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Compressor Market Future Growth Statistic, Trends Analysis and Challenges

Factors such as the expanding gas pipeline network, flourishing automotive industry, and increasing installation of heating, ventilation, and air conditioning (HVAC) system are expected to steer the compressor market at a CAGR of 3.1% during the forecast period (2020–2030). According to P&S Intelligence, the market was valued at $39.9 billion in 2019 and it is projected to reach $48.5 billion revenue by 2030. 

Moreover, the market is witnessing a trend of increasing preference for variable-frequency drives (VFDs) over gas turbines, owing to improved productivity, reduced noise, and accurate speed and process control exhibited by them. The rising installation of HVAC equipment, on account of the increasing construction of commercial and residential buildings and the mounting number of smart homes, is one of the major growth drivers for the market. 


Additionally, the soaring global temperature, on account of the excessive burning of fossil fuels and extensive use of chlorofluorocarbon (CFC), will also boost the demand for HVAC systems worldwide. Moreover, the rapid development of energy-efficient HVAC systems is also creating a huge demand for compressors. Geographically, Asia-Pacific (APAC) led the compressor market during the historical period (2014–2019), and it is expected to retain its dominance during the forecast years as well. 

This can be primarily ascribed to the burgeoning electric vehicle (EV) sale, owing to the increasing government support in the form of incentives and subsidies, in countries such as India, China, and Japan. For example, the Government of India rolled out the second phase of its Faster Adoption and Manufacturing of Hybrid and Electric vehicle (FAME) scheme to encourage EV adoption in the nation.

Thus, the growing automobile industry and the increasing adoption of HVAC systems will drive the compressor demand in the foreseeable future.

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