North America Air Conditioning Compressor Parts Market to Grow at a CAGR of 4.9% to reach US$ 3.61 billion from 2022 to 2030

The North America air conditioning compressor parts market size was valued at US$ 2.45 billion in 2022 and is expected to reach US$ 3.61 billion by 2030; it is estimated to record a CAGR of 4.9% from 2022 to 2030.

North America Air Conditioning Compressor Parts Market Analyst Perspective:

The air conditioner industry is increasingly focused on developing energy-efficient compressors to reduce energy consumption and emissions. This is leading to a growing demand for compressors with higher energy efficiency ratings, such as scroll compressors. Therefore, many companies are investing in energy-efficient compressors. For instance, in recent years, Hitachi has focused on energy conservation and efficiency. Hitachi's oil-free scroll compressors, which create oil-free compressed air, minimize power usage. In addition, the new Hitachi screw compressor series includes an "air use point pressure prediction control" function that saves energy by lowering waste pressure. This control technology is standard in the Hitachi oil-flooded rotary screw compressor series models ranging from 22 to 100 kW, as well as the Hitachi oil-free rotary screw compressor series models ranging from 15 to 120 kW. Moreover, the increased demand for energy-efficient and dependable compressed air systems, as well as rising investment in infrastructure and manufacturing in the region, drives the growth of the North America industrial air compressor parts market.

North America Air Conditioning Compressor Parts Market Overview:

An air conditioning compressor helps to pump refrigerant through the air conditioning system. It's a crucial part of an air conditioning system as it enables heat pumps to work. The compressor works in the inside part of the condenser unit, and it is accountable for compressing refrigerant vapor. Air conditioning compressors consist of several important parts, including crankshaft, cylinder, motor, refrigerant pipe, rolling piston, and stator. The North America air conditioning compressor part market has been experiencing steady growth, driven by increasing demand for air conditioning systems worldwide. Factors such as rising temperatures, urbanization, and a growing middle class contribute to the market expansion. Additionally, advancements in technology and a focus on energy-efficient solutions are influencing the demand for newer compressor components. The market is expected to continue growing as the air conditioner industry evolves to meet environmental standards and consumer preferences.

As global climatic conditions continue to change dramatically, demand for energy-efficient equipment such as air conditioning compressors is expected to climb rapidly in the future. According to a NASA estimate, the global average temperature is anticipated to reach or exceed 1.5 degrees Celsius during the next few decades. This will continue to provide chances for growth for air conditioning compressor manufacturers and, eventually, will lead to increasing demand for air conditioning compressor parts in North America.

The North America air conditioning compressor parts market is segmented on the basis of compressor parts, AC system size, application, and geography. By compressor part, the market is divided into the crankshaft, cylinder, motor, refrigerant pipe, rolling piston, stator, and others. Based on AC system size, the North America air conditioning compressor parts market is segmented into Up To 2 Tons, Above 2 Tons–Up To 4 Tons, and Above 4 Tons–Up To 6 Tons. Based on application, the North America air conditioning compressor parts market is segmented into Aftermarket and OEM.

Carrier AG, Copeland LP, Elektromaschinen und Antriebe AG, Honeywell International, Huayi Group, Mayekawa Mfg Co Ltd, Mitsubishi Electric Corporation, Mueller Streamline Co, Parker Hannifin Corp, and Quality Coils Inc are among the key North America air conditioning compressor parts market players profiled in this market study. Several other important players were also analyzed during this market research to get a holistic view of the global market and its ecosystem.

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North America Air Conditioning Compressor Parts Market: Strategic Insights

Market Size Value in	US$ 2.45 billion in 2022
Market Size Value by	US$ 3.61 billion by 2030
Growth rate	CAGR of 4.9% from 2022 to 2030
Forecast Period	2022-2030
Base Year	2022

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North America Air conditioning compressor parts Market Driver:

Increasing Adoption of Smart Compressors to Fuel Air Conditioning Compressor Parts Market Growth

