According to Future Market Insights, the global air conditioning compressor market is forecast to be estimated US$25,941.3 million in 2022 and continue to grow at 5.0% CAGR between 2022 and 2032. Overall air conditioning compressor sales are projected at an overall rating of U.S$ 42,413.6 Mn until 2032.
Air conditioning compressor sales are increasing with the development of the world infrastructure sector. The GDP of the entire world depends heavily on infrastructure. Due to the significant contribution of emerging and developing countries to global economic growth, the demand for air conditioning compressors is expected to increase dramatically in the coming decade.
Air conditioning compressors find application in homes, workplaces, hospitals, entertainment venues, automobiles and other commercial and industrial buildings. Many people in developing countries regard air conditioning as a luxury product in the home.
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Due to reasons such as rising population, falling AC prices, rising disposable income and changing consumer lifestyles, FMI forecasts a positive growth trajectory for the air conditioning compressor market over the forecast period.
Similarly, everywhere, especially in urban areas, there is an increasing need for air conditioning due to increased air pollution, high temperatures and humidity. Fluctuations in temperature prompt people to install cooling devices in their buildings. This will further boost sales of air conditioning compressors in the period under review.
Important insights from the market study
- Based on type, rotational types are forecast to hold the highest share of 56.8% in volume in 2022.
- By refrigerant type, the R290 refrigerant segment is expected to grow at a CAGR of 4.5% over the forecast period.
- As per the application, the household sector is expected to lead the air conditioning compressor market creating an absolute $1,069.0 million opportunity over the forecast period.
- By 2032, East Asia is expected to have the largest share of the global market for air conditioning compressors at around 33.1%.
- China’s air conditioning compressor market is expected to grow by 4.9% CAGR during the forecast period,
- The US A/C compressor market is likely to create an additional near US$ opportunity 2,042.5 million until 2032.
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“Increasing application in housing, industry, traffic, and commercially Sectors is a key force behind the expansion of the global air conditioning compressor market. Also, advances in compressor technology are likely to strengthen the market over the next ten years”, says an analyst from Future Market Insights.
Major industry players include Emerson Electric Co., Daikin Industries Ltd., LG Electronics, The Danfoss Group, Tecumseh Products Company LLC, Panasonic Corporation, GEA Group AG, Johnson Controls–Hitachi Air Conditioning, BITZER SE, Midea Group (GMCC ) , and Officine Mario Dorin SpA and others.
These manufacturers focus on expanding their regional market and are involved in marking their direct presence in local markets by expanding their dealer network. They also work with local merchants to deliver their products worldwide.
More insights into Air Conditioning Compressors market:
The research report analyzes the market demand trends for air conditioning compressors. The global market is based on the impact of COVID-19, macroeconomic factors, market trends and market background. According to Future Market Insights research scope, the Air Conditioning Compressor report is studied and analyzed in the following segments such as Type, Refrigerant Type Application, and Region. The Air Conditioning Compressor report gives us qualitative and quantitative information about the businesses.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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