Compressor MarketSize and Trends

The global compressor market size was valued at US$ 40.53 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 5.1% from 2023 to 2030. It is driven by a number of factors, including the increase in energy-efficient compressors, increasing use of compressed air in industrial power tools, and the growing demand for environmentally friendly products. Moreover, the rise of manufacturing industries in developing countries like China and India has also contributed to the rising demand for air compressors.

Global Compressor Market Trends:

Major players are focused on inorganic growth strategies, such as partnerships, and joint ventures: Several key players in the market are focused on building partnerships, joint ventures, and strategic alliances for offering energy-efficient compressors to the end-users. For instance, in September 2020, Shaanxi Blower Co. Ltd. announced the successful completion of the test run of its new innovative super-large axial compressor. This new compressor has a high-efficiency blade profile with a hollow shaft, which ensures high operational efficiency. Thus, this trend is expected to continue in the global compressor market during the forecast period.
Increasing launch of novel products by market players is a growing trend: Major players in the market are launching new products with enhanced features. For instance, in November 2021, Sundyne launched an enhanced “fit-for-purpose” centrifugal compressors. Cogeneration power plants need gas pressures in the range of 250-750 pound per square inch in their turbines for optimal operation. Interstate gas pipelines transport gas at different pressures, which ranges anywhere from 30 to 125 psig. For increasing incoming gas pressure to levels needed by turbines, several plants deploy Sundyne fuel gas boosters.

Compressor Market Report Snapshots