May 22, 2024

Compressor Market Propelled By Growing Demand For HVAC Application

Compressors play a crucial role in HVAC (heating, ventilation, and air conditioning) systems by supplying compressed refrigerant for cooling or heating purposes. The growing demand for HVAC systems across residential and commercial sectors is one of the major factors driving the global compressor market. HVAC systems find widespread applications in buildings for indoor temperature control and maintaining comfortable indoor temperatures. Rapid urbanization, rising living standards, and increasing construction of commercial infrastructure like malls, hotels, hospitals etc. have bolstered the demand for HVAC systems. Compressors are indispensable components in most HVAC appliances including air conditioners, chillers, refrigerators, and heat pumps. The global compressor market is estimated to be valued at US$ 49.08 Bn in 2023 and is expected to exhibit a CAGR of 16 % over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growing trend towards adoption of variable speed compressors across HVAC applications has been favoring the compressor market growth. Variable speed compressors allow modulating compressor speeds according to heating or cooling demand as opposed to conventional constant speed compressors. They offer various advantages such as improved part-load efficiency, better temperature and humidity control, reduced noise levels, and longer equipment life. Shifting preferences towards green buildings along with stringent government regulations regarding energy efficiency are propelling the demand for variable speed compressors in commercial HVAC systems. Major HVAC equipment manufacturers have been launching advanced variable speed compressor models to gain momentum in the market.

SWOT Analysis
Strength: The compressor market has opportunities for growth due to rising industrial automation. Advanced technologies are making compressors more efficient and reliable.
Weakness: High initial investment costs can be prohibitive for some end users. Dependence on a few raw material suppliers can impact prices.
Opportunity: Expanding applications in healthcare, food & beverage, and construction industries will drive new opportunities. Growth in clean energy solutions utilizing compressed air also offers potential.
Threats: Economic slowdowns can negatively impact demand from key end-use industries. Strict environmental regulations pose compliance challenges.

Key Takeaways
The global compressor market analysis is expected to witness high growth over the forecast period.

Regional analysis

reveals that Asia Pacific currently dominates the market and is expected to maintain its leading position through 2030 due to rising industrialization and manufacturing activities in countries such as China and India.

Key players

operating in the compressor market are SES-Imagotag, Pricer AB, Displaydata, Opticon Sensors Europe B.V, Samsung Electro-Mechanics, NZ Electronic Shelf Labelling, M2Communication, Diebold Nixdorf, Altierre, Teraoka Seiko, Advantech US, E Ink, Wuxi Wei Feng Technology, and Cicor.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it