by The 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 machines that are used to compress gases like air, gas, etc. There are various types of compressors like centrifugal compressors, positive displacement compressors, etc. used across industries like oil & gas, power generation, chemicals & petrochemicals, etc. Compressors help in transportation of gases through pipelines over long distances and also increase the pressure of gases for various industrial applications.
Market Dynamics:
The compressor market is primarily driven by increasing use of compressors in oil & gas industry for extraction, production, and transportation of natural gas and crude oil. Compressors play a vital role in oil & gas industry for boosting well pressure during extraction of oil & gas. Moreover, rising energy demand along with expanding pipeline infrastructure is also contributing to the growth of compressor market. Additionally, growing petrochemical and power generation industries worldwide are further augmenting the demand for various compressor applications. However, high maintenance cost associated with compressors may hinder the market growth.
SWOT Analysis
Strength: The Global Compressor Market has various strengths that helps its growth. Compressed air is used across many industries thus demand is high. Modern compressors are more energy efficient and reliable which helps reduce operating costs. A wide range of compressors are available to suit applications in various industries.
Weakness: High initial costs associated with compressor equipment limits its adoption in some industries. Require regular maintenance services which increases ownership costs.
Opportunity: Emerging applications of compressed air in power generation, medical devices etc present new growth opportunities. Developing regions are witnessing industrialization providing increased demand for compressors.
Threats: Fluctuations in raw material prices impact compressor manufacturers. Growing popularity of alternative technologies for few applications poses competition.
Key Takeaways:
The global Compressor Market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing need for compressed air across major end use industries like oil & gas, manufacturing, energy etc. Asia Pacific dominates compressor demand currently, with China holding largest market share. Growth in process industries and infrastructure development are fueling compressor sales in the region.
Regional analysis: North America holds second largest share in compressor market currently. Presence of major compressor manufacturers and stable industrial sector support regional growth. Europe is also a prominent compressor consumer, led by Germany, Italy and UK. Middle East and Africa is fastest growing market led by infrastructure and energy projects in GCC countries.
Key players operating in the Compressor Market includes 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 are focusing on product innovations and collaborations to strengthen market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
