Compressor Market Estimated To Witness High Growth Owing To Rising Demand From Manufacturing Industry
Compressors find wide application across various end-use industries such as manufacturing, mining, construction, and oil & gas. Air compressors are extensively used in manufacturing plants for powering pneumatic tools. Growing manufacturing sector across developing nations of Asia Pacific and Middle East & Africa is a key factor driving the demand for industrial air compressors. The global compressor market is estimated to be valued at US$ 49.08 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing manufacturing industry is one of the key drivers propelling the compressor market growth. Manufacturing plants extensively rely on compressed air for operating pneumatic tools and systems. Expanding manufacturing base in Asia Pacific and Middle East & Africa will augment the demand for industrial air compressors in coming years. Moreover, rising exploration and production activities in oil & gas industry will also contribute to the market growth. While compressors help boost production efficiency in oilfields, natural gas compressors are critical for safe transportation of gas. Thus, increasing oil & gas exploration projects worldwide will boost compressor demand in the energy sector.
SWOT Analysis
Strength: The compressor market benefits from strong demand from end-use industries such as oil & gas, manufacturing, mining & construction etc. Compressors have wide applications across diverse industries which ensure stable demand. Manufacturers are focusing on technology advancements like digitalization and IoT to enhance compressor efficiency and performance.
Weakness: High initial investment costs associated with compressors can be a barrier for small industries. Compressors also require periodic maintenance which increases operational expenses. Fluctuating raw material prices especially steel can impact compressor prices.
Opportunity: Growing applications of compressed air in healthcare sector is opening new growth avenues. Adoption of renewable energy-based compressors is gaining traction offering opportunities. Rise of industry 4.0 and industrial automation trends will further boost demand for smart and digital compressors.
Threats: Trade policies and regulations can impactimports/exports of compressors. Economic slowdowns affect capital spending of end-use industries posing challenges. Stringent emissions norms pressure manufacturers to develop low emissioncompressor technologies involving high R&D costs.
Key Takeaways
The global compressor market size is expected to witness high growth supported by rising industrialization and manufacturing activities globally. The market size is forecast to reach US$ 49.08 Billion by 2024 registering a CAGR of 16% during the forecast period.
Regional analysis:
Asia Pacific dominates the compressor market currently accounting for over 35% of the global demand led by China, India, Japan, and other developing economies. The region is expected to continue its dominance in the coming years owing to rapid industrial and infrastructural growth. Europe and North America are other major markets driven by well-established oil & gas and manufacturing sectors.
Key players:
Key players operating in the compressor market are SES-Imagotag, Pricer AB, Displaydata, Opticon Sensors Europe B.V, Samsung Electro-Mechanics, NZ Electronic Shelf Labelling, M2Communication, Diebold Nixdorf, Altierre, Teraoka Seiko, Advantech US, E Ink, Toshiba Global Commerce Solutions, SESimagotag, E-Ink, Wuxi Wei Feng Technology, and Cicor. These players are focusing on new product development, partnerships, acquisitions for strengthening market presence.
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