by The global compressor market has witnessed significant growth over the past few years due to the growing construction industry and infrastructure development activities around the world. Compressors are mechanical devices that compress air or gas and are used in a wide range of end-use industries such as construction, mining, manufacturing, oil & gas, and others. They are used to power machinery and equipment for industrial processes that require compressed air or gas. Different types of compressors including positive displacement compressors and dynamic compressors are used depending on the industrial application. Positive displacement compressors like reciprocating compressors and rotary screw compressors are mainly used in gas handling applications requiring high pressures.
The growing infrastructure development activities in emerging economies of Asia Pacific and Middle East Africa are driving the demand for compressors from the construction industry. The global compressor market is estimated to be valued at US$ 49.08 Bn in 2024 and is expected to exhibit a CAGR of 16.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the global compressor market is the growing adoption of variable speed drive compressors. Variable speed drive compressors provide significant energy savings compared to conventional compressors by automatically adjusting the compressor speed according to air demand. They help avoid over-compression of air and reduce electricity costs substantially. With growing concerns over energy efficiency and carbon footprint worldwide, the demand for variable speed drive compressors is increasing across industries. Manufacturers are also focusing on developing energy-efficient and eco-friendly compressor technologies to capitalize on this trend.
Porter’s Analysis
Threat of new entrants: The compressor market requires high initial investments and established distribution channels. This poses significant entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternative compressor manufacturers. However, switching costs are high due to operational compatibility issues.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the fragmented nature of components/raw materials and availability of substitutes.
Threat of new substitutes: Technologies like renewable energy sources pose a moderate threat as substitutes for compressors used in conventional power generation.
Competitive rivalry: The global compressor market is highly competitive with the presence of numerous global and regional players.
Key Takeaways
The global compressor market size is expected to witness high growth over the forecast period.
Regionally, Asia Pacific accounted for the largest share of the global compressor market in 2020 and is expected to maintain its lead through 2030. Growing manufacturing industries and China being a major compressor exporter drive the APAC market.
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, Altiefere, Teraoka Seiko, Advantech US, E Ink, Toshiba Global Commerce Solutions, SESimagotag, E-Ink, Wuxi Wei Feng Technology, and Cicor. Major players are focusing on new product launches and expanding their manufacturing facilities to cater to the growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
