Compressors find widespread application across diverse industries such as oil & gas, power generation, manufacturing, and chemical & petrochemical. Rise in industrialization mainly in emerging economies has augmented the demand for industrial gases and compressed air, thereby driving the compressor market. Compressors are crucial for functioning of oil and gas pipelines, underground gas storage facilities, refineries, petrochemical plants, natural gas processing units, and LNG terminals. Increasing investments in expanding and upgrading oil & gas infrastructure will remain a key factor bolstering compressor market during the forecast period.
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 key trends:
Rising investments in industrial automation across industries will spur the demand for compressors in the coming years. Compressors play a vital role in pneumatic operations adopted in automated industrial processes. Adoption of Industry 4.0 technologies involves increased digitization and automation of industrial processes, necessitating integration of compressors. Growing focus toward predictive maintenance of industrial assets also drives the demand for smart compressors integrated with IoT and remote monitoring capabilities. Smart compressors provide condition monitoring of components and help predict failures to schedule timely maintenance. This improves asset uptime and reduces unscheduled downtime at industrial facilities. Investments in smart manufacturing will thus remain a key trend augmenting demand for advanced compressor technologies.
Segment Analysis
The global compressor market is dominated by the Positive Displacement compressor segment. Positive Displacement compressors function by mechanically moving the gas or fluid in a confined space of the compressor. This allows them to effectively trap and move gas molecules which makes them suitable for continuous operation and a wide range of pressure ratios. Their reliability and ability to operate consistently at a steady flow rate even at varying pressure demands has made them a preferred choice over Dynamic compressors for several industrial applications such as refrigeration & air conditioning, packaging, chemicals & petrochemicals etc.
Key Takeaways
The global compressor market is expected to witness high growth over the forecast period owing to increasing demand from industries such as oil & gas, manufacturing, power generation etc.
Regional analysis
The Asia Pacific region currently dominates the global compressor market with a share of over 35% in 2023. Growing industrialization and infrastructure development activities in countries such as China, India are driving the demand for compressors from various end-use industries in the region. China alone accounts for over 30% of the global compressor market. North America and Europe are other major markets for compressors driven by established oil & gas and manufacturing industries.
Key players
Key players operating in the compressor market are 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. Atlas Copco, Ingersoll Rand and Siemens Energy have leading market shares of over 15% each owing to their wide product portfolio and global distribution network. Smaller players are focusing on product innovation and geographic expansion to gain market share.
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