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 mechanical devices that reduce the volume of a gas by increasing pressure. Compressors are majorly used in industrial applications like petrochemicals, power generation, HVAC systems and manufacturing. Their advantages include energy efficiency, high productivity and reduced operational costs.
Market key trends:
One of the key trends driving the growth of compressor market is the growing demand from the oil & gas sector. Oil & gas companies are increasingly adopting centrifugal and reciprocating compressors for pipeline transportation of natural gas from production wells to processing plants and storage facilities. Compressors help maintain pipeline pressure and efficiently transport gas over long distances. This has significantly increased the demand for various compressor types like centrifugal and reciprocating compressors from the oil & gas industry.
Market key trends:
The Global Compressor Market is witnessing high demand for oil-free compressors due to stringent emission norms pertaining to volatile organic compound emissions. Oil-free compressors eliminate lubrication requirements and prevent contamination, thereby finding increasing usage in applications such as food & beverage processing and pharmaceutical manufacturing where purity of gases is critical. Development of compact and energy efficient screw compressors is another trend being observed as they are suitable for portable power applications in construction and oil & gas industries.
SWOT Analysis
Strengths: High demand from oil & gas and manufacturing industries. Technological advancements leading to compact and efficient compressor designs.
Weaknesses: High initial costs compared to low-cost alternatives. Require regular maintenance.
Opportunities: Growth ofprocess industries in developing nations. Rising energy efficiency standards driving replacement demand.
Threats: Volatility in raw material prices. Stringent environmental regulations pertaining to emissions.
Key Takeaways
The global compressor market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing investments in process industries. The Asia Pacific region dominated the market in 2023 with a share of over 30%, driven by a growing manufacturing sector in China and India.
Regional analysis:
The Asia Pacific region is projected to witness the fastest growth during the forecast period attributed to rising industrialization in China and India. The per capita energy consumption is also increasing rapidly in the region with improvement in living standards which is expected to supplement the product demand. Additionally, increasing investments towards developing domestic oil & gas and power industries in countries such as China, India and Indonesia will drive the regional market.
Key players: 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. Key players operating in the compressor market are focusing oncontracts and acquisitions to strengthen their regional presence. For instance, in 2022 Aerzen acquired the compressor division of Kaeser Kompressoren to expand its product portfolio and customer base in Germany.
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