The bolstering automotive sector, surging number of food processing units, and increasing substitution of piston compressors with screw compressors will drive the compressor market at a CAGR of 3.1% during the forecast period (2020–2030). The market stood at $39.9 billion in 2019, and it is expected to reach $48.5 billion by 2030. Besides, the escalating industrialization rate, primarily in Asian nations, will widen the avenues for market players in several verticals.

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One of the key factors behind the compressor market growth is the flourishing automotive sector. The automobile sector uses compressors for engine construction, tire inflation, air conditioning systems, and car painting. The growth of the automobile sector can be credited to the spurring demand for electric cars, soaring disposable income, and technological innovations. For instance, in 2019, 2.1 million electric cars were sold globally, a number which will pick up further in the coming years due to the government initiatives for a cleaner planet.

Another key factor driving the compressor market is the rising adoption of heating, ventilation, and air conditioning (HVAC) systems. The increasing construction of commercial and residential buildings, expanding smart homes market, and development of energy-efficient systems will propel the demand for HVAC equipment in the coming years. Owing to this, the requirement for compressors will also amplify, as they are the key component of HVAC equipment because they are the ones that provide the cooling.

This market research report provides a comprehensive overview of the market

* Future potential of the market through its forecast for the period 2020– 2030
* Major factors driving the market and their impact during the short, medium, and long terms
* Market restraints and their impact during the short, medium, and long terms
* Recent trends and evolving opportunities for the market participants
* Historical and the present size of the market segments and understand their comparative future potential
* Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings