High Growth In Compressor Market Owing To Increasing Construction Projects
Market Dynamics:
One of the key drivers for the compressor market is the increasing construction activities across both developed and developing economies. Rapid urbanization and infrastructure development have resulted in growth of the construction industry globally. According to global data firm IHS Markit, the volume of global construction output is estimated to grow by 85% to $15.5 trillion worldwide between 2018-2030. The growth in construction industry directly increases demand for compressors which find wide application for tasks such as powering pneumatic tools, cranes, and others equipment used on construction sites.
The driver discussed above regarding construction industry growth is positively impacting the compressor market. Emerging economies with high urbanization rates such as India, China, Indonesia are witnessing massive investment in public infrastructure such as roads, bridges, metros, airports and other construction projects. This drives demand for compressors from equipment rental companies as well as direct construction companies. The increasing construction output globally is thus estimated to propel the compressor market growth during the forecast period.
SWOT Analysis
Strength: Compressors are critical components in various industries such as construction, automobile, oil and gas, and manufacturing. Growing infrastructure and industrial activities in developing nations will boost demand for compressors. Manufacturers offering advanced product features such as high performance, fuel efficiency, and remote monitoring are gaining market share.
Weakness: Fluctuating raw material prices impact compressor costs. Complex designs require high initial investments and maintenance costs. Lack of standardization increases part replacement challenges.
Opportunity: Adoption of electric compressors driven by strict emission norms will open new opportunities. Increasing penetration of HVAC systems and refrigeration in residential and commercial sectors will spur demand. Rapid industrialization in Asia Pacific creates a favorable environment.
Threats: Economic slowdowns can decrease capital expenditure on process plants. Shift towards renting compressors instead of purchases is a threat. Strict regulations regarding fuel efficiency and emissions compliance increase compliance costs.
Key Takeaways
The Global Compressor Market Size is expected to witness high growth. Expanding manufacturing sector and infrastructure development activities are driving market expansion. The global compressor market is estimated to be valued at US$ 42.6 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030.
Regional analysis related content comprises Asia Pacific region dominates the global compressor market, accounting for over 40% revenue share in 2023. China, India, Japan, and Southeast Asian countries have seen tremendous industrial growth creating strong demand from automotive, construction, oil & gas industries. Europe is the second largest market led by Germany, UK, and Italy. Brazil, Mexico and GCC countries are emerging markets expected to offer lucrative opportunities.
Key players related content comprises Key players operating in the compressor market are Siemens AG, Atlas Copco AB, Ingersoll Rand Inc., Baker Hughes Company, and Gardner Denver Holdings Inc. Compressor manufacturers are focusing on developing energy-efficient and environment-friendly product offerings to comply with stringent emission norms. Adoption of electric-driven technologies and remote monitoring systems are growing trends. Companies are expanding their product portfolio through investments in R&D and strategic acquisitions.
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