The global compressor market size was valued at USD 39.9 billion in 2020 and is expected to surpass USD 48.5 billion by 2028, expanding at a CAGR of 3.1% during the forecast period, 2021–2028. The growth of the market is attributed to the growing number of food processing units and replacement of piston compressor with screw compressor.
Compressor is a mechanical device that raises the pressure of a gas by decreasing its volume. China is leading in the manufacturing and exports of the compressor globally. Many industries prefer installing compressor as it is energy efficient and easy to maintain. The compressor machine producer must obey the standards set by the American Society of Mechanical Engineers. Standards are set to avoid discrepancy in evaluating a compressor.
The emergence of new and innovative compressor is the vital trend in the market. The demand for eco-friendly and highly energy efficient is increasing in the compressor market. On the other hand, pandemic situation had impeded the production rates and demand across end-user industries but the manufacturers are recovering from the situation.
Market Trends, Drivers, Restraints, and Opportunities
- Rising demand for energy efficient equipment is anticipated to boost the market in the coming years.
- Rapid growth of the manufacturing sector is the major factor driving the market.
- Government strict rules and regulations regarding environment act as a challenge that can hamper the market during the forecast period.
- High cost of maintenance and installation of compressor is estimated to restrict the market growth.
- Increase in production activities is expected to provide business opportunities to the market players.
- R&D investment and technological advancement in compressor and compression technique is projected to offer immense opportunities for the market players.
Scope of the Report
The report on the global compressor market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Global Compressor Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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End-users (Chemicals and Petrochemicals Industry, Power Sector, Oil & Gas Industry, Manufacturing Sector, and Other End-users) and Types (Dynamic and Positive Displacement)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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ELGI Equipment Limited, Siemens AG, Baker Hughes Co., Atlas Copco AB, Sulzer AG, and Ingersoll-Rand PLC.
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Market Segment Insights:
The positive displacement segment is projected to hold a major market share
On the basis of types, the global compressor market is bifurcated into dynamic and positive displacement. The positive displacement segment is expected to represent a key share of the market during the forecast period due to benefits such as positive displacement compressor including lower operating cost, higher efficiency, suitability for various application areas, and high-pressure ratio for a relatively small size. It works with constant gas and air flow regardless of the outlet pressure.
The oil & gas segment is projected to account for a large market share
Based on end-users, the global compressor market is segregated into chemicals and petrochemicals industry, power sector, oil & gas industry, manufacturing sector, and other end-users. The oil & gas segment is expected to represent a key share of the market during the forecast period owing to rising consumption of oil and gas. Cleaner fuel consumption owing to rising concern about air pollution and global warming is increasing the demand for compressor in oil & gas industry. However, the manufacturing industry and automotive industry is anticipated to expand at a rapid pace during the forecast period due to increasing demand of compressors for primary use in the industry.
Asia Pacific is anticipated to dominate the market
On the basis of regions, the global compressor market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to dominate the market CAGR during the forecast period. The regional market growth can be attributed to growing industrial sector in the region. Various industries such as automotive, oil & gas, manufacturing, and other industries are growing and adopting innovative technology. Urbanization, rising population, and increasing industrialization is driving the market in the region.
Segments
Segments Covered in the Report
The global compressor market has been segmented on the basis of
Types
- Dynamic
- Positive Displacement
End-users
- Chemicals and Petrochemicals Industry
- Power Sector
- Oil & Gas Industry
- Manufacturing Sector
- Other End-users
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- ELGI Equipment Limited
- Siemens AG
- Baker Hughes Co.
- Atlas Copco AB
- Sulzer AG
- Ingersoll-Rand PLC
Competitive Landscape
Key players competing in the Compressor market include ELGI Equipment Limited, Siemens AG, Baker Hughes Co., Atlas Copco AB, Sulzer AG, and Ingersoll-Rand PLC. Some of these players are involved in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instance,
- In July 2020, Ingersoll-Rand PLC launched new rotary screw compressor and small reciprocating compressor in India merging with Gardener Denver’s technologies.
- In February 2020, TMC Compressor and Sauer Compressor entered into partnership to enhance their position as supplier of compressor solution in the market.
