Press release
How is Growing Automotive Industry Driving Compressor Market?
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.
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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.
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).
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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.
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.
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.
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The second largest demand for these systems projected to be created for the HVAC-R application in the coming years. The reason for this the growth in the HVAC market.
Read More Related Reports :
China Compressor Market : https://www.psmarketresearch.com/market-analysis/china-compressor-market
India Compressor Market :
https://www.psmarketresearch.com/market-analysis/india-compressor-market
MEA Compressor Market :
https://www.psmarketresearch.com/market-analysis/middle-east-and-africa-compressor-market
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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.
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