Compressor Market Research Report: By Compressor Type, Lubrication Type, Portability, Pressure, Application - Global Industry Analysis and Growth Forecast to 2030

Compressor Market Research Report: By Compressor Type, Lubrication Type, Portability, Pressure, Application - Global Industry Analysis and Growth Forecast to 2030

  • September 2020 •
  • 242 pages •
  • Report ID: 5987953 •
  • Format: PDF
Compressor Market Research Report: By Compressor Type (Positive Displacement, Dynamic), Lubrication Type (Oil-Free, Oil-Flooded), Portability (Portable, Stationary), Pressure (Ultra-Low-Pressure, Low-Pressure, Medium-Pressure, High-Pressure, Hyper-Pressure), Application (Construction, Power, Industrial Manufacturing, HVAC-R, Chemical and Cement, Automotive, Oil and Gas, Food and Beverage, Textile) - Global Industry Analysis and Growth Forecast to 2030

Valued at $39.9 billion in 2019, the global compressor market is predicted to generate $48.5 billion revenue in 2030. Furthermore, as per the forecast of P&S Intelligence, a market research firm, the market would advance at a CAGR of 3.1% from 2020 to 2030. The prominent factors driving the progress of the market are the increasing number of food processing companies in several countries, thriving automotive industry, and the growing preference for screw compressors over piston compressors in industries.
Compressors are extensively used in the automotive industry in various applications such as car painting, tire inflation, engine construction, and air conditioning systems. As a result, the boom of the automotive industry, especially in the Asia-Pacific (APAC) region, on account of the growing disposable income of people, rapid technological advancements, and ballooning requirement for electric cars, is causing a sharp surge in the sales of compressors. As per reports, over 2.1 million electric cars were sold globally in 2019.
Electric cars accounted for 2.6% of the total number of cars sold across the world in 2019 and registered as much as 40% Y-o-Y (year-on-year) growth in sales from 2018. Besides this, the surging sales of heating, ventilation, and air conditioning (HVAC) systems is also propelling the growth of the compressor market. The sales of these systems are being driven by the increasing construction of commercial and residential buildings and the rapid development of various energy-efficient systems.
Apart from being heavily used in the automotive industry and HVAC systems, compressors are also being extensively used in gas pipelines for maintaining the required pressure and flow. As a result, the growth of the gas pipeline network in various geographical regions, because of the rising requirement for natural gas in domestic settings, soaring population, and increasing industrialization and urbanization, is positively impacting the sales of compressors across the globe.
For example, in 2017, Gazprom developed 121 gas pipelines over an area of 1,148 miles in as many as 32 constituent entities of the Russian Federation. Furthermore, GAIL (India) Limited announced in 2018 that it intends to construct 3,418 miles of new gas pipelines over the next three years. This construction of new pipelines would help the company expand its gas pipeline network. With the expansion of so many pipelines, the demand for compressors would shoot-up in the coming years.
Depending on portability, the compressor market is bifurcated into stationary and portable compressors. Between these, the stationary bifurcation recorded higher revenue growth in the market during 2014—2019. Moreover, this bifurcation would dominate the market in the future years, on account of the rising popularity of stationary compressors across the world. Stationary compressors have greater storage capacities and are more powerful than the portable variants. As a result, they are more widely preferred over portable compressors in various industries.
Globally, the compressor market is predicted to exhibit the fastest growth in the Middle East and Africa (MEA) region in the upcoming years, mainly because of the soaring investments being made in the development of manufacturing facilities and the ballooning production of processed foods in the region. In addition to this, the increasing manufacturing of automobiles in the regional countries such as Egypt, Algeria, Tunisia, and Morocco is further boosting the growth of the market in this region.
Thus, it can be said with full conviction that the market would boom all over the world in the future years, primarily due to the rapid growth of the automotive and oil and gas industries and the extensive usage of compressors in various applications in these industries.