Global Compressor Market, with USD ~40 billion value in 2022, is expected to grow at a CAGR of 4.47% in 2023-2028, driven by increasing demand from power and manufacturing sectors, predicts MI.
The demand for compressors witnesses a steady growth contributed by the growing demand from various industries, including manufacturing, oil & gas, automotive, and power sectors. However, some of the major end-user industries for the compressor market include oil and gas and the power sector, both of which sustained some heavy losses during the COVID-19 pandemic, especially in the year 2020, and are showing significant recovery now, with stabilizing demand and recovering economies on a global level.
In 2021, Asia-Pacific was the largest market and accounted for 35.65% of the global compressor market. China, India, the United States, Russia, Saudi Arabia, United Arab Emirates, etc., constitute the largest oil and gas handling markets. However, markets with increasing disposable income like China and India will emerge as big opportunities, predicts Mordor Intelligence.
“As a step into the future, major countries across the globe are focusing on curbing CO2 emissions. Therefore, major players and governments are investing in clean technologies; several use compressors for operations such as hydrogen fuel generation, biofuels, energy storage (compressed air energy storage (CAES)) or switching gas-fired power plants from coal-fired power plants. Moreover, projects related to LNG infrastructure and gas pipelines have been witnessing significant growth in recent years due to the growing demand for natural gas: for domestic applications, and in power generation as a cleaner alternative to coal.”
More than 1320 planned and announced refinery and petrochemical plants are expected to come online in the coming few years, globally. Looking forward, the trend of new and expansions of petrochemical complexes will continue to grow, which is likely to propel the demand of the compressor market parallelly.
Besides, as the demand for compressors is growing, compressor technology is witnessing significant advancement in recent years. Major compressor manufacturers are investing in energy-efficient compressors with long life, low maintenance, and high endurance, which is likely to provide ample opportunities for attracting more investment and demand in the coming future.
Furthermore, with the growing impact of global warming, cooling applications are witnessing significant demand from the commercial as well as industrial sectors. Various companies are investing in new manufacturing plants to meet the growing demand. For instance, in March 2022, Samsung announced an investment of INR 15.88 billion for setting up a new compressor manufacturing unit for refrigeration applications in Tamil Nadu, India. Also, compressor demand is supported by the growing demand for biofuel in the transportation sector. For instance, in 2022, Atlas Copco signs an agreement with Shell Energy to supply CO2 compression equipment for renewable biofuel plant projects.
About Mordor Intelligence –
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics. Get a glance at the Compressor Market or ask for a more customised report.
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