20.05.2021 Бизнес

Compressor Market Drivers, Restraints, Opportunities, and Trends in Coming Years

The rapid expansion of the automotive industry is positively impacting the sales of compressors across the world. In the automotive industry, compressors are extensively used in various applications such as tire inflation, air conditioning systems, engine construction, and car painting. The surging disposable income of people, rapid technological innovations and advancements, and the growing requirement for electric cars are the main factors fueling the growth of the automotive industry across the globe.

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Moreover, because of the increasing construction of various commercial and residential buildings, the manufacturing of energy-efficient systems, and the thriving smart homes industry, the demand for HVAC systems is exploding all over the world. This is pushing up the sales of compressors, which is, in turn, driving the advancement of the global compressor market. According to the estimates of the market research company, P&S Intelligence, the market value will rise from $39.9 billion in 2019 to $48.5 billion by 2030.

Construction, power, industrial manufacturing, heating, ventilation, and air conditioning and refrigeration (HVAC-R), chemical and cement, automotive, oil and gas, food and beverage, textile, agriculture, research, and healthcare are the major application areas of compressors. Out of these, the usage of compressors is predicted to soar in automotive applications in the forthcoming years. This will be because of the booming electric vehicle manufacturing in several countries and the rising adoption of energy-efficient methods in the automobile industry.

Hence, it can be said with full confidence that the demand for compressors will shoot up all over the world in the upcoming years, mainly because of the expansion of the automotive and HVAC industries and their rising requirement in various applications in these industries.