Global Air Conditioning And Refrigeration Compressors Market To Expand At A 3.7% CAGR Between 2019 And 2027

According to a new market research report published by Credence Research, “Air Conditioning and Refrigeration Compressors Market (by Type (Reciprocating Compressors, Screw Compressors, Rotary Compressors, Centrifugal Compressors, Scroll Compressors), by Application (Residential, Commercial, Industrial, Healthcare, Transportation), by Cooling Capacity (0 to 30 kW, 30 to 300 kW, 300 to 500 kW, 500 to 1000 kW, Above 1000 kW), by Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global air conditioning and refrigeration compressors market is valued at US$ 20.63 Bn in 2018 and is expected to expand at a CAGR of 3.7% during the forecast period from 2019 to 2027.

Market Insights

The rising demand for HVAC systems across the globe is increasing the consumption of air conditioning and refrigeration compressors, thereby proliferating the market growth. A combination of factors including rising urbanization, increased purchasing power and the standard of living of the consumers are some of the major factors driving the market growth. In addition, rising focus towards an emission free environment and strict government regulations is emphasizing the manufacturers to develop products that adhere to the set standards. As the global warming is intensifying, the demand for air conditioning and refrigeration is expanding simultaneously. This, in turn is further acting as a driver for market growth.

Based on type, air conditioning and refrigeration compressors market is dominated by reciprocating compressors segment. Due to mounting demand for air conditioners and refrigerators across households as well as industries, the reciprocating compressors segment growth is to remain strong throughout the forecast period. The reciprocating compressors are mostly used for air conditioning. According to a report published by, ‘International Energy Agency’ the demand for air conditioners is expected to have triple growth from 1.6 Bn today to 5.6 Bn by 2050, thereby acting as a driving factor for the reciprocating compressors as they are widely used in air conditioners. Thus the segment is estimated to retain its dominant position throughout the forecast period.

Based on geography, air conditioning and refrigeration compressors market is dominated by North America. In the U.S., 90% of households have air conditioners, thus driving the demand for air conditioning compressors in the North America region. In contrast, North America region is closely followed by Asia Pacific. The Asia Pacific region is estimated to be the fastest growing region during the forecast period. This growth can be associated with the presence of large no of manufacturers in the region. China alone accounts for almost 50% share of market revenue in the air conditioning and refrigeration compressors market. In addition, countries such as Japan, India and Indonesia among others having a hot climate, is propelling the need for HVAC systems, thus bolstering the growth of air conditioning and refrigeration compressors market.

Some of the leading manufacturers profiled in the study include Guangdong Meizhi Compressor Co., Ltd. (GMCC), Zhuhai Landa Compressor (GREE), Rechi Precision Co., Ltd., Panasonic, LG, Daikin, Mitsubishi Heavy Industries, Atlas Copco, Embraco, Highly, Samsung, Emerson Electric Co., The Danfoss Group, Fusheng Co., Tecumseh among others.

 

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