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Future of Compressor Wheel Market: Size, Share & Forecasts to 2029
Compressor Wheel
What Is the Projected Market Size Valuation of the Compressor Wheel Market by 2025?
Over recent years, the compressor wheel market has seen a consistent growth. The projection shows an increase from $15.85 billion in 2024 to $16.53 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 4.3%. Factors such as demand from the automotive industry, emissions standards, influence of the aerospace industry, advancements in material science, and fuel efficiency requirements, have all contributed to its growth in the past.
What Is the Estimated Market Growth Value for the Compressor Wheel Industry in 2029?
The market for compressor wheels is predicted to experience consistent growth over the next several years, anticipating to expand to a size of $19.56 billion by 2029, with a compound annual growth rate (CAGR) of 4.3%. This expected growth during the projection period can be credited to factors such as the rise in electric and hybrid vehicles, stringent fuel efficiency standards, aerospace and defense sector investments, worldwide economic patterns, and usage in renewable energy applications. Key trends during this period comprise the adoption of sophisticated manufacturing methods, progress in variable geometry turbochargers, implementation of computational fluid dynamics (CFD), and the growth of environmentally-friendly and sustainable strategies.
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What Are the Growth Drivers and Opportunities in the Compressor Wheel Market?
The growth of the compressor wheels market is projected to be spurred by the increasing demand within the automotive industry. The automotive field encompasses the cumulative sectors engaged in the conceptualization, advancement, production, promotion, and distribution of motor vehicles. Turbochargers' effectiveness and performance are significantly boosted by compressor wheels, contributing more power and enhanced fuel efficiency to the vehicles. For instance, data from the Organisation Internationale des Constructeurs d'Automobiles (OICA), a France-based global consortium of car manufacturers, shows a considerable surge in the worldwide automotive sector in 2023. Total vehicle production for the year stood at 93546599 units, a marked rise from the 85016728 units manufactured the previous year, in 2022. Hence, the compressor wheels market is being fueled by the escalating demand for the automotive industry.
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What Are the Primary Segments Covered in the Global Compressor Wheel Market Report?
The compressor wheel market covered in this report is segmented -
1) By Product Type: Titanium Compressor Wheel, Aluminum Compressor Wheel, Stainless Steel Compressor Wheel, Twin Blade Compressor Wheel
2) By Application: Automotive Engine, Stationary Engine
3) By Sales Type: OEM (Original Equipment Manufacturer), After market
Subsegments:
1) By Titanium Compressor Wheel: Single-Stage Titanium Compressor Wheel, Multi-Stage Titanium Compressor Wheel
2) By Aluminum Compressor Wheel: Cast Aluminum Compressor Wheel, Forged Aluminum Compressor Wheel
3) By Stainless Steel Compressor Wheel: Single-Stage Stainless Steel Compressor Wheel, Multi-Stage Stainless Steel Compressor Wheel
4) By Twin Blade Compressor Wheel: Billet Twin Blade Compressor Wheel, Cast Twin Blade Compressor Wheel
What Are the Top Growth Trends in the Compressor Wheel Market?
Top corporations in the compressor wheel market are working towards the creation of novel compressor wheel models to deliver dependable services to their client base. An S-shaped hub design is one such inventive engineering solution being introduced into the compressor wheel to strive for enhanced performance and efficiency. To illustrate, Cummins Inc., a corporation rooted in the US that specializes in the design, manufacture, and distribution of engines, filtration, and power generation products, introduced its inaugural e-compressor for hydrogen fuel cell engines in March 2024. The e-compressor is characterized by a low-inertia rotor for superior start-up, better acceleration combined with an entire blade impeller that lessens noise for a smoother operating experience. Its aerodynamically sound design boosts energy efficiency and fuel economy while the low-thrust loading wheel assures a smooth and dependable rotation. Furthermore, the robust containment design implements enhanced safety with bigger safety margins during containment testing.
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Which Companies Are Shaping the Future of the Compressor Wheel Market?
Major companies operating in the compressor wheel market report are Honeywell International Inc., BorgWarner Inc., Atlas Copco AB, Wabtec Corporation, UACJ Corporation, Ingersoll Rand PLC, Garrett Motion Inc., Doncasters Group Ltd., Booster Precision Components, ATP Turbo, Melett North America Inc., Phessio Turbo, Rotomaster, Full-Race Motorsports, GReddy Performance Products Inc., Turbonetics Inc., ABI Showatech Private Ltd., Turbo tech Precision Products Ltd., E&E Turbo, Owen Developments, Turbo Systems, Forced Performance Turbochargers, Blouch Performance Turbochargers, Nelcon Motor Company, Pacifica Power Sdn Bhd., Changzhou E and E Turbo Power Co. Ltd., Jiangyin Uni-Pol Vacuum Casting India Pvt. Ltd.
Which Region Holds the Largest Market Share in the Compressor Wheel Industry?
North America was the largest region in the compressor wheel market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the compressor wheel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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