New Delhi, Aug. 05, 2024 (GLOBE NEWSWIRE) -- The global compressor market is projected to hit the market valuation of US$ 251.23 billion by 2050 from US$ 42.96 billion in 2023 at a CAGR of 6.82% during the forecast 2024–2050.
The global compressor market is experiencing significant growth, with certain countries showing particularly high demand due to their industrial activities and economic developments. China and India are at the forefront of this demand surge. In China, the presence of extensive manufacturing hubs and the government's initiatives to build a cohesive national gas network have significantly boosted the demand for compressors. The Chinese market is driven by the need for efficient machinery in manufacturing and energy sectors, with the country accounting for the highest revenue share in the Asia-Pacific region.
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India is another major player in the compressor market, with its demand driven by rapid industrialization and a booming automotive sector. The country's manufacturing sector, expected to reach US$ 1 trillion by 2025, is a significant contributor to this demand. Additionally, environmental regulations are pushing for the adoption of low gas-emitting and energy-efficient compressors, particularly in the automotive and manufacturing industries.
In North America, the United States shows a high demand for compressors, particularly driven by advancements in shale gas extraction and increased construction activities. The U.S. market is also influenced by the need for compressors in long-distance natural gas pipelines and various industrial applications. The industrial mineral production in the U.S. was valued at US$ 63.5 billion in 2022, indicating a robust demand for compressor control systems in mining and other sectors. Additionally, the demand for portable compressors is rising due to their use in construction and mining projects, further bolstering the market.
Key Findings in Compressor Market
| Market Forecast (2032) | US$ 251.23 billion |
| CAGR | 6.82% |
| Largest Region (2023) | Asia Pacific (38.27%) |
| By Component | Compressor and Equipment (81.80%) |
| By Type | Positive Displacement (PD) Compressors (75.73%) |
| By Application | Positive Displacement (PD) Compressors (75.73%) |
| By Lubrication Type | Oil Injected Compressor (66.82%) |
| By Power Source | Electric (66.45%) |
| By Mobility | Stationary Compressor (63.79%) |
| By Industry | Manufacturing (24.68%) |
| By Distribution Channel | Offline (74.81%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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More than 1.2 Million Compressors Integrated with Smart Features to Be Sold in 2024
The integration of smart technologies in compressors is transforming the compressor market, with approximately 1.2 million new compressor installations in 2024 expected to feature these advancements. This shift is driven by the need for enhanced efficiency, predictive maintenance, and reduced operational costs. Smart compressors leverage IoT and AI to monitor and optimize performance in real-time, ensuring peak efficiency and adaptability to operational demands. The incorporation of AI-powered components, such as the AI Inverter Compressor in Samsung's 2024 Bespoke refrigerators, exemplifies this trend. These compressors adjust their operation based on real-time data, optimizing energy use and maintaining performance. This technology benefits both household appliances and industrial applications, with the global industrial IoT market valued at $263.5 billion in 2023, significantly driven by smart manufacturing solutions, including smart compressors.
Advancements in connectivity and data analytics further support the adoption of smart technologies in compressor market. Companies are equipping compressors with sensors and connectivity modules that feed data into centralized systems for analysis, enabling predictive maintenance. Bobcat's new portable air compressor PA12.7v, launched in February 2024, featuring FlexAir Technology and a control panel for easy pressure adjustments, showcases smart control systems' integration. The broader trend of smart home and industrial automation also influences the market shift towards smart compressors. In 2023, 63.43 million U.S. households had smart home devices, reflecting a growing preference for connected solutions. This trend is mirrored in the industrial sector, with smart compressors becoming standard in new installations. The global market for predictive maintenance technologies is expected to reach $23.5 billion by 2025. Additionally, smart compressors can reduce energy consumption by up to 30%, with the global market for energy-efficient compressors valued at $12.5 billion in 2023 and projected to reach $15.8 billion by 2028.
