitigated as soon as they occur. Thus, the limitations associated with CO2 refrigeration compressors might hamper the market growth in the forecast period.

As per Wantstats analysis, the global CO2 refrigeration compressors market has been segmented based on type, application, and region. Based on type, the global market has been divided into rolling rotor compressors, sliding vane compressors, screw compressors, and others. The screw compressor segment dominated the global market, accounting for 52.16% of the share in 2022. It was followed by the other segment estimated to reach USD 125.48 million by 2030 growing at a CAGR of 3.77%.

Based on application, the global market has been divided into commercial, industrial, and others. The commercial segment dominated the global market, accounting for 43.81% of the share in 2022. It was followed by the industrial segment estimated to reach USD 135.50 million by 2030 growing at a CAGR of 3.98%.

The Europe market held a share of 41.51% of the global market owing to the easy availability of raw materials as well as increasing demand from various end-use applications. The growing environmental concerns amongst the end-users and several government initiatives towards finding a sustainable solution will boost the market growth in the forecast period. Asia-Pacific accounted for the second largest with a market share of 26.51% and valued at USD 67.24 million growing at a CAGR of 3.46%. The growth in the region can be attributed to the growth in the food retails and services businesses due to changing customer lifestyles and urbanization in the developing nations.