The global Compressor Market is estimated to be valued at US$ 42.6 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Compressors are machines that are used to compress or densify gases or vapors by reducing the volume and increasing the pressure. Positive displacement compressors are used widely in industrial applications such as refrigeration, air conditioning, oil & gas production, food & beverage, and automotive.
Market key trends:
One of the key trends driving the growth of the compressor market is the increasing adoption of positive displacement compressors across various end-use industries due to their advantages over dynamic compressors such as high reliability, simple design, ability to handle wide range of flow rates and pressures. Positive displacement compressors can operate at lower speeds and higher pressures compared to dynamic compressors. They can efficiently compress gases and vapors of variable density and viscosity. Their self-regulating feature also makes them suitable for applications with fluctuating air demand.
Segment Analysis
The global compressor market is segmented based on technology, type, stage, portability, end-use industry and geography. Based on technology, the market is divided into dynamic displacement and centrifugal compressors. Among these, centrifugal compressors account for the largest market share owing to their high efficiency and low maintenance costs. They are commonly used in industries such as oil & gas, power generation, petrochemicals, and metals & mining which require large capacity and continuous operation.
Key Takeaways
The Global Compressor Market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing industrialization and investments in infrastructure development across emerging economies.
The global compressor market size for 2023 is US$ 42.6 Bn. Asia Pacific holds the major share in the global market, accounting for more than 40% of the total market share in 2023, due to rapid industrialization and growing manufacturing sector in the region. China and India are the fastest growing markets in the region.
Key players operating in the compressor market are Aerzener Maschinenfabrik GmbH, Ariel Corporation, Atlas Copco AB, Baker Hughes Co., Bauer Compressors Inc., Burckhardt Compression Holding AG, Ebara Corporation, Ingersoll Rand INC, Siemens Energy AG, Sulzer AG. Major players are focusing on new product launches, partnerships and expansions to gain competitive advantage and increase their market share in the emerging economies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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