Smart compressors are equipped with sensors and microcontrollers that allow them to monitor and optimize their performance. This results in improved energy efficiency, reduced wear and tear, and longer lifespans. Smart air conditioning compressors can help to improve energy efficiency as they can adjust their speed and operation in real-time to meet the cooling needs of the home rather than running at full speed all the time. They can be controlled remotely using a smartphone app or other device. This makes it easy to turn on and off the air conditioning, adjust the temperature, and set schedules. It also helps to improve comfort by maintaining a consistent temperature throughout the home. They can also be used to create customized cooling zones so that different rooms in the home can be cooled to different temperatures. In addition, the growing popularity of home automation is also driving the adoption of smart air conditioning compressors. Smart air conditioning compressors can be integrated with other smart home devices, such as thermostats, motion sensors, and smart speakers. This allows users to create automated rules that control the air conditioning based on their preferences and needs. Therefore, the adoption of smart air conditioning compressors is increasing rapidly, driven by energy efficiency, convenience, comfort, and cost savings. As smart air conditioning compressors become more affordable and widely available, more and more homeowners are expected to adopt this technology. This will fuel the growth of the North America air conditioning compressor parts market.

As global climatic conditions continue to change drastically, demand for energy-efficient equipment such as air conditioning compressors is expected to climb rapidly in the coming years. According to a report released by NASA, the global average temperature is expected to approach or exceed 1.5 degrees Celsius during the next several decades. This will continue to provide chances for growth for air conditioning compressor manufacturers. Furthermore, the data center business is rapidly expanding both domestically and globally. A high-efficiency cooling range solution is required to reduce the data center's environmental effect and maximize equipment performance.

The combined land and ocean temperatures have also risen at an average rate of 0.14 degrees Fahrenheit (0.08 degrees Celsius) per decade since 1880, according to NOAA's 2021 Annual Climate Report. However, the average rate of increase since 1981 has been more than twice as fast: 0.32 °F (0.18 °C) per decade. Thus, the increasing global average temperature is fueling the air conditioning demand, which will eventually drive the demand for compressors and their parts in the North America air conditioning compressor parts market.

North America Air Conditioning Compressor Parts Market Segmental Analysis:

The North America air conditioning compressor parts market is divided by compressor parts into crankshaft, cylinder, motor, refrigerant pipe, rolling piston, stator, and others. North America air conditioning compressor parts market by AC System Size is divided into Up To 2 Tons, Above 2 Tons–Up To 4 Tons, and Above 4 Tons–Up To 6 Tons. The North America air conditioning compressor parts market by application is bifurcated into aftermarket and OEM. Based on countries, the North America air conditioning compressor parts market is divided into the US, Canada, and Mexico.

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North America Air Conditioning Compressor Parts Market Regional Analysis:

The North America air conditioning compressor parts market is experiencing significant growth driven by several reasons, including the rising demand for air conditioning owing to climate change and extreme weather events. This is particularly true in North America, where the population is growing and urbanization is increasing. The residential sector is expected to be the largest segment of the North America air conditioning compressor parts market. This is due to the growing demand for air conditioning in homes, as well as the increasing adoption of energy-efficient compressors. Moreover, as energy costs continue to rise, homeowners and businesses are increasingly looking for air conditioning systems that are more energy-efficient. This is leading to a growing demand for compressors that use less energy, such as variable-speed compressors and scroll compressors.

Many companies are taking initiatives to stay competitive in the market. For instance, Hitachi Global Air Power US, LLC, one of the leading companies in innovative compressed air solutions, announced the acquisition of General Air Compressors North in Modesto, California. Air compressors, air treatment products, accessories, and related equipment are sold and serviced by General Air Compressors North. Thus, the increase in the usage of air conditioning compressors will raise the demand for its parts. This will eventually propel the air conditioning compressor parts market growth.

North America Air Conditioning Compressor Parts Market Key Player Analysis:

Carrier Global Corp, Copeland LP, Honeywell International Inc., Mitsubishi Electric Corp, Mueller Streamline Co., e+a Elektromaschinen und Antriebse AG, Huayi Compressor Barcelona SL, Mayekawa Manufacturing Co Ltd., and Parker Hannifin Corp are among the players operating in the Air conditioning compressor parts market. Several other major companies have been analyzed during this research study to get a holistic view of the Air conditioning compressor parts market ecosystem.

The North America Air conditioning compressor parts market players highly adopt inorganic and organic strategies. Various other companies are introducing new product offerings to contribute to the Air conditioning compressor parts market size. Several other important Air conditioning compressor parts market players were also analyzed during this market research to get a holistic view of the global Air conditioning compressor parts market and its ecosystem. The leading Air conditioning compressor parts system market players focus on feature upgrades, expansion and diversification, collaboration, and acquisition strategies, which enable them to grab new business opportunities.