Compressors Market to grow by USD 11918.6 million between 2024-2028
According to a research report “ Compressors Market” by End-user (Oil and gas, Process industry, Discrete industry) Type (Positive displacement, Dynamic) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 11918.6 million at a CAGR of 2.87% during the forecast period. In today's industrial landscape, compressors have emerged as indispensable assets, driving productivity and efficiency in various sectors. From automotive and chemical to petrochemical and manufacturing industries, compressors are increasingly being adopted for their ability to optimize processes involving oil and gas transfer. Their multifunctional capabilities extend to compressing gases and air, powering pneumatic tools and machinery, and supplying energy for diverse applications. Moreover, compressors' potential to minimize downtime and reduce maintenance costs further bolsters their market appeal..
Browse market data tables, figures, and in-depth TOC on “Compressors Market” by End-user (Oil and gas, Process industry, Discrete industry) Type (Positive displacement, Dynamic) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028.
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By End-user, the Oil and gas segment is projected to dominate the market size in 2024.
In the compressors market, positive displacement technology holds significant sway. This method, which compresses gas by confining and mechanically reducing its volume, is a preferred choice due to its high pressure generation capabilities. Industries such as oil and gas, pharmaceuticals, food and beverage, and manufacturing rely heavily on positive displacement compressors for their efficiency and reliability. Notably, reciprocating and rotary compressors, which employ positive displacement, are particularly favored in the oil and gas sector for their superior performance.
By Type, Positive displacement segment is expected to hold the largest market size for the year 2024.
In the oil and gas sector, compressors play a pivotal role in upstream, midstream, and downstream processes. In refineries, compressors are utilized for desulfurization and reforming. In natural gas plants, they are essential for transporting pressurized gas and gas injection. Pressure instability in oil and gas facilities can result in catastrophic explosions, endangering workers and equipment. To mitigate this risk, compressor suppliers integrate multivariable transmitters to maintain optimal pressure levels in processing plants. Compressors are indispensable for ensuring optimal pressure during natural gas transportation and storage, particularly in liquefied natural gas (LNG) pipelines, tanks, and loading facilities.
APAC is forecasted to hold the largest market size by region in 2024.
In the compressor market, businesses seek efficient and reliable solutions to optimize operations and reduce costs. Compressors play a crucial role in various industries, including manufacturing, oil and gas, and power generation. Our offerings encompass a wide range of compressor technologies, ensuring businesses can select the most suitable solution for their specific needs. By implementing advanced compressor systems, companies can enhance productivity, minimize energy consumption, and improve overall profitability.
The Compressors Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The compressors market encompasses various industries, including the Stationary Air Compressor sector. This segment caters to the demands of the Manufacturing Sector, such as the Steel, Electronics, Pharmaceuticals, and Food & Beverages industries, as well as the Power Sector. Compressors play a crucial role in the Oil & Gas industry, particularly in the context of Gas Pipeline Networks. Two primary types of compressors are prevalent: Dynamic and Positive Displacement. In the context of energy efficiency and reducing Volatile Organic Compounds (VOCs) emissions, Oil-free compressors have emerged as a preferred choice. The compressors market is witnessing significant growth in Emerging Economies due to Industrialization and Automation. The HVAC industry also relies heavily on compressors for energy efficiency and temperature control. In the Oil & Gas and Power sectors, compressors are essential for processing and transporting natural gas and generating electricity, respectively. In summary, the compressors market is a dynamic and essential sector, catering to various industries and applications, from the Steel and Electronics industries to the Power and Oil & Gas sectors, and from the Food & Beverages industry to the HVAC industry.
Market Research Overview
The Compressors Market encompasses various types of compressors, including rotary, screw, reciprocating, and portable air compressors, used extensively in the Power Sector for power generation projects and in the Manufacturing Sector for industries such as steel, pharmaceuticals, petrochemical, packaging, food & beverages, and cement. Volatile organic compounds (VOCs) are a concern in these industries due to their contribution to greenhouse gas emissions. Compressors play a crucial role in gas transportation through pipeline systems, oil refineries, and oil & gas industry operations, such as natural gas production, gas gathering, and gas flow in gas fields. The market includes oil-free compressors, which are preferred in the HVAC industry and electronics industry due to their clean air output, and oil-flooded or oil-filled compressors for applications requiring lubrication. The Power Sector's shift towards gas-based energy generation and the increasing focus on energy efficiency and energy conservation standards in emerging economies drive the compressors market growth. Key players in the compressor manufacturing industry include manufacturers of dynamic compressors, electric-operated air compressors, and compressors used in coal-based electricity and automation systems. The Energy Institute (EI) plays a significant role in research and development in this field.
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