Compressor Market Research

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2022
Compressor Demand To Rise Exponentially with
Booming Automotive Production
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The International Energy Agency (IEA) forecasts
that the sale of battery electric vehicles (BEVs)
(cars), fuel cell electric vehicles (FCEVs)
(cars), and plug-in hybrid electric vehicles
(PHEVs) (cars) will rise from 2,008,024 units in
2020 to 14,370,678 units by 2030, 9,601 units in
2020 to 293,176 units by 2030, and 969,034 units
in 2020 to 7,761,233 units by 2030, respectively.
The soaring electric vehicle (EV) sales, owing to
the growing concerns regarding vehicular
pollution, will propel the adoption of
compressors in the automotive sector, as they are
used in tire inflation, air conditioning systems,
and painting.   Additionally, the increasing
adoption of heating, ventilation, and air
conditioning (HVAC) systems will drive the
compressor market at a CAGR of 3.1 during the
forecast period (20202030). According to PS
Intelligence, the market revenue will grow from
39.9 billion in 2019 to 48.5 billion in 2030.
The escalating demand for HVAC systems can be
owed to the large-scale construction of
residential and commercial buildings, growth in
the smart homes market, and rapid development of
energy-efficient systems.   Nowadays,
variable-frequency drive (VFD) compressors are
being preferred over gas-turbine-based
compressors due to the reduced downtime, accurate
speed and process control, improved productivity,
reduced noise, and lower energy costs and capital
requirement exhibited by the former. Unlike
gas-turbine compressors, VFD compressors do not
cause air pollution, as they do not generate
carbon monoxide (CO), carbon dioxide (CO2), and
nitrogen oxides (NOx). With the mounting need to
improve the air quality, end users are expected
to adopt a significant number of VFD compressors
in the coming years.   The compressor type
segment of the compressor market is bifurcated
into dynamic and positive displacement. Under
this segment, the positive displacement category
generated the higher revenue in 2019, and it is
projected to continue this trend throughout the
forecast period. This can be owed to the lower
operating cost, higher efficiency, and greater
pressure ratio for a relatively smaller size
exhibited by positive-displacement compressors.
These compressors work with constant gas and air
flow, regardless of the outlet pressure. Geograph
ically, the Asia-Pacific (APAC) region adopted
the largest number of compressors in the recent
past, and it is expected to maintain its lead in
the foreseeable future. This can be primarily
owed to the booming automobile industry in the
region. The burgeoning demand for EVs in China
and Japan owing to the rising government support
toward the EV industry in the form of subsidies
and tax benefits will facilitate the adoption of
compressors. Moreover, the sale of conventional
automobiles is also high, which is driving the
demand for compressors among automakers.  
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•  
• Whereas, the Middle East and African (MEA)
  compressor market is expected to demonstrate the
  fastest growth in the forecast years owing to the
  mounting investments in the construction of
  production units and surging output of processed
  food products in the region. Nowadays, automakers
  are focusing on establishing their manufacturing
  plants in Algeria, Egypt, and Tunisia. Besides,
  the surging emphasis of major Gulf nations, such
  as Saudi Arabia, on transforming their industrial
  landscape is expected to boost the market growth
  in the MEA.
•  
• Thus, the escalating EV sales and surging demand
  for HVAC equipment will create a huge requirement
  for compressors globally.
•  
• This study covers
• Historical and the present size of the compressor
  market
• Future potential of the market through its
  forecast for the period 2020 2030
• Historical and the present size of the market
  segments and understand their comparative future
  potential
• Potential of on-demand logistics services, so the
  market players make informed decisions on the
  sales of their offerings
• Competitive scenario of various market segments
  across key countries in several regions for
  uncovering market opportunities for the
  stakeholders
• Major players operating in the market and their
  service offerings

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