Automotive

The Global Compressor Market Growth Accelerated By Increasing Usage Of Compressors In Manufacturing Sector

Leena Shedmake

The Global Compressor Market Growth Accelerated By Increasing Usage Of Compressors In Manufacturing Sector

The compressor market caters to various industrial sectors such as manufacturing, oil & gas, food & beverages, chemicals, power generation, mining, and medical among others. Compressors are used to compress air, natural gas, or other gases in various industries. Compressed air finds application in pneumatic tools, conveying systems and other industrial automation equipment.

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, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing adoption of air compressors in various manufacturing industries such as automobile, electronics, machinery manufacturing, plastic and rubber, steel, glass, and food processing is one of the major trends driving the growth of the compressor market. Compressed air finds extensive application for cleaning, conveying, painting, test blowing among others in these industries. Furthermore, the growing popularity of portable compressors for on-site utility is also contributing to the market growth. Portable compressors offer flexibility, mobility, and easy installation which suits the requirements of several end-use industries including construction and energy.

Segment Analysis

The global compressor market is segmented on the basis of type, technology, seal, application, end use industry and region. By type, the reciprocating compressor sub segment dominated the market in 2023 due to their suitability for various end use industries like oil & gas, chemicals & petrochemicals. By technology, the centrifugal segment accounted for the largest share as they can effectively deliver large volumes of compressed air at high pressures.

Key Takeaways

The Global Compressor Market Demand is expected to witness high growth. 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.

The Asia Pacific region is projected to grow at the highest CAGR during the forecast period owing to rapidly growing manufacturing sector and increasing natural gas production in emerging countries like China and India.

Key players operating in the compressor market are Atlas Copco, Ingersoll Rand, Siemens, GE, Gardner Denver, and Hitachi. Atlas Copco dominated the market share owing to its wide product portfolio and global presence across regions. Ingersoll Rand ranks second due to its leadership position in the industrial sector.

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Leena Shedmake

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