International. The global refrigeration compressor market is expected to reach $21.8 billion by 2026, according to a new study by Reports and Data.
The growing demand for air conditioning and refrigerators in developing countries is an important factor in stimulating market demand. There has been a significant increase in air conditioning in developing economies, which in turn would lead to a high demand for compressors.
Companies in the market are making considerable investments in research and development to manufacture high-efficiency compressors that use variable speed technology. Research and development is also underway to manufacture compressors that produce little noise during operation.
The reciprocating compressors segment is projected to contribute the largest market share: US$4.68 billion in 2018 with a growth rate of 4.7% in the forecast period. This market dominance can be attributed to its wide application in residential systems. The increasing demand for air conditioners for domestic and commercial use is also expected to drive the growth of the market for this type of compressor.
The refrigerant compressor market in the Asia-Pacific region is forecast to experience the fastest growth, at a rate of 4.6% in the forecast period. Strong economic growth in India and China, leading to a large number of stores and retail outlets, will support the growth of the market. A growing level of disposable income among people in this region is driving the demand for compressors, although the high cost of next-generation compressors may hamper the market.