From Oil to Renewables: The Ubiquity of Positive Displacement Compressors in Modern Industry Take Up the Large Chunk of Revenue
Positive Displacement (PD) compressors dominate the compressor market with 75.73% revenue share due to their ability to deliver consistent and reliable performance across a wide range of applications. The dominance is driven by their efficiency in handling various gases and pressures. The robust design and operational efficiency make PD compressors a preferred choice in industries such as oil and gas, manufacturing, and HVAC. Notably, the oil and gas sector alone accounted for the purchase of 1.5 million units of PD compressors in the past year, underscoring their critical role in this industry. Furthermore, advancements in technology have led to the development of PD compressors with higher energy efficiency, reducing operational costs by up to $5 million annually for large-scale operations.
Key end users in the compressor market shaping this dominance include the chemical industry, which consumed 500,000 units in 2023, and the food and beverage sector, with a demand of 300,000 units. The pharmaceutical industry also significantly contributes, having integrated 200,000 PD compressors into their production lines to maintain stringent quality control. Automotive manufacturing has seen an upsurge in PD compressor utilization, with 250,000 units deployed in 2023 alone. These compressors are integral to maintaining precise pressure levels required for various manufacturing processes. Additionally, the renewable energy sector, particularly in wind and solar power generation, has adopted PD compressors to enhance storage and distribution systems, resulting in the installation of 100,000 units last year. This widespread adoption across diverse industries underscores the versatility and reliability of PD compressors, cementing their dominance in the compressor market.
Oil-Injected Compressors Driving Efficiency and Reliability Across Varied Industrial Landscapes, Capture Over 66.82% Market Share
Oil-injected compressors dominate the compressor industry due to their superior efficiency, reliability, and cost-effectiveness. These compressors are designed to deliver high-performance outputs under various operational conditions, making them indispensable in sectors where uninterrupted and consistent air supply is critical. One of the primary enablers of this dominance is their capability to operate at lower temperatures, which reduces wear and tear, thereby extending the lifespan of the equipment. With advancements in technology, oil-injected compressors now come equipped with enhanced cooling systems and noise reduction features, making them more user-friendly and efficient. In 2024, the global market for oil-injected compressors is valued at approximately $21.5 billion, with an annual production volume of around 6 million units. The average operational lifespan of these compressors has increased to over 15 years, significantly reducing the total cost of ownership.
Key end users of oil-injected compressors in the global compressor market include industries such as manufacturing, automotive, energy, and pharmaceuticals. In the manufacturing sector alone, over 2 million units are in operation globally, contributing significantly to production efficiency. The automotive industry, which heavily relies on these compressors for assembly lines and paint shops, accounts for about 1.2 million units in use. The energy sector has seen a substantial increase in demand, with over 800,000 units currently in operation, driven by the rise in renewable energy projects. The pharmaceutical industry, requiring clean and controlled environments, utilizes around 500,000 oil-injected compressors. Additionally, the food and beverage industry employs approximately 700,000 units to ensure consistent and contamination-free processes. These statistics underscore the widespread adoption and pivotal role of oil-injected compressors across various industries, solidifying their dominance in the compressor market.
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Asia Pacific Compressor Market Thrives Amid Surging GDP and Industrial Growth
The Asia Pacific region's dominance in the compressor market is fundamentally driven by its robust GDP growth. China, with a GDP exceeding $18 trillion in 2023, has a vast industrial base that demands a significant number of compressors for various applications, including manufacturing, construction, and energy sectors. Similarly, India's GDP, which reached $3.5 trillion in 2023, reflects its rapidly expanding industrial sector, further driving the demand for compressors. Japan, with a GDP of $5 trillion, remains a key player with advanced manufacturing capabilities that require high-quality compressors. These strong GDP figures underscore the region's substantial economic activity and its capacity to support a thriving compressor industry.
The industrial production growth in the Asia Pacific region is another cornerstone of its dominance in the compressor market. China, the world's largest manufacturer, saw its industrial production grow by 6.5% in 2023, necessitating extensive use of compressors in its factories and plants. India and Japan also reported strong industrial production growth, with India at 5.2% and Japan at 3.8%. These growth rates reflect the region's robust manufacturing capabilities and its significant role in global supply chains. The expansion of the industrial sector directly correlates with increased demand for compressors, driving both production and consumption in the region.
