Valued at $39.9 billion in 2019, the global compressor market is predicted to generate $48.5 billion revenue in 2030. Furthermore, as per the forecast of P&S Intelligence, a market research firm, the market would advance at a CAGR of 3.1% from 2020 to 2030. The prominent factors driving the progress of the market are the increasing number of food processing companies in several countries, thriving automotive industry, and the growing preference for screw compressors over piston compressors in industries.

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Compressors are extensively used in the automotive industry in various applications such as car painting, tire inflation, engine construction, and air conditioning systems. As a result, the boom of the automotive industry, especially in the Asia-Pacific (APAC) region, on account of the growing disposable income of people, rapid technological advancements, and ballooning requirement for electric cars, is causing a sharp surge in the sales of compressors. As per reports, over 2.1 million electric cars were sold globally in 2019.

Electric cars accounted for 2.6% of the total number of cars sold across the world in 2019 and registered as much as 40% Y-o-Y (year-on-year) growth in sales from 2018. Besides this, the surging sales of heating, ventilation, and air conditioning (HVAC) systems is also propelling the growth of the compressor market. The sales of these systems are being driven by the increasing construction of commercial and residential buildings and the rapid development of various energy-efficient systems.

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Apart from being heavily used in the automotive industry and HVAC systems, compressors are also being extensively used in gas pipelines for maintaining the required pressure and flow. As a result, the growth of the gas pipeline network in various geographical regions, because of the rising requirement for natural gas in domestic settings, soaring population, and increasing industrialization and urbanization, is positively impacting the sales of compressors across the globe.