Construction activities across the globe have been increasing swiftly, owing to the strong economic growth is various countries. Since heating, ventilation, and air conditioning (HVAC) systems have become important for both residential and commercial sectors, their demand is increasing as well due to the expanding construction industry. The sales for air conditioning units specially has risen significantly over the past few years, owing to the increasing global temperature.

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Other than this, expanding smart homes market and development of energy efficient systems are also the main factors that are leading to the growing demand for HVAC systems. As compressors are important part of air conditioning systems, their demand is projected to rise in the coming years as well. A device which increases the pressure of a substance by decreasing its volume is referred to as a compressor.

According to a study conducted by P&S Intelligence, the global compressor market is predicted to generate a revenue of $45.7 billion by 2023, rising from $36.6 billion in 2017, and is expected to advance at a 3.5% CAGR during the forecast period (2018–2023). Compressors are of two types, namely dynamic and positive displacement, between which, the demand for positive displacement compressors was higher in the past.

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These compressors are further of two types, namely rotary and reciprocating compressors. Between these two, the demand for rotary compressors is predicted to be higher in the coming years, as these compressors are utilized widely in a number of industries, including power, food & beverage, and automotive. Dynamic compressors are also of two types, centrifugal and axial, between which, centrifugal compressors are extensively deployed in the oil & gas industry for the compression of gases. Compressors can be portable or stationary, however, the demand for stationary compressors has been higher up till now.