Industrial Demand Creating Positive Outlook for Global Compressor Market: Report

Frost & Sullivan's recent analysis, Global Compressors Outlook 2022, reveals that the compressor market is steadily growing despite the negative effect of the pandemic on the global economy.

With limited investment due to the pandemic, compressor market growth slowed, and its recovery depends on how quickly economic activities return to normal and governmental policies to reduce the effects of the pandemic.

Although global compressor revenue slowed, it is still rising due to the growing demand for environmentally friendly compressed air solutions that are fostering the adoption of compressors worldwide.

Revenues are expected to reach $21.89 billion in 2023, with a growth rate of 1.9%. The demand for new technologies will increase after 2022, and the compressor suppliers that incorporate revolutionary technologies such as the Internet of Things (IoT), the latest software, and real-time monitoring will strengthen their market presence.

"General manufacturing and process industries will require investment and, in most cases, the state is a stakeholder in major projects globally," noted Krishnan Ramanathan, Industry Principal, Industrial Practice, Frost & Sullivan. "Growth in the compressors market is tied to investments in urban development. The investment climate will depend on the political and economic policies of the respective governments. Compressor vendors strategize their initiatives based on the anticipated demand from each region."