February 17, 2023 09:01 ET | Source: ReportLinker ReportLinker

New York, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Compressors Global Market Report 2023" - https://www.reportlinker.com/p06282493/?utm_source=GNW Major players in the compressors market are Atlas, Ingersoll Rand, Siemens, Ebara, ELGI Equipment Ltd, Gardner Denver, Kirloskar, Kobe Steel, Mitsubishi Heavy Industries Ltd, and Sulzer AG. The global compressors market will grow from $122.57 billion in 2022 to $125.75 billion in 2023 at a compound annual growth rate (CAGR) of 2.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The compressors market is expected to grow to $140.49 billion in 2027 at a CAGR of 2.8%. The compressor market consists of sales of rotary screw compressor, centrifugal compressors, and reciprocating compressor.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Compressor is a device that provides power by increasing the pressure of a substance and reducing the volume. They are used for industrial and home needs. The Asia Pacific was the largest region in the compressors market in 2022.North America was the second largest region in the compressors market. The regions covered in the compressors report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The main types of compressors are air compressors and gas compressors. The compressors are classified by positive displacement and centrifugal with different power ratings like 0-100 kW, 101-300 kW, 301-500 kW, and 500 kW above that are applied in construction, power, industrial manufacturing, HVAC-R, chemical and cement, oil and gas, automotive, food and beverage, and textile sectors. The increasing applications of compressors in the power industry are one of the key drivers for the compressors market.This is mainly due to the rising global population which has led to an increase in the demand for electricity and other power resources to carry out day-to-day activities. In this regard, companies in the compressors market are offering compressors for the power industry. For instance, Atlas Copco, MAN Turbo, and Gardner Denver are some of the compressor manufacturers that offer compressors for power generation applications. The high maintenance cost of compressors is one of the major restraints on the compressors market.The maintenance of a compressor typically includes costs for repair including any leakages, changing the filter, and oiling. For example, the cost of oil required to operate an oil-lubricated compressor is around $3,000-$6,000 per year.Similarly, the disposal of condensate generated by the compressor can cost around $50,000 per year. Therefore, the maintenance costs involved in operating compressors continue to be an important restraint restricting the growth of the compressors market. The emergence of next-gen air compressors is an important trend in the compressors market.The next-generation air compressors are highly energy-efficient and eco-friendly and emit relatively lesser carbon emissions than the traditional compressors. For example, Kirloskar Pneumatic Co Ltd in association with Top Tag Trading Est (3T Group) launched a next-generation diesel portable compressor, which offers high power efficiency at a low cost of ownership.Similarly, compressor manufacturer Atlas Copco offers the GA VSD+ compressor which reduces energy consumption by 50%. Other companies in the compressors market such as Hitachi and Ingersoll Rand are also working towards power-efficient and low-maintenance air compressors. The compressor machine manufacturers must comply with the standards set by the American Society of Mechanical Engineers (ASME) in the making and testing of compressors.One such example is the ASME Standard EA-4-2008. This standard specifically focuses on the requirements of conducting and collecting the results of a compressed air system.The standard is set to avoid any kind of discrepancy in evaluating a compressor based on its energy assessments. ASME Standard EA-4-2008 provides a detailed yet scalable process that can be molded for each compressor manufacturing facility. Hence, regulations such as these would keep a check on companies involved in manufacturing and testing compressors. MR Organisation (MRO) Limited, a global producer, supplier, and one-stop solution provider of compressed air equipment, components, and kits headquartered in India has acquired Standard Air Limited (Standard Air) for an undisclosed amount.The acquisition will offer MRO the essential growth and global reach, indicating the company’s sustained success. Standard Air Limited is a UK-based compressor company. The countries covered in the compressors market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia. The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified). The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products. The compressors market research report is one of a series of new reports that provides compressors market statistics, including compressors industry global market size, regional shares, competitors with a compressors market share, detailed compressors market segments, market trends, and opportunities, and any further data you may need to thrive in the compressors industry. This compressors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. Read the full report: https://www.reportlinker.com/p06282493/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________