Compressor Market Witnesses Significant Demand Owing to Rising Industrialization and Urbanization

 
Compressor Market Demand

The compressor market has witnessed significant growth in the recent years owing to wide industrial applications and growing infrastructure development activities worldwide. Compressors are essential machines that are used in numerous industries such as oil & gas, construction, power generation, automotive, food & beverages, and manufacturing among others. They help in pumping air or gas from one point to another at high pressure, which further aids various industrial processes. Rapid industrialization and accelerating infrastructural development have created a massive need for compressors across developing regions.

The global compressor market is estimated to be valued at US$ 49.08 billion in 2024 and is expected to exhibit a CAGR of 16% over the forecast period from 2024 to 2031.

The market is experiencing steady growth owing to the reviving global economy, rising capital expenditure in core sectors, and increasing demand for compressed air & gas across diverse end-use verticals.

Key Takeaways

Key players operating in the compressor market are SES-Imagotag, Pricer AB, Displaydata, Opticon Sensors Europe B.V, Samsung Electro-Mechanics, NZ Electronic Shelf Labelling, M2Communication, Diebold Nixdorf, Altierre, Teraoka Seiko, Advantech US, E Ink, Toshiba Global Commerce Solutions, SESimagotag, E-Ink, Wuxi Wei Feng Technology, and Cicor.

Key opportunities in the Compressor Market Demand include growing prominence of gas-based power generation and increasing focus on renewables as nations prioritize transition to cleaner energy sources. With rising investments towards infrastructure and industrial projects in developing economies, the demand for compressors is anticipated to surge exponentially in the coming years from regions like Asia Pacific, Middle East, and South America.

Global expansion remains a top priority for compressor manufacturers as emerging economies continue to open up new avenues of growth. Major players are investing heavily in expanding their product portfolio, building new manufacturing plants, and establishing strategic partnerships across developing countries to further strengthen their international footprint.

Market Drivers:

- Growing construction industry globally due to rising infrastructure spending is a key factor driving compressor demand. Compressors are extensively used in construction machinery, tools, and equipment.

- Increasing demand from utilities industry owing to the rising need for natural gas transportation and its usage in power generation is propelling the compressor market growth.

Market Restraints:

- Volatility in raw material prices poses a major challenge for compressor manufacturers and affects their profit margins.

- Stringent energy efficiency regulations pertaining to compressor performance are compelling manufacturers to invest in R&D, which adds to the overall production costs.

Segment Analysis

The reciprocating compressor segment is expected to dominate the compressor market during the forecast period. This is because reciprocating compressors are majorly used in oil & gas, chemical and petrochemical, and natural gas applications. These industries use reciprocating compressors extensively owing to their reliability and high compression ratio. Within reciprocating compressors, large industrial process segment is anticipated capture the largest market share as reciprocating compressors are commonly used in large industrial processes that require high capacities.

Global Analysis

The Asia Pacific region is projected to be the fastest growing market for compressors during the forecast period. This growth can be attributed to increasing investments in oil & gas, chemical & petrochemical, and power generation industries. Countries such as China, India, and Indonesia are witnessing exponential growth in end-use industries such as oil & gas, power generation, and chemicals & petrochemicals, which increases the demand for compressors. North America is expected to remain the largest market for compressors during the forecast period owing to recovery of oil & gas industry and expansion of natural gas infrastructure in countries like United States. The strong presence of key manufacturers and robust demand from end-use industries drive the compressor market in the region.

Get More Insights on- Compressor Market

About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)


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