The global air conditioning and refrigeration compressors market was valued at US$ 20.63 Bn in 2018 and is expected to expand at a CAGR of 3.7% throughout the forecast period from 2019 to 2027. Air conditioning and refrigeration compressors are a key component of any air conditioning and refrigeration system, from a small mini-split air conditioner to the most extensive commercial system. The HVAC systems are widely gaining popularity in industries such as food and transportation and are primarily used by both commercial and residential sectors across the globe. The propulsion in demand for air conditioning and refrigeration compressors market can also be associated with the depleting ozone layer, increased energy usage, and an inclination of people towards comfort is creating the demand for energy-efficient products and products which are less harmful to the environment. In addition, governments are taking strict actions, and new regulations are being formed to protect the environment, which has made the manufacturers focus on developing new and efficient products. Thus, driving the growth of the air conditioning and refrigeration compressors market.
Market Synopsis
Residential Segment to Dominate; Commercial Segment to Register Maximum Growth throughout the Forecast Period
The global air conditioning and refrigeration compressors market is categorized into residential, commercial, industrial, healthcare and transportation. The residential segment dominates the application segment. This is due to the widespread adoption of air conditioners and refrigerators worldwide, especially in countries such as the U.S., China, Japan, and India. In contrast, the Commercial segment is set to register the fastest growth. This is due to growing numbers of supermarkets and hypermarkets across the globe, and the requirements of HVAC systems for temperature controlling and air cooling are bolstering the growth of air conditioning and refrigeration compressors.
North America Dominates; the Asia Pacific Touted to Register Significant Growth during the Forecast Period
North America accounts for the global market share in the air conditioning and refrigeration compressors market. The booming commercial sectors and surge in the number of cold storage facilities are propelling the demand for advanced refrigeration and air conditioning systems. This, in turn, is creating lucrative opportunities for market players and driving the growth of the market. The Asia Pacific closely follows North America. The Asia Pacific region is set to register maximum growth throughout the forecast period. This is due to the presence of a large number of manufacturers in the region, increasing consumer awareness of comfort and environmental safety, among others. According to a report published by ‘Japan Refrigeration and Air Conditioning Association, the demand for air conditioners in China accounts for almost 40% of world demand, followed by Asia (excluding Japan and China) and North America. Thus, driving the growth of the air conditioning and refrigeration compressors market.
Some of the leading manufacturers profiled in the study are 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.
Historical & Forecast Period
This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The air conditioning and refrigeration compressors market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global air conditioning and refrigeration compressors market based on type, application, cooling capacity, and geography.
Frequently Asked Questions
The market for Air Conditioning And Refrigeration Compressors is expected to reach US$ XX Mn in 2027.
The Air Conditioning And Refrigeration Compressors market is expected to see significant CAGR growth over the coming years, at 3.7%.
The report is forecasted from 2019-2027.
The base year of this report is 2021.
Panasonic, LG, Daikin, Mitsubishi Heavy Industries, Atlas Copco, Embraco, Highly, Samsung, Emerson Electric Co., The Danfoss Group are some of the major players in the global market.
