Compressors are mechanical devices that are used for compressing air or gas to higher pressure than atmospheric pressure. They are widely used across various industrial applications such as manufacturing, construction, mining, oil & gas refineries amongst others. Compressors help achieve higher operational efficiency, productivity and quality in manufacturing and industrial processes. Growing industrialization and expansion of manufacturing sectors across developing regions is driving the demand for industrial compressors. The global compressor market is estimated to be valued at US$ 49.08 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Growing construction activities in developing economies across Asia Pacific and Latin America is expected to propel the demand for compressors over the coming years. Mechanical equipment such as compressors are extensively used in construction for applications including drilling, sandblasting, spray painting amongst others. Countries such as China, India are witnessing significant investments in infrastructure development which is anticipated to boost the compressor market growth especially for portable compressors. Rising disposable income and improving living standards are increasing residential construction which will further augment the compressor market opportunity during the forecast period.
Porter's Analysis
Threat of new entrants: The compressor market requires high capital investments which pose significant entry barriers. In addition, established brands have strong relationships with OEMs further restricting new players.
Bargaining power of buyers: The buyers have moderate bargaining power due to the availability of varied product offerings at competitive prices from key players. However, specific application requirements limit full buyer control.
Bargaining power of suppliers: Key raw material suppliers like motor and component manufacturers have low to moderate bargaining power due to availability of substitute suppliers globally.
Threat of new substitutes: No major substitute threats exist currently, however efficiency improvements in alternative technologies could offer substitutes in future.
Competitive rivalry: The market is highly competitive due to presence of major global brands. Differentiation based on product quality, efficiency and pricing intensifies competition.
SWOT Analysis
Strengths: Strong brands, global distribution networks, leadership in technology & innovation.
Weaknesses: Heavy reliance on limited OEMs, vulnerability to fluctuations in raw material prices, unfavourable foreign exchange rates.
Opportunities: Rising industrialization & construction activities, growing aftermarket sales, expansion into emerging markets.
Threats: Slowdown in manufacturing sector, strict environment regulations, increasing trade protectionism.
Key Takeaways
The global compressor market growth is expected to witness high growth over the forecast period owing to rapid industrialization and construction activities globally.
Regional analysis:
The Asia Pacific region is projected to grow at the fastest CAGR during the forecast period due to strong economic growth, rising infrastructure development and increasing manufacturing output in countries like China, India, Indonesia and Vietnam.
Key players:
Key players operating in the compressor market are SES-Imagotag, Pricer AB, Displaydata, Opticon Sensors Europe B.V, Samsung Electro-Mechanics, NZ Electronic Shelf Labelling, M2Communication, Diebold Nixdorf, Altierre, Teraoka Seiko, Advantech US, E Ink, Toshiba Global Commerce Solutions, SESimagotag, E-Ink, Wuxi Wei Feng Technology, and Cicor.
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