|Status : Published||Published On : Feb, 2020||Report Code : VRSME9061||Industry : Semiconductor & Electronics||Available Format :||Page : 201|
The global compressor market is expected to reach USD 47.9 billion by 2024, growing at a CAGR of 3.6% during the forecast period. The market is growing due to growing automotive industries in developing countries such as India and China, and rapid industrialization. Different compressor types such as positive displacement and dynamic compressors contributed to the compressor market size. The market has witnessed a high demand for positive displacement in the coming years due to extensive acceptance throughout small and medium scale industries.
Insight by Compressor Type
On the basis of compressor type, the market is subdivided into positive displacement and dynamic compressors. Of all types, the positive displacement segment accounted for the larger share in the market, owing to extensive acceptance throughout small and medium scale industries. Moreover, several advantages such as higher efficiency, the high-pressure ratio for relatively small size and lower cost are further propelling the growth of the positive displacement compressor in the market.
The positive displacement compressor is further subdivided into reciprocating compressors and rotary compressors. The rotary compressors segment accounted for the larger share in the market. Moreover, the reciprocating compressors are further sub-segmented into the in-line, diaphragm, tandem piston, double-acting, “v” shaped and single acting. In addition, the rotatory compressors are further segmented into the screw, lobe and scroll, and vane. In addition, the dynamic compressor is further subdivided into centrifugal and axial compressors.
Insight by Portability
On the basis of portability, the market is subdivided into portable and stationary. Of both the portability, the stationary accounted foremost share in the compressor market.
Insight by Lubrication Type
On the basis of the lubrication type, the market is subdivided into oil-free and oil-flooded. Of all the lubrication type, the oil-free segment is expected to grow at a faster rate in the market, owing to the increasing demand from beverages & food and chemical industries.
Insight by Pressure
On the basis of pressure, the market is subdivided into ultra-low-pressure, high-pressure, medium-pressure, low-pressure, and hyper-pressure. Of all the pressure, the low pressure accounted for a foremost share in the compressor market, owing to the mounting application in chemical, textile, automotive and cement industries.
Usage of multi-stage compressors and increasing demand for gas or steam turbines owing to its benefits such as decreased lost time, precise speed management and decreased noise is the major trend in the compressor market.
The escalating motor vehicle requirement, escalating need for energy resourceful systems, increasing gas pipeline network, and increasing alternative of piston compressors with screw compressors are the primary growth drivers for the compressor market.
The uncertainty in the crude oil prices and a mounting need for the HVAC equipment are also facilitating the growth of the compressor market.
The high initial cost is the major challenge for the growth of the compressor market.
Growing automotive industries in developing countries such as India and China, increasing demand for eco-friendly compressors, and rapid industrialization are the opportunities for the global compressor market.
Geographically, Asia-Pacific is observed to witness the fastest growth in the market, due to the mounting government support, and escalating growth of infrastructure development and rapid industrial development in countries such as India and China. In addition, government initiatives such as Made in India and Made in China 2025 are also creating a positive impact on the compressor market growth in the region.
Key players in the compressor market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In April 2017, Hitachi agreed to acquire Sullair Air Compressors from its parent company Accudyne Industries to access Sullair’s global sales network.
Atlas Copco AB, Gardner Denver Holdings Inc., Mitsubishi Heavy Industries Ltd., Sulzer, Hitachi, Kaeser Kompressoren SE, Toyota Industries Corporation, Danfoss, and Ingersoll-Rand plc are the key players offering compressor.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research