Compressor Market Size
November 01, 2019
How is Rising Demand for Heating, Ventilation, and Air Conditioning Systems Aiding in Compressor Market Growth?
Due to the deeds of humans and variability of nature, the planet’s average surface temperature has risen drastically — about 0.9 °C (1.62 °F)— since the late 19th century. Majority of the global warming occurred in the past 35 years, of which the five warmest years have been recorded since 2010. The warmest year on record was 2016, and eight months, starting from January to September, with the exception of June, were recorded with the highest temperatures in that year.
Further, the impact of global warming is not only exhibited as rising temperatures, it can be manifested as excessive rains, extreme cold temperatures, and snowing in regions which never received snow before. Therefore, such extreme weather conditions due to climate change have necessitated the use of heating, ventilation, and air conditioning (HVAC) systems across the world.
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Compressors are mechanical devices that increase the pressure of gas, usually air, by reducing its volume. They find applications in various industries and purposes, such as industrial manufacturing, air conditioners for cars and homes, hydraulic compressors for industrial machinery, and home and industrial refrigeration.
Compressors are of two types — dynamic and positive displacement. All throughout the 2013–2017 period, the higher demand was for the positive displacement type compressors, as one of their sub-types — rotary — was in huge demand from various industries, such as chemical & cement, oil & gas, healthcare, power, automotive, textile, food & beverage, and industrial manufacturing.
This is said to be one of the reasons which would drive the compressor market forward from $36.6 billion in 2017 to $45.7 billion, with a 3.5% CAGR, in the near future, as reported by a P&S Intelligence study.
Furthermore, keeping the climate change in mind, majority of the countries worldwide have mandated the construction of new buildings with energy-efficient HVAC systems. As a compressor is an essential component of an HVAC system, the growing demand for these systems would directly translate into a surging requirement for compressors.
