What is Global Centrifugal Compressor Market?
The Global Centrifugal Compressor Market is a vast and dynamic sector that plays a crucial role in various industries worldwide. Centrifugal compressors, also known as turbo compressors, are mechanical devices that are primarily used for moving gases or air in a variety of industrial applications. These compressors work on the principle of centrifugal force, where the rapid rotation of the impeller accelerates the gas from its center to its outer edges. The global market for these compressors was valued at a significant US$ 1830.7 million in 2023 and is projected to reach an impressive US$ 2288.5 million by 2030. This growth trajectory indicates a steady Compound Annual Growth Rate (CAGR) of 3.1% during the forecast period from 2024 to 2030.
Large Centrifugal Compressor, