by The compressor is a mechanical device that increases the pressure of a gas by reducing its volume. Compressors find wide application in heating, ventilation, and air conditioning (HVAC) systems, refrigerators, supermarket freezing systems etc. The growing population worldwide has fueled demand for comfortable living spaces and food preservation, driving the need for HVAC systems and refrigerators.
The global Compressor Market is estimated to be valued at US$ 42.6 billion in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for HVAC systems across both residential and commercial sectors has been a major factor elevating the compressor market. As disposable incomes rise, more people are investing in AC units for homes as well as commercial establishments like offices, malls etc., thereby augmenting the demand for compressors in HVAC equipment. Factors like surging urbanization, growing nuclear families and increasing population in hot tropical regions have further fuelled the requirements for refrigeration and air conditioning over the years. This rising need is projected to propel the compressor market during the forecast period.
SWOT Analysis
Strength: The compressor market benefits from rising demand for refrigeration and air conditioning applications across industries. Compressors efficiently handle compression of gases and help lower operating costs.
Weakness: High initial investments and maintenance costs associated with compressors can be challenging for small businesses. Technological changes also require frequent upgradation of compressor systems.
Opportunity: Growing construction of cold storage facilities, increasing processed food consumption, and expansion of refrigeration-reliant transportation networks provide new opportunities. Adoption of variable speed compressors and energy-efficient models is increasing.
Threats: Strict environmental regulations on refrigerants can impact product development cycles. Dependency on economic cycles makes demand volatile in downturns. Supply chain disruptions and rising raw material costs pose threats.
Key Takeaways
The Global Compressor Market Size is expected to witness high growth over the forecast period driven by expansion of refrigeration and air conditioning sectors. The global Compressor Market is estimated to be valued at US$ 42.6 billion in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market and is expected to maintain its lead through 2030 due to rapid industrialization and infrastructure development activities. Growing food processing and cold chain facilities are driving compressor demand higher across Southeast Asian countries.
Key players operating in the compressor market are Emerson Electric Co., Ingersoll-Rand PLC, Siemens AG, General Electric Co., Atlas Copco AB. Industry leaders are focusing on product innovation and introducing compressor variants with improved energy efficiency to capitalize on sustainability-driven opportunities. Partnerships with OEMs along original equipment and aftermarket channels are core strategies adopted by major compressor manufacturers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
