How is Growing Automotive Industry Driving the Growth of Compressor Market Globally?

The automotive industry is expanding rapidly at the present time due to the increasing disposable income of people, rising demand for electric cars, and technological advancements. From 2012–2017, the automobile industry registered a growth of around 17% in the sales of all types of vehicles around the globe.

In addition to this, the demand for passenger vehicles witnessed nearly 16% growth in the same time period worldwide. This expansion of the automotive industry is resulting in the rising requirement for compressors, as they are widely used in various applications in the industry, including engine construction, tire inflation, air conditioning systems, and car painting.

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Compressors are basically mechanical devices which are utilized for increasing the pressure of a matter, generally air, by reducing its volume.

A report by P&S Intelligence stated that valued at $36.6 billion in 2017, the global compressor market is projected to generate a revenue of $45.7 billion in 2023, advancing at a 3.5% CAGR during the forecast period (2018–2023).

The two types of compressors are dynamic and positive displacement. Between these two, the larger demand during 2013–2017 was created for positive displacement compressors and the situation is predicted to remain the same in the coming years as well. These compressors are further of two types, namely reciprocating and rotary.

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Further, the impact of global warming is not only exhibited as rising temperatures, it can be manifested as excessive rains, extreme cold temperatures, and snowing in regions which never received snow before.

Therefore, such extreme weather conditions due to climate change have necessitated the use of heating, ventilation, and air conditioning (HVAC) systems across the world.

The different applications of compressors include textile, construction, food & beverage, power, oil & gas, industrial manufacturing, automotive, heating, ventilation, air conditioning, & refrigeration (HVAC-R), and chemical & cement.

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Some other applications include agriculture, healthcare, and research. Out of these, the automotive industry created the largest demand for compressors during 2013–2017 and is expected to dominate the domain during the forecast period as well.

Furthermore, keeping the climate change in mind, majority of the countries worldwide have mandated the construction of new buildings with energy-efficient HVAC systems. As a compressor is an essential component of an HVAC system, the growing demand for these systems would directly translate into a surging requirement for compressors.

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.