Global Compressor Market to Exhibit Growth with a CAGR of +3.7% from 2024 to 2030 - News and Statistics - IndexBox

Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform.

IndexBox has just published a new report: World - Compressors For Refrigeration Equipment - Market Analysis, Forecast, Size, Trends And Insights.

The global market for compressors for refrigeration equipment is expected to experience significant growth over the next six years, with a forecasted CAGR of +3.7% in volume and +5.1% in value from 2024 to 2030. This growth is driven by rising demand for compressors worldwide, indicating a positive outlook for the industry.

Driven by increasing demand for compressors for refrigeration equipment worldwide, the market is expected to continue an upward consumption trend over the next six years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.7% for the period from 2024 to 2030, which is projected to bring the market volume to 404M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.1% for the period from 2024 to 2030, which is projected to bring the market value to $33.7B (in nominal wholesale prices) by the end of 2030.

In 2024, consumption of compressors for refrigeration equipment decreased by -4.9% to 326M units, falling for the second consecutive year after eight years of growth. In general, the total consumption indicated a notable increase from 2013 to 2024: its volume increased at an average annual rate of +2.7% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -23.4% against 2022 indices. As a result, consumption attained the peak volume of 425M units. From 2023 to 2024, the growth of the global consumption remained at a lower figure.

The global refrigerator compressor market revenue declined to $24.9B in 2024, which is down by -4.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.5% from 2013 to 2024; however, the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. Over the period under review, the global market hit record highs at $28.5B in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

The countries with the highest volumes of consumption in 2024 were China (53M units), India (32M units) and the United States (30M units), together accounting for 35% of global consumption. Mexico, Turkey, Brazil, Japan, Indonesia, Malaysia and Italy lagged somewhat behind, together accounting for a further 30%.

From 2013 to 2024, the biggest increases were recorded for Malaysia (with a CAGR of +22.5%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest refrigerator compressor markets worldwide were the United States ($3.4B), China ($2.1B) and Japan ($1.8B), with a combined 30% share of the global market. India, Mexico, Brazil, Turkey, Malaysia, Indonesia and Italy lagged somewhat behind, together comprising a further 22%.

Among the main consuming countries, Malaysia, with a CAGR of +20.6%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of refrigerator compressor per capita consumption in 2024 were Malaysia (356 units per 1000 persons), Turkey (190 units per 1000 persons) and Italy (180 units per 1000 persons).

From 2013 to 2024, the biggest increases were recorded for Malaysia (with a CAGR of +20.9%), while consumption for the other global leaders experienced more modest paces of growth.

In 2024, approx. 343M units of compressors for refrigeration equipment were produced worldwide; with a decrease of -2.3% on 2023 figures. The total output volume increased at an average annual rate of +2.6% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when the production volume increased by 16% against the previous year. As a result, production reached the peak volume of 368M units. From 2022 to 2024, global production growth remained at a lower figure.

In value terms, refrigerator compressor production contracted slightly to $27.2B in 2024 estimated in export price. The total output value increased at an average annual rate of +1.2% from 2013 to 2024; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 12% against the previous year. Over the period under review, global production hit record highs at $28.7B in 2021; however, from 2022 to 2024, production failed to regain momentum.

China (209M units) remains the largest refrigerator compressor producing country worldwide, comprising approx. 61% of total volume. Moreover, refrigerator compressor production in China exceeded the figures recorded by the second-largest producer, Japan (22M units), tenfold. The third position in this ranking was held by India (20M units), with a 5.9% share.

From 2013 to 2024, the average annual growth rate of volume in China totaled +7.0%. In the other countries, the average annual rates were as follows: Japan (+1.2% per year) and India (+2.0% per year).

In 2024, the amount of compressors for refrigeration equipment imported worldwide totaled 226M units, rising by 3.8% against 2023. Overall, total imports indicated a moderate expansion from 2013 to 2024: its volume increased at an average annual rate of +2.5% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports decreased by -31.0% against 2022 indices. The growth pace was the most rapid in 2022 with an increase of 38% against the previous year. As a result, imports attained the peak of 328M units. From 2023 to 2024, the growth of global imports remained at a lower figure.

In value terms, refrigerator compressor imports shrank to $15.7B in 2024. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 23% against the previous year. Over the period under review, global imports hit record highs at $16.4B in 2022; however, from 2023 to 2024, imports remained at a lower figure.

In 2024, Mexico (30M units), the United States (24M units), Turkey (17M units), India (14M units), Thailand (14M units), Brazil (13M units), Italy (11M units), South Korea (7.3M units) and Germany (6.4M units) represented the major importer of compressors for refrigeration equipment in the world, comprising 60% of total import. Malaysia (6.2M units) took a little share of total imports.

From 2013 to 2024, the biggest increases were recorded for India (with a CAGR of +13.6%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($2.8B), Mexico ($1.7B) and Germany ($767M) constituted the countries with the highest levels of imports in 2024, with a combined 34% share of global imports. Turkey, Brazil, South Korea, Thailand, Italy, India and Malaysia lagged somewhat behind, together comprising a further 21%.

India, with a CAGR of +9.0%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

The average refrigerator compressor import price stood at $69 per unit in 2024, waning by -5.1% against the previous year. Over the period under review, the import price continues to indicate a slight shrinkage. The pace of growth was the most pronounced in 2023 an increase of 46% against the previous year. Over the period under review, average import prices reached the peak figure at $83 per unit in 2013; however, from 2014 to 2024, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Germany ($119 per unit), while Malaysia ($9.2 per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the United States (+3.0%), while the other global leaders experienced a decline in the import price figures.

In 2024, shipments abroad of compressors for refrigeration equipment was finally on the rise to reach 243M units after two years of decline. The total export volume increased at an average annual rate of +2.4% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 25%. As a result, the exports reached the peak of 252M units. From 2022 to 2024, the growth of the global exports remained at a lower figure.

In value terms, refrigerator compressor exports contracted modestly to $16.4B in 2024. The total export value increased at an average annual rate of +1.1% over the period from 2013 to 2024; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 24% against the previous year. The global exports peaked at $16.6B in 2022; however, from 2023 to 2024, the exports stood at a somewhat lower figure.

China prevails in exports structure, accounting for 161M units, which was near 66% of total exports in 2024. It was distantly followed by Japan (12M units), South Korea (12M units) and Mexico (12M units), together generating a 14% share of total exports. The following exporters - Brazil (5.8M units), the United States (5.4M units) and Thailand (5.1M units) - each recorded a 6.7% share of total exports.

China was also the fastest-growing in terms of the compressors for refrigeration equipment exports, with a CAGR of +9.2% from 2013 to 2024. At the same time, Mexico (+6.4%) displayed positive paces of growth. Japan experienced a relatively flat trend pattern. By contrast, South Korea (-2.0%), the United States (-2.8%), Brazil (-6.3%) and Thailand (-8.8%) illustrated a downward trend over the same period. China (+34 p.p.) and Mexico (+1.6 p.p.) significantly strengthened its position in terms of the global exports, while Japan, the United States, South Korea, Brazil and Thailand saw its share reduced by -1.7%, -1.7%, -3%, -3.9% and -5.4% from 2013 to 2024, respectively.

In value terms, China ($5.8B) remains the largest refrigerator compressor supplier worldwide, comprising 35% of global exports. The second position in the ranking was held by Japan ($1.8B), with an 11% share of global exports. It was followed by the United States, with an 8% share.

From 2013 to 2024, the average annual growth rate of value in China amounted to +5.9%. In the other countries, the average annual rates were as follows: Japan (+0.9% per year) and the United States (-0.1% per year).

The average refrigerator compressor export price stood at $67 per unit in 2024, falling by -8.1% against the previous year. Overall, the export price saw a slight reduction. The pace of growth appeared the most rapid in 2022 when the average export price increased by 8%. The global export price peaked at $78 per unit in 2013; however, from 2014 to 2024, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($240 per unit), while China ($36 per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Thailand (+5.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the global refrigerator compressor market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

+ the largest producing countries

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

Making Data-Driven Decisions to Grow Your Business

A Quick Overview of Market Performance

Understanding the Current State of The Market and Its Prospects

Finding New Products to Diversify Your Business

Choosing the Best Countries to Establish Your Sustainable Supply Chain

Choosing the Best Countries to Boost Your Exports

The Latest Trends and Insights into The Industry

The Largest Importers on The Market and How They Succeed

The Largest Exporters on The Market and How They Succeed

The Largest Producers on The Market and Their Profiles

The Largest Markets And Their Profiles