The global compressor market size generated a revenue of $39.9 billion in 2019 and is predicted to attain a value of $48.5 billion by 2030. The burgeoning requirement for vehicles and the thriving construction sector are fueling the expansion of the market across the globe. In addition to this, the growing industrialization, especially in the Asian nations, is predicted to offer lucrative growth opportunities for the players operating in the market. The other major factors driving the market advancement are the growing usage of multi-stage compressors, large-scale utilization of screw compressors, and the increasing pipeline network in several countries.
The manufacturing industry is one of the worst-hit industries because of the ongoing COVID-19 pandemic. Moreover, with major economies around the world such as the U.K., the U.S., Germany, India, China, and Japan imposing lockdowns and restrictions on trade and transportation activities, the compressor market is witnessing a sharp decline in revenue generation. Additionally, the non-availability of components and raw materials, order cancellations, and low inventory levels has massively hindered the progress of the market across the globe.
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Globally, the Asia-Pacific region accounted for the highest revenue share in the last few years. The region is predicted to dominate the market in the future years, primarily because of the growing requirement for vehicles and the subsequent surge in automobile manufacturing in the region. In APAC, 49 million units of vehicles were manufactured in 2019, as per the findings of the Organisation Internationale des Constructeurs d'Automobiles (OICA).
Some of the leading players operating in the compressor market are Mitsubishi Heavy Industries Ltd., Valeo SA, Gardner Denver Holdings Inc., Atlas Copco AB, Kaeser Kompressoren SE, ANEST IWATA Corporation, Accudyne Industries LLC, MAHLE GmbH, Kobe Steel Ltd., Sanden Holdings Corporation, Zhe Jiang Hongwuhuan Machinery Co. Ltd., Toyota Industries Corporation, and Hanon Systems.
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Market Size Breakdown by Segment
By Compressor Type
- Positive Displacement
- Axial flow
By Lubrication Type
- Industrial Manufacturing
- Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R)
- Chemical and Cement
- Oil and Gas
- Food and Beverage
- North America
- Latin America
- Middle East & Africa
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