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.

A review of global air conditioner market trends in 2022 demonstrates that demand in the major markets such as those in China, Japan, and Europe slightly decreased compared with 2021 due to the negative impacts exerted by the prolonged pandemic as well as Russia’s invasion of Ukraine, while India and Southeast Asia showed significant growth in demand due to economic recovery. As a result, the overall global air conditioner market showed a slight decrease in 2022.

JARN’s database shows that in 2022, the global variable refrigerant flow (VRF) market remained at a level similar to that in 2021, amounting to some 1.9 million units based on the number of outdoor units. This occurred mainly because of the prolonged COVID-19 pandemic and the Russia-Ukraine war.

Negatively affected by the pandemic and unfavorable weather, the global room air conditioner (RAC) market, which is struggling to recover, declined slightly year on year, while the packaged air conditioner (PAC) market showed low single-digit growth. Global demand for air conditioning compressors in 2022 also showed the same trend.
JARN conducted a global survey on all types of compressors, including rotary, scroll, screw, reciprocating, and centrifugal, and found that each significant market fluctuates greatly depending on the type and application of the compressor.

The global economy in 2022 was affected by the Ukraine crisis, leading to a surge in inflation. Major countries’ central banks raised interest rates, the yen was at an all-time low, the dollar was strengthening, and the economy was in turmoil. Soaring commodity prices and energy prices have shaken consumer confidence. Pandemic outbreaks in some areas have disrupted the global supply chain. The positive impact of the stay-at-home trend on the air conditioning market is gradually weakening.