Propelled by Rising Infrastructure Investment in Emerging Economies, The global Compressor Market is estimated to be valued at US$ 42.6 Bn in 2023
Paragraph: Compressors are mechanical devices that are used to compress air, nitrogen or other gases. They are widely used across industries such as oil & gas, construction, mining, and others. Compressors find applications in pipelines for gas transportation, aircrafts, refrigeration units, operation of machinery tools, and more. The growing need for compressed air across industries along with rising infrastructure investment in emerging countries has accelerated the demand for compressors. 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 key trends:
Rising infrastructure investment in emerging economies such as China, India, Brazil and others have augmented the demand for compressors. These countries are witnessing significant investment in industries such as oil & gas, mining, construction and others which require compressors for various applications. This has accelerated the market growth of compressors across emerging regions in recent years. For instance, China’s 14th five year plan focuses on developing modern infrastructure such as high speed rail network, roads, water supply systems and others which will fuel the compressor market in coming years.
SWOT Analysis
Strength: Broad applications in manufacturing facilities, chemical plants, refineries, natural gas processing, and others provide high demand and growth opportunities.
Weakness: High initial investment requirements for installation and maintenance of compressors limit the adoption among small scale end users.
Opportunity: Increasing requirement in oil and gas sector, power generation industry, and chemical processing are expected to drive the compressor market growth.
Threats: Fluctuating raw material prices and stringent government regulations regarding carbon emissions pose threats to market growth.
Key Takeaways
The global compressor market is expected to witness high growth. Regional analysis related content comprises the Asia Pacific region dominates the global compressor market and is expected to grow at the highest CAGR during the forecast period. Factors such as rapid industrialization and growing manufacturing sector across countries including China, India, Indonesia, and Malaysia drive the market growth.
Key players related content comprises 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. These players are focusing on new product launches and partnerships to gain competitive advantage in the market.
The global compressor market is fragmented with the presence of several international and domestic players. Market players are investing in R&D activities to develop innovative and efficient compressor solutions. They are also adopting strategies such as mergers, acquisitions, and partnerships to enhance their global footprint.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.