Compressor Market by Type (Positive Displacement [Reciprocating {In-Line, V-Shaped, Tandem Piston, Single-Acting, Double-Acting, Diaphragm}, Rotary {Screw, Vane, Lobe and Scroll}, Dynamic [Centrifugal, Axial Flow]), by Lubrication Type (Oil-Free, Oil Flooded), by Portability (Portable, Stationary), by Pressure Type (Ultra-Low-Pressure, Low Pressure, Medium Pressure, High Pressure, Hyper Pressure), by Application (Construction, Power, Industrial Manufacturing, HVAC-R, Chemical & Cement, Oil & Gas, Automotive, Food & Beverage, Textile), by Geography (U.S., Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, India, South Korea, Mexico, Brazil, U.A.E., Saudi Arabia, Turkey, Sudan, South Africa) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013–2023
NEW YORK, Jan. 08, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, compressor market is expected to reach $45.7 billion by 2023. 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.
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Based on compressor type, 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.
Based on lubrication type, the compressor market is classified into oil-flooded and oil-free compressors. The market for oil-free compressors is expected to record a higher CAGR during forecast period, owing to rising demand from food and beverage as well as chemical industries. Oil-free compressors eliminate oil contamination as well as the cost of replacing air or oil separator elements and downstream filtration required to remove oil aerosols.
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.
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On the basis of application, the compressor market is segmented into construction, power, industrial manufacturing, HVAC-R, chemical and cement, oil and gas, automotive, food and beverage, textile and others, wherein ‘others’ include healthcare, agriculture, and research. Automotive category accounted for highest market share in 2017 in terms of value, owing to increasing global automobile production. Automobile production has been exhibiting a steady growth since the last decade. This is attributed to rising standard of living as well as increasing disposable income around the globe.
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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APAC region is exhibiting rapid industrial growth, especially from chemicals, power, construction and automobile industries. Compressors find major application across these industries, and hence are expected to register significant growth in the next decade. Owing to easy availability of raw materials and low labor cost, market players are finding new opportunities from growing metal, mining, and food and beverage industries, predominantly in India and South Korea. With rapid urbanization and industrialization, APAC is expected to generate huge opportunities for compressor market players to invest and proliferate their business.
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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