Refrigeration and AC compressors market to exceed US$ 41 bn by 2029

The need for air conditioning compressors will increase dramatically during the forthcoming decade due to emerging economies’ contribution to global economic growth.

The refrigeration and air conditioning compressors market is set to surpass a valuation of us$ 41.2 bn by 2029. Air conditioning compressor sales are increasing as the world’s infrastructure sector develops. The GDP of the world as a whole depends heavily on infrastructure.

Air conditioning compressors find application in homes, workplaces, hospitals, entertainment venues, automobiles, and other commercial and industrial buildings. According to Future Market Insights, the global air conditioning compressor market is expected to be valued at US$ 25,941.3 Mn in 2022 and grow at 5 percent CAGR between 2022 and 2032. Overall sales of air conditioning compressors are projected to total a valuation of US$ 42,413.6 Mn by 2032.

It is expected that the need for air conditioning compressors will increase during the forthcoming decade due to the significant contribution of emerging and developing economies to global economic growth. Because of reasons like rising population, falling AC prices, increasing disposable income, and changing consumer lifestyles, a positive growth trajectory for the air conditioning compressor market has been predicted for the projection period. Hence, there is an increasing need for air conditioners everywhere, particularly in urban areas, due to increased air pollution, high temperatures, and humidity levels. Fluctuation in temperature is prompting people to install cooling units in their buildings. This will continue to boost the sales of air conditioning compressors during the period.

Key indicators
Based on type, rotary type is projected to hold the highest share of 56.8 percent in volume in 2022. By refrigerant type, the R290 refrigerant segment is expected to grow at 4.5 percent CAGR . By application, the residential sector is projected to lead the Air conditioning compressor market, creating an absolute $ opportunity worth US$ 1,069.0 Mn.

By 2032, East Asia is expected to have the largest share of around 33.1 percent in the global air conditioning compressor market. China’s air conditioning compressor market is projected to grow at 4.9 percent CAGR during the forecast period, The U.S. air conditioning compressor market will likely create an incremental opportunity of nearly US$ 2,042.5 Mn by 2032.