BSRIA has just completed an update of the World Compressor study, which analyses sales of compressors worldwide for applications in Air Conditioning (AC), Heat Pumps (HP), and Refrigeration (REF). The study is composed of five separate regional reports: Americas, EMEA, India, China, and Rest of Asia. In the latter the data is segmented between Japan and the other Asian countries – South-East Asia, Oceania. This ambitious project uses as a basis the extensive knowledge and experience built over the years through research BSRIA carried out in all three application segments, worldwide. It provides insightful details on market sizes, trends and drivers to answer the information needs of all stakeholders.
The new study is aimed at updating the analysis for sales of compressors for the current year (2022), as well as extending the outlook for sales up to 2026. Forecasts are correlated with the extensive portfolio of studies published by BSRIA this year in the fields of AC, HP, and REF, as well as the latest macroeconomic analysis.
Sales experienced a significant decline in 2020, caused by the outbreak of Covid-19, but the global compressor market recovered forcefully in 2021 and was estimated at 502.1 million units in 2022 (3% growth), while value was shored up due to inflation, at USD 48.6 billion (15% growth). This includes compressors for air conditioning (207.3 million units), heat pumps (5.4 million), and refrigeration (289.4 million). This strong rebound has already placed the market above its pre-pandemic level. It was propelled in particular by rotary compressors in air conditioning applications.
Reciprocating compressors dominate the market in volume with an estimated 288.0 million units sold in 2022, as the use of small hermetic for household and light commercial appliances accounts for the bulk of sales. In second place come rotary compressors (197.0 million), which are sold mostly for AC applications and heat pumps and have been bolstered by the surge in sales of residential HVAC systems. Scroll are in the third position with 17 million units, this compressor type is being challenged by rotary in the lower capacities, but on the other hand they are gaining traction in larger capacity segments, as their performances increase.
Screw and centrifugal compressors, both standard and oil free, account for a much smaller share in number of units, yet they command together a sizeable market value of USD 3.3 billon thanks to their high selling prices. By 2026, the compressor market is expected to reach the total value of USD 52.5 billion, its highest performance ever, as applications in air conditioning, heat pumps and refrigeration will continue to expand.
In addition, drivers such as energy efficiency, the uptake of refrigerants with a lower environmental footprint, and the improvements in compressor capacities and performances are expected to push the value of the compressor market higher by leveraging sales growth.