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| Global Compressor Market |
The
compressor market is estimated to be valued at US$ 42.6 Bn or Mn 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 mechanical devices that are used to push gases
or vapors into a smaller volume and raise their pressure. They have various
applications including manufacturing, mining, oil and gas industries,
transportation, and domestic applications. Different types of compressors
include reciprocating compressors, rotary screw compressors, centrifugal
compressors and others. Reciprocating compressors are used for low volume
applications whereas rotary screw compressors are suitable for medium and high
volume applications.
Market Dynamics: Two key drivers of the compressor market are increasing demand
from oil & gas industry and rapid industrialization. The demand for
compressors from oil & gas industry is increasing significantly owing to
increasing exploration and production activities. compressors play a vital role
in extraction, production, transportation and storage of natural gas and
petroleum products. Moreover, rapid industrialization in developing economies
has led to rising demand for industrial gases which is fueling the demand for compressors
from manufacturing sector. The government initiatives to boost manufacturing
sector will further propel the compressor market growth over the forecast
period.
Segment Analysis
The Global
Compressor Market is dominated by the positive displacement segment,
accounting for over 55% of the global market share in 2023. Positive
displacement compressors work by physically displacing a volume of air or gas
and confining it into a smaller space, thus increasing the pressure. Within
positive displacement, reciprocating compressors hold the largest market share
due to their versatile uses across various end-use industries such as oil &
gas, manufacturing, chemicals, etc.
PEST Analysis
Political: The compressor market is positively impacted by supportive
government policies and regulations pushing sustainable industrial growth. For
instance, "Make in India" initiative promotes domestic manufacturing
of components.
Economic: Growth in end-use industries such as oil & gas, power generation,
manufacturing are driving demand for industrial compressors. Rising global GDP
and industrialization in emerging nations boost market revenues.
Social: Increasing global population and rising standards of living increase
energy demand. This bolsters growth in core sectors that employ compressors
extensively.
Technological: Focus on digitalization and automation is prompting innov ations
in compressor design. Advanced materials and nanotechnology help manufacture
more efficient and durable compressors.
Key Takeaways
The global compressor market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period
2023 to 2030, due to increasing investments in core industrial sectors. The
market size for 2023 is estimated at US$
42.6 Bn.Asia Pacific dominates the global compressor market, accounting for
over 35% of the total market revenue in 2023. China, India, and Southeast Asian
nations are major demand generators due to their rapidly expanding
manufacturing base and ongoing infrastructure projects. 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. These companies employ strategies such as new product launches,
partnerships and acquisitions to strengthen their market presence.
Read More: https://www.rapidwebwire.com/compressor-market-size-and-share/