The compressor market includes air compressors and gas compressors which are widely used across various industries such as manufacturing, oil and gas, construction, power generation among others. Compressors help reduce operating costs by improving productivity through faster production processes and enabling precision operations. The global compressor market is estimated to be valued at US$ 49.08 Billion in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased investments by manufacturing industries in process automation have accelerated the adoption of compressors. Compressors enable automated pneumatic operations in manufacturing processes which improves production efficiency. They are increasingly being used in automated production lines for precision operations such as assembling smaller components through compressed air. Growing focus on Industry 4.0 and industrial automation is expected to drive the demand for compressors in manufacturing industries going forward.
Segment Analysis
The global compressor market is dominated by the rotary segment which holds around 60% share of the total market. Rotary compressors are widely used for commercial refrigeration and air conditioning applications due to their advantages like compact size, low cost and high efficiency. The scroll segment is the fastest growing segment and is expected to witness a CAGR of 18% during the forecast period. Increasing adoption of scroll compressors in refrigerators, water coolers and specialty HVAC applications is fueling the growth of this segment.
Key Takeaways
The global compressor market demand is expected to witness high growth at a CAGR of 16% during the forecast period of 2024 to 2031. The market size is forecast to reach US$ 49.08 Billion by 2030 from US$ 19.12 Billion in 2024.
Regional analysis:
Asia Pacific currently dominates the global compressor market with a share of around 35% and is expected to continue its dominance during the forecast period driven by high sales of consumer durables and increasing infrastructure development in countries like China and India. Europe is the second largest market for compressors owing to the strong presence of HVAC and automotive industries in the region.
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. SES-Imagotag and Pricer AB dominate the global ESL market with a combined share of over 50% due to their technologically advanced and reliable product offerings.
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