NEW YORK, June 12, 2024 /PRNewswire/ — The global compressors market size is estimated to grow by USD 11.91 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 2.87% during the forecast period. Increasing adoption of compressors in various industries is driving market growth, with a trend towards rising demand for oil-free compressors. However, volatility in oil and gas prices poses a challenge. Key market players include Atlas Copco AB, BAC Compressors, BOGE, Danfoss AS, Dearing Compressor and Pump Co., Doosan Portable Power Co., Elgi Equipments Ltd, Fusheng Precision Co. Ltd., Hanbell Precise Machinery Co. Ltd., Hitachi Ltd., Indo-Air Compressors Pvt. Ltd., Ingersoll Rand Inc., KAESER KOMPRESSOREN SE, Kaishan Compressor USA, Kirloskar Pneumatic Co. Ltd., Kobe Steel Ltd., Parker Hannifin Corp., Siemens Energy AG, Sulzer Ltd., and Yantra Technologies.
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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Segment Covered |
End-user (Oil and gas, Process industry, and Discrete industry), Type (Positive displacement and Dynamic), and Geography (APAC, North America, Europe, South America, and Middle East and Africa) |
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Region Covered |
APAC, North America, Europe, South America, and Middle East and Africa |
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Key companies profiled |
Atlas Copco AB, BAC Compressors, BOGE, Danfoss AS, Dearing Compressor and Pump Co., Doosan Portable Power Co., Elgi Equipments Ltd, Fusheng Precision Co. Ltd., Hanbell Precise Machinery Co. Ltd., Hitachi Ltd., Indo-Air Compressors Pvt. Ltd., Ingersoll Rand Inc., KAESER KOMPRESSOREN SE, Kaishan Compressor USA, Kirloskar Pneumatic Co. Ltd., Kobe Steel Ltd., Parker Hannifin Corp., Siemens Energy AG, Sulzer Ltd., and Yantra Technologies |
Key Market Trends Fueling Growth
Compressors are categorized into oil-flooded and oil-free types based on lubrication. While oil-flooded compressors held a larger market share in 2020, the demand for oil-free compressors is growing due to the need for contamination-free air in cleanroom applications. Oil-free compressors eliminate contamination risks and meet strict industry standards, making them popular in electronics and medical devices industries.
The increasing use of cleanrooms in F and B pharmaceuticals, electronics, and aerospace industries due to government mandates and product quality improvements will boost oil-free compressor adoption. Emerging cleanroom applications, such as PV solar cell manufacturing, fossil fuel exploration, and battery production, will further fuel this trend.
The compressor market is experiencing significant growth, with various types of compressors in high demand. Carbon and cement industries are major consumers, utilizing compressors for their production processes. The use of compressors in the energy sector is also increasing, particularly in power generation and transmission. The trend towards more efficient and sustainable operations is driving the adoption of advanced compressor technologies.
These include progressive compressors, which offer improved energy efficiency, and liquid injected compressors, which enhance performance in challenging applications. Additionally, the integration of digital technologies, such as IoT and AI, is enabling predictive maintenance and optimized compressor performance. Overall, the compressor market is expected to continue its upward trajectory, driven by the diverse needs of industries and the ongoing quest for greater efficiency and productivity.
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Market Challenges
- The volatility of crude oil prices poses significant challenges for the oil and gas industry, including impacting new exploration and production investments, refinery expansions, and contract prices. This uncertainty can affect compressor demand, as crude oil price fluctuations influence the prices of derivative products like gasoline and lubricants. Unanticipated price changes can alter market conditions rapidly.
- Volatility also influences investment decisions in new and existing projects, potentially leading to project abandonment, delays, and reduced investment outlays. The global storage service industry, a critical part of the midstream industry, is directly affected by these decisions, putting pressure on the entire value chain. Ultimately, compressor market growth may be hindered by oil and gas price volatility during the forecast period.
- The compressor market faces several challenges in the industry. Gas fields require various types of compressors for production, such as gas compressors, liquid compressors, and process compressors. These compressors play a crucial role in increasing the pressure of gases and liquids to facilitate transportation and processing. However, the industry encounters challenges like high maintenance costs, complex operations, and the need for energy-efficient solutions.
- Additionally, the increasing demand for natural gas and the shift towards renewable energy sources pose challenges for compressor manufacturers. To address these issues, companies focus on innovations in compressor technology, such as advanced materials and digitalization, to improve efficiency and reduce costs.
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Segment Overview
- End-user
- 1.1 Oil and gas
- 1.2 Process industry
- 1.3 Discrete industry
- 2.1 Positive displacement
- 2.2 Dynamic
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and Africa
1.1 Oil and gas- Compressors play a crucial role in the oil and gas industry, ensuring optimum pressure in upstream, midstream, and downstream operations. In petroleum refining, they are used for desulfurizing and reforming processes. In natural gas plants, compressors transport and inject gas, maintaining pressure in LNG pipelines, tanks, and loading facilities. Pressure control is essential to prevent explosions and protect workers and equipment. The wide application of compressors drives market growth in the oil and gas industry.
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Research Analysis
The Compressors Market encompasses various industries such as Industrialization, Automation, Emerging economies, Food & beverages industry, HVAC industry, Oil & gas industry, Pharmaceuticals industry, Power Sector, and Manufacturing Sector. Compressors play a vital role in these industries, with applications ranging from oil-free compressors in the Food & beverages and Pharmaceuticals industries to Positive Displacement compressors in the Oil & gas industry and Gas pipeline network.
Energy efficiency is a significant factor driving the market, with Electronics industry and Steel industry also relying on compressors for their operations. Volatile organic compounds are a concern in stationary air compressors, necessitating the use of advanced technologies for emissions reduction. The market for compressors is diverse and dynamic, catering to the unique needs of each industry.
Market Research Overview
The compressors market encompasses a wide range of products designed to reduce the volume or increase the pressure of gases. These devices are essential in various industries, including manufacturing, oil and gas, and power generation. Compressors come in various types, such as reciprocating, rotary screw, centrifugal, and positive displacement compressors.
Each type caters to specific applications based on efficiency, capacity, and pressure requirements. The compressors market is driven by factors like increasing demand for industrial gases, growing focus on energy efficiency, and expanding applications in the renewable energy sector. Additionally, advancements in technology are leading to the development of more compact, lightweight, and energy-efficient compressors.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
- Oil And Gas
- Process Industry
- Discrete Industry
- Type
- Positive Displacement
- Dynamic
- Geography
- APAC
- North America
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
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SOURCE Technavio
