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How is Usage of HVAC Equipment Driving Growth of Global Compressor Market?
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This is mainly credited to the rising construction activities, flourishing smart homes market, and emergence of energy-efficient systems in several countries. Moreover, the soaring worldwide temperatures have boosted the need for efficient cooling systems and this has consequently, propelled the demand for compressors across the world.
The other important factor fuelling the rise in the demand for compressors is the expanding gas pipeline network throughout the globe. Owing to the rising consumption of oil and natural gas in various industrial and residential applications, the demand for oil and gas is observing rapid growth all around the world.
Due to the above-mentioned factors, the revenue generated from the global sales of compressors is predicted to rise from $36.6 billion in 2017 to $45.7 billion by 2023. The global compressor market is set to demonstrate a CAGR of 3.5% during the forecast period (2018-2023).
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There are mainly two types of compressors -- dynamic and positive displacement compressors. Of these, the positive displacement compressors recorded higher usage in 2017, especially in the Asia-Pacific (APAC) region. In the APAC region, India will observe the fastest growth in the usage of positive displacement compressors during the forecast period.
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-marke
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