Moreover, the strong balance of payments (BOP) in the Asia Pacific region, driven by robust export activities, further solidifies its dominance in the compressor industry. China recorded a trade surplus of $535 billion in 2023, reflecting its strong export-oriented economy, which includes a significant share of compressor exports. Japan and South Korea also reported substantial trade surpluses, contributing to the region's positive BOP. These surpluses indicate the region's strong position in global trade and its capacity to be a major exporter of compressors, thereby reinforcing its dominance in the industry.
Upcoming Advancements in Electric Compressors
The electric compressor market is on the cusp of several significant advancements that promise to enhance performance, efficiency, and sustainability. One of the most notable developments is the integration of smart control systems. These systems utilize IoT technology to monitor and adjust compressor operations in real-time, optimizing energy use and reducing downtime. Additionally, variable-speed compressors are becoming more prevalent, allowing for precise control over the compression process, which improves efficiency and reduces wear and tear on the equipment.
Another exciting advancement is the development of advanced refrigerant systems that are more environmentally friendly and efficient. These systems are particularly relevant in the automotive sector, where electric compressors are being integrated into electric vehicles to enhance their range and performance. Furthermore, noise reduction technologies are being incorporated into new compressor models, making them more suitable for use in noise-sensitive environments such as hospitals and residential areas. The use of magnetic exciters to measure the logarithmic decrement of compressors is another innovation that enhances the reliability and performance of LNG compressors.
In the domain of scuba diving, electric compressors market are now equipped with advanced safety features to protect users during the refilling process, making them a safer and more eco-friendly option compared to manual models. The automotive industry is also seeing the introduction of high-voltage e-compressors, which offer lower energy consumption and compact size, contributing to the overall efficiency of electric vehicles. Lastly, the collaboration between companies like Garrett Motion Inc. and BMW Group to develop electric fuel cell compressors for hydrogen fuel cell vehicles highlights the industry's commitment to zero-emission technologies.
Global Compressor Market Key Players
- Aerzener Maschinenfabrik GmbH
- Ariel Corporation
- Atlas Copco AB
- Baker Hughes Company
- BAUER COMPRESSORS, INC.
- Burckhardt Compression AG.
- Doosan Corporation
- Ebara Elliott Energy
- ELGi EQUIPMENTS LTD
- Gardner Denver
- General Electric
- IHI Corporation
- Hitachi Group
- Ingersoll Rand
- KAESER COMPRESSORS
- Kawasaki Heavy Industry
- Kobelco Compressors
- Mitsubishi Heavy Industry
- Mitsui E&S Group
- Siemens Energy (Siemens AG)
- Sulzer Ltd
- Toshiba Corporation
- Sullair
- Anest-Iwata
- CompAir
- Boge Air
- Other Prominent Players
Indian Players
- Kirloskar Pneumatic
- Crompton Greaves
- Burckhardt Compression India Private Limited
- Bauer Kompressoren India Private Limited
- Indo-Air Compressors Pvt. Ltd
- Anest Iwata Motherson Pvt. Ltd
- Saimona Compressor Limited
Key Segmentation:
By Component
- Equipment / Compressor
- Services
- Maintenance & Support
- Installation
By Type
- Positive Displacement (PD) Compressors
- Rotary Compressors
- Reciprocating Compressors
- Turbo/Dynamic Compressors
- Axial Compressor
- Centrifugal Compressors
By Application
- Positive Displacement (PD) Compressors
- Air Compressor
- Process Gas Compressor
- Turbo Compressor
- Air Compressor
- Process Gas Compressor
By Lubrication Type
- Oil Free Compressor
- Oil Injected Compressor
By Power Source
- Gas- Powered
- Electric
By Mobility
- Portable Compressor
- Stationary Compressor
By Industry
- Agriculture
- Automotive
- Construction
- Food and Beverages
- Manufacturing
- Mining
- Oil And Gas
- Pharmaceutical
- Energy
- Chemicals
- Others
By Distribution Channel
- Online
- Offline
- Engineering, Procurement, and Construction (EPC)
- After-Sales Market
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
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