What is the key driver of Global Compressor Market?

Growing Trend Towards Energy Efficiency and Cost Saving Driving the Compressor Market, Technological Advancements Leading Market to Heights

Compressor Market Size, Share, Growth Analysis, By Technology(Oil-free, Oil lubricated), By Type(Positive Displacement, Dynamic), By Pressure Rating(Low-Pressure Compressors (0-20 bar), Medium-Pressure Compressors (20-100 bar), High-Pressure Compressors (100+ bar)), By End-User(Oil and Gas, Power, Manufacturing, Chemicals and Petrochemical), By Region(North America, Europe, Asia-Pacific, Latin America), By Region - Industry Forecast 2024-2031

Report ID: SQMIG10B2101 | Region: Global | Published Date: April, 2024
Pages: 177 | Tables: 86 | Figures: 71

Compressor Market Regional Insights

Asia-Pacific region dominated the market with 41.9% revenue share in 2022 and is expected to witness fastest CAGR of 5.0% during the forecast period. The healthcare industry is growing with demand increasing for medical facilities in this region. Accordingly, oil-free compressed air is commonly used in medical devices and pharmaceutical companies, including medical ventilation systems, dental clinics, and laboratories to supply the market demand in the region. Compressors require mandatory use as part of industry standards and regulatory frameworks, especially in chemical companies. These factors are expected to boost market demand during the forecast period.

The North America region is expected to witness a CAGR of 3.0% during the forecast period due to various factors such as environmental concerns, stringent regulations and the need for high air quality in critical industrial applications occurs in industries such as beverages, pharmaceuticals, electronics, automobiles and healthcare, where the quality of compressed air is critical and has ensured product uniformity, product quality and efficiency.

Compressor Market Report Snapshots

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Global Compressor Market size was valued at USD 43.73 Billion in 2022 and is poised to grow from USD 45.83 Billion in 2023 to USD 66.74 Billion by 2031, growing at a CAGR of 4.81% in the forecast period (2024-2031).

A notable strategic partnership in the global compressor market exists between Atlas Copco, a leading compressor manufacturer, and Siemens, a global leader in electrical engineering and automation. This collaboration focuses on Siemens, the integration of advanced motor drive technology into Atlas Copco's range of compressor systems. key players in compressor market, such as Ariel Corporation, Atlas Copco AB, Burckhard Compression Holding AG, Gardner Denver Holdings, Inc., General Electric, Howden Group Holdings Ltd., IHI Corporation, Mayekawa Mfg Co, Ltd, SIEMENS AG, and Ingersoll Rand, among others are presented in this report. 'Atlas Copco', 'Bauer Group', 'BelAire Compressors', 'Cook Compression', 'Compressor Products International (CPI)', 'Frank Compressors', 'Galaxy Auto Stationary Equipment Co. Ltd.', 'Gast Manufacturing, Inc.', 'ELGi', 'Sollant Group', 'GENERAL ELECTRIC', 'Ingersoll Rand Plc', 'Kaeser Compressors', 'MAT Industries, LLC', 'Gardner Denver'

Compressors face extensive competition from other blower types such as screw and radial compressors. However, interest in Compressors will continue to grow due to cost effectiveness and demand resulting from replacement of more spicy compressors. Close to sustained interest in the assembly industry, future priority promoting market development and the development of Chinese oil and materials industries. Oil consumption must increase over time, taking up energy and fuel consumption. The development of accent in energy efficiency is set to support the market growth of compressors with reciprocating in the coming years besides the modern development in China, vehicle development as well as applications as treatment centers, LNG and CNG transport can push compressors interest.

Increasing Focus on Energy Efficiency and Sustainability: One of the long-term trends shaping the global compressor market is the increasing focus on energy efficiency and sustainability. As businesses strive to reduce their carbon footprint and comply with stricter environmental regulations, the need for energy-efficient compressor solutions that reduce energy consumption and air an increases greenhouse gas emissions and is investing in R&D to develop new refrigerant refrigerants. This trend is expected to drive adoption of next-generation compressors equipped with features such as variable-speed drives, integrated heat recovery systems, and advanced monitoring and optimization capabilities. Moreover, an increased emphasis on sustainability and corporate social responsibility drives companies to offer environmentally friendly compressor technology priority as all part of the technology strategy, which influences purchasing decisions and market dynamics in the long term.

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Compressor Market Regional Insights

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