Seasonable weather, data centers, and heat pumps boosted the global compressor market in 2023 and its maintained it in growth.
The fast growth of fifth-generation (5G) mobile base station centers, data center air conditioners, and district cooling applications has created new possibilities for compressor manufacturers. Demand for food, pharmaceuticals, and vaccines that require cold chains is significant. Major refrigeration equipment markets, such as Europe, the United States, and China, have expanded considerably.
 

The global economy has overcome challenges and bounced back in 2023, with the supply chain and shipment returning to normal. However, inflation has soared globally, and prices have risen rapidly. The air conditioning market has grown unevenly due to frequent extreme weather events.

The world economy shrank in 2022, inflation worsened, and energy prices skyrocketed. Applied equipment, which is used for commercial purposes, showed a dull market performance. The market outlook for 2023 was gloomy due to the economic slowdown and the exchange rate volatility.
According to JARN’s database, worldwide chiller demand in 2022 approached US$ 8.84 billion, up 0.2% compared with 2021. The major chiller markets are China, Europe, and the United States, accounting for 31.7, 19.7, and 17.2% of the world market, respectively.
Global demand for air-side equipment increased by 5.2% from 2021 to US$ 8.20 billion.

The pandemic has been contained globally. However, it has caused disruptions to global trade, travel, and supply chains. In 2022, the Ukrainian crisis triggered a global energy and food crisis, and raw material prices skyrocketed. The global economic recession has become a significant obstacle to the development of the cold chain industry.
In 2022, global commercial refrigeration equipment market suffered an ongoing slump due to the impact of inflation. However, there were some bright spots: several sectors that performed well in 2022 have boosted the demand for industrial refrigeration equipment. This includes healthcare, information technology (IT), e-commerce, renewable energy, and electric vehicles (EVs). These sectors relied on digital services, online shopping, clean energy, and low-emission transportation during the pandemic, enabling the industrial refrigeration equipment market to achieve double-digit growth. The transportation refrigeration equipment market also performed well.