IIR member news: A new BSRIA study on the global compressor market
A recent study by BSRIA shows that sales of refrigeration compressors in 2022 are expected to reach 502 million units with a value of USD 48.6 billion, up 15% year-on-year.
BSRIA, corporate member and partner of the IIR in the field of economic data, has just published the 2022 update of its “World Compressor” study. It shows that global sales of refrigeration compressors experienced a significant decline in 2020, caused by the outbreak of Covid-19, but the market recovered forcefully in 2021 and was estimated at 502.1 million units in 2022 (3% growth compared to 2021), while economic 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 other refrigeration applications (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 17.0 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.
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