The China compressor market is expected to grow to $15.7 billion by 2024 at a 3.5% CAGR during the forecast period (2019–2024) from the $12.7 billion it amassed in 2018. A compressor is a mechanical device that is used to increase the pressure of a matter, mostly air, by decreasing its volume.
Energy-efficient compressors are the trend in the Chinese compressor market. Being energy-efficient can make a huge difference in a country’s economy. Other than lowering the energy-related expenditure, it can be helpful for the environment by curtailing the emission of greenhouse gases.
They are applied in many areas, such as automotive, oil & gas, electronics, air conditioning and refrigeration, and food processing. The growth in the construction and automotive industries is a key driver of the market.
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The Chinese compressor market is witnessing growth due the increasing urbanization and construction activities in the country. This can be linked to the rising population, which is creating a huge demand for built structures. In 2018, a revenue of $810.0 billion was generated by the Chinese construction sector.
To take care of the rising energy consumption and resulting pollution, the Chinese government is focusing on reducing greenhouse gas emissions and increase energy savings.
To achieve this, the national energy efficiency program was launched to create awareness regarding green lifestyle, by adopting energy-efficient compressors among other measures.
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With the growing construction activities, such as building of basic homes as well as luxury projects, the requirement for heating, ventilation, air conditioning, and refrigeration (HVAC-R) systems is also witnessing an increase, which is ultimately expected to add to the demand for compressors.