Growing industrialization and capital investments to drive the growth of Compressor Market

The global Compressor Market is estimated to be valued at US$ 42.6 Bn or 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 machines that compress gas or air. They are used for various industrial and commercial applications such as transporting gas through pipelines, refrigeration, and air conditioning. The major types of compressors include reciprocating compressors, rotary compressors, centrifugal compressors, and axial compressors. Compressors offer advantages such as efficient transmission of gases over long distances through pipelines, densification of gases for storage or transport, and compression of air or gases for various industrial uses like pressure die casting, spray painting, and abrasive blasting. Growing industrialization and rising capital investments are driving the demand for compressors across different end use industries.

Market key trends:
One of the key trends in the Global Compressor Market is the growing adoption of oil-free and oil-injected compressors. Oil-free compressors are preferred for applications requiring oil-free environments like food & beverage processing and pharmaceutical manufacturing. Oil-injected compressors provide enhanced performance and durability. Manufacturers are also focusing on developing energy efficient compressors to reduce operating costs. For example, advanced compressed air systems integrated with variable speed drives (VSDs) help in modulating air output based on demand. This significantly reduces energy consumption compared to conventional compressors.
Porter’s Analysis

Threat of new entrants: Low capital requirements in manufacturing compressors pose a threat of new entrants. However, industry is dominated by few well-established brands with stronghold.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of close substitute products. However, switching costs are low.

Bargaining power of suppliers: Suppliers have low bargaining power as industry requires common raw materials easily available from multiple sources.

Threat of new substitutes: Substitute products like pumps pose minimal threat due to compressors’ advantage of lower operating costs.

Competitive rivalry: Intense competition exists among key global players to gain market share through product innovation.

Key Takeaways

The global compressor market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing industrial automation. The market size for 2023 is estimated to be US$ 42.6 Bn.

Regional analysis: Asia Pacific dominates the market and is expected to grow at fastest pace owing to expansion of oil & gas and manufacturing industry in China and India. Europe and North America are other major markets due to strong presence of key players and technological advancements.

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. Key players are focusing on product differentation through innovation and mergers & acquisitions to gain major market share.

 

Read More: https://www.ukwebwire.com/compressor-market-is-estimated-to-witness-high-growth/

3 thoughts on “Growing industrialization and capital investments to drive the growth of Compressor Market”

Leave a Comment