The rising demand for energy efficient systems, rapid industrialization, and growing automotive industry in developing countries such as China and India some of the major factors pushing the market growth. Global compressor market was valued at $36.6 billion in 2017 and is expected to reach $45.7 billion by 2023, exhibiting a CAGR of 3.5% during the forecast period
The market is categorized into positive displacement and dynamic compressors. Positive displacement category held a larger market share in 2017.
This is ascribed to its widespread adoption across small and medium scale industries. Positive displacement compressors offer various advantages such as high-pressure ratio for relatively small size, higher efficiency, and lower cost.
The dynamic compressor type is further segmented into centrifugal and axial compressors. APAC was the largest market for centrifugal compressors followed by Europe and North America in 2017.
In APAC, China registered highest number of sales for these compressors, constituting a share of more than 60% in 2017.
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In terms of pressure, the market is categorized into ultra-low pressure, low pressure, medium pressure, high pressure, and hyper pressure. Low pressure category contributed a significant market share in the global compressor market in 2017, due to its increasing applications in automotive, chemical and cement, and textile industries.
APAC is expected to be the fastest growing market during the forecast period due to increasing government support in the region. Growing infrastructure development and rapid industrialization in countries such as India, China, and South Korea would support market growth in the forecast period.
For instance, Make in India initiative taken by the Indian government is expected to offer ample of opportunities in the forecast period. Moreover, Made in China 2025, which is aimed at developing China as the manufacturing hub would create huge opportunities for market players.
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Growing gas pipeline network is a key factor driving the compressor market growth, globally. This is due to increasing domestic consumption of natural gas, rapid industrialization, and growing gas pipeline network.
For instance, Gazprom built 121 gas pipelines stretching 1,148 miles in 32 constituent entities of the Russian Federation in 2017. Furthermore, in 2018, GAIL (India) Limited announced its plan to expand gas pipeline network capacity in the next three years by constructing 3,418 miles of new pipelines.
The compressor market is highly fragmented and competitive, with players competing predominately on price, reputation, quality, and timeliness of delivery. Some of the major players in the global compressor market include Gardner Denver Inc., Ingersoll-Rand PLC, Kaeser Compressors Inc., Ingersoll-Rand plc, Mitsubishi Heavy Industries Ltd, Atlas Copco AB, Kobe Steel, Ltd., ANEST IWATA Corporation, Zhe Jiang Hongwuhuan Machinery Co., Ltd, MAHLE GmbH, Sanden Holdings Corporation, Valeo SA, Hanson Systems, Toyota Industries Corporation.
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