The global compressor market is expected to reach USD 47.9 billion by 2024, growing at a CAGR of 3.6% during the forecast period. The market is growing due to growing automotive industries in developing countries such as India and China, and rapid industrialization. Different compressor types such as positive displacement and dynamic compressors contributed to the compressor market size. The market has witnessed a high demand for positive displacement in the coming years due to extensive acceptance throughout small and medium scale industries.
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Usage of multi-stage compressors and increasing demand for gas or steam turbines owing to its benefits such as decreased lost time, precise speed management, and decreased noise is the major trend in the compressor market.
The escalating motor vehicle requirement, escalating need for energy resourceful systems, increasing gas pipeline network, and increasing alternative of piston compressors with screw compressors are the primary growth drivers for the compressor market.
The uncertainty in the crude oil prices and a mounting need for HVAC equipment is also facilitating the growth of the compressor market.
Growing automotive industries in developing countries such as India and China, increasing demand for eco-friendly compressors, and rapid industrialization are the opportunities for the global compressor market.
Geographically, Asia-Pacific is observed to witness the fastest growth in the market, due to the mounting government support, and escalating growth of infrastructure development, and rapid industrial development in countries such as India and China. In addition, government initiatives such as Made in India and Made in China 2025 are also creating a positive impact on the compressor market growth in the region.
Key players in the compressor market are catering to the demand for these devices by investing in technologically advanced products in their product portfolio across the globe. In April 2017, Hitachi agreed to acquire Sullair Air Compressors from its parent company Accudyne Industries to access Sullair’s global sales network.
Atlas Copco AB, Gardner Denver Holdings Inc., Mitsubishi Heavy Industries Ltd., Sulzer, Hitachi, Kaeser Kompressoren SE, Toyota Industries Corporation, Danfoss, and Ingersoll-Rand plc are the key players offering compressor.
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