Reciprocating air compressor market size will surpass 6.4 billion dollar by 2024, according to a report by Global Market Insights. “High growth in the household appliances market – the research explains – will drive reciprocating air compressor demand as they are extensively used in refrigeration and air-conditioning systems. Asia Pacific is the most significant household appliances market experiencing high growth and increased production. Improving economic conditions, high GDP growth rates, increasing disposable income and rapid urbanization are fueling the refrigerator and air-conditioner demand in Asia Pacific, mostly in China and India. The global air-conditioner market size in 2017 was more than 110 million units and is likely to boost the reciprocating air compressor demand as they are extensively used in refrigeration and air-conditioning systems. The global refrigerator and freezer production was around 200 million units in 2017 and the industry is likely to grow at a CAGR above 2.5% from 2017 to 2024”.
