Compressors Global Market Report 2024

The compressors market size has grown steadily in recent years. It will grow from $109.95 billion in 2023 to $113.62 billion in 2024 at a compound annual growth rate (CAGR) of 3.3%. The growth observed in the historical period can be attributed to robust economic growth in emerging markets, the innovative manufacturing infrastructure of modern systems, increased automobile production, and a growing number of food processing units.

The compressors market size is expected to see steady growth in the next few years. It will grow to $129.26 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. Forecasted growth is fueled by government support, rapid industrialization, increased demand for energy-efficient air compressors, and a rising need for oil-free compressors in the food and beverage industry. Key trends include innovative product launches, mergers and acquisitions, adoption of oil-free screw compressors, technological advancements, partnerships, new facility expansions, increased investments, and the use of rotary screw compressors.

The expansion of compressors' applications within the power industry stands out as a significant driver for the compressors market. This surge is primarily a response to the escalating global population, leading to heightened electricity and power resource demands for everyday operations. To address this need, companies within the compressors market are actively providing compressors tailored for power industry applications. Notable manufacturers such as Atlas CopCo., MAN Turbo, and Gardner Denver are among those offering compressors specifically designed for power generation purposes.

Anticipated growth within the automotive industry is set to invigorate the compressor market in the foreseeable future. The automotive sector encompasses a broad spectrum of organizations engaged in vehicle design, development, manufacturing, sales, and upkeep. Compressors play a pivotal role in automotive engines, enhancing performance through devices such as superchargers and turbochargers, which effectively boost air intake into the engine's combustion chamber. For instance, according to a report released by the European Automobile Manufacturers' Association (ACEA) in May 2023, global motor vehicle production surged to 85.4 million in 2022, marking a 5.7% increase from the previous year. Additionally, the International Organization of Motor Vehicle Manufacturers reported a total production of 85,016,728 cars and commercial vehicles in 2022, up from 80,145,988 in 2021. Hence, the burgeoning automotive industry is a significant driver propelling growth within the compressor market.

The compressors market is witnessing a crucial trend with the emergence of next-generation air compressors that prioritize energy efficiency and eco-friendliness. These advanced compressors exhibit notably reduced carbon emissions compared to traditional models, aligning with sustainable practices. A prime illustration is the collaboration between Kirloskar Pneumatic Co Ltd and Top Tag Trading Est (3T Group), culminating in the launch of a diesel portable compressor. This next-generation equipment prioritizes high power efficiency while boasting a cost-effective ownership model. Meanwhile, industry frontrunner Atlas Copco has introduced the GA VSD+ compressor, effectively slashing energy consumption by an impressive 50%. Likewise, market players such as Hitachi and Ingersoll Rand are actively developing power-efficient and low-maintenance air compressors, underscoring the market's shift towards environmentally conscious innovations.

Prominent entities in the compressor market are strategically introducing innovative compressor models such as the GA+ and GA next-generation compressors to drive market revenues. These smart industrial air compressors, such as the next-generation GA and GA+ fixed-speed models, promise enhanced performance, energy savings, reliability, and connectivity, particularly tailored for mid-size, fixed-speed industrial requirements. Atlas Copco's recent launch in February 2023 exemplifies this trend, showcasing the GA+ models equipped with a Smart Unload algorithm that monitors real-time pressure, optimizing unloading timings for substantial energy conservation. Notably, these new compressors outperform their predecessors by delivering increased air capacity while significantly reducing energy costs. Additionally, innovative hybrid bearing technology extends the drivetrain's lifespan by an impressive 33%, ensuring longer-lasting and efficient operations.

In February 2022, MR Organization (MRO) Limited, an Indian-based manufacturer, supplier, and comprehensive provider of compressed air equipment, components, and kits, completed the acquisition of Standard Air Limited (Standard Air), a UK-based compressor company, for an undisclosed sum. This strategic acquisition provides MRO with vital growth opportunities and global reach, underscoring the company's ongoing success.

Major companies operating in the compressors market report are Atlas Copco AB, Mitsubishi Heavy Industries Ltd., Baker Hughes Co., Ingersoll Rand Inc., Siemens Energy AG, Hitachi Ltd., Burckhardt Compression Holding Ag, Elgi Equipments Ltd., Ariel Corporation, Kobe Steel Ltd., Mr C.M. Panchal, Mk Engineering, Paras Compressors, Mark Compressors, Deep Pneumatics, Pryes Compressors, Zen Air, Suzhou Alton Electrical And Mechanical Industry, Wenling Toplong Electrical And Mechanical, Zhejiang Universal Machinery, Zhengzhou Windbell Machinery, Tianjin Air Compressor, Shanghai Honest Compressor, Shenzhen Rongruitong Electromechanical Equipment, Abac Air Compressors, Avelair Compressed Air Solutions, Howden Compressors, Motivair Compressor Limited, Sauer Compressors Uk Ltd., Ceccato Aria Compressa S.P.A, Ing. Enea Mattei Spa, Rotair Spa, General Noli Spedizioni Internazionali S.P.A, Kaeser Kompressoren, Krasnodar Compressor Plant, Neva Compressor Service, Pk-Kompressor, American Compressor Company, Kaishan Compressor Usa, Compressed Air Solutions, Aerzen Usa Corporation, Midwest Compressoz, Wiseworth Canada Industries, Chamco Industries Ltd., Ingersoll Rand - Barueri Sales And Service Center, Siscati Compressors, Frio Ingenieria S.A, Danair , Gardner Denver Inc., Flowserve Corporation, Generall Electric Company, Idex Corporation, Colfax Corporation, Accudyne Industries Llc, Anest Iwata Corporation.

The Asia-Pacific was the largest region in the compressors market share in 2023. North America was the second largest region in the global compressors market. The regions covered in the compressors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the compressors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The primary types of compressors include air compressors and gas compressors. Air compressors are mechanical devices that convert power from sources such as electric motors, gasoline engines, or diesel engines into compressed air. They are classified into positive displacement and centrifugal types, with power ratings ranging from 0-100 kW, 101-300 kW, 301-500 kW, and 500 kW and above. These compressors find applications in diverse industries such as industrial manufacturing, oil and gas, automotive, HVAC-R, food and beverage, power, construction, chemical and cement, and textile.

The compressors market research report is one of a series of new reports that provides compressors market statistics, including compressors industry global market size, regional shares, competitors with a compressors market share, detailed compressors market segments, market trends, and opportunities, and any further data you may need to thrive in the compressors industry. This compressors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The compressor market consists of sales of rotary screw compressor, centrifugal compressors, and reciprocating compressor. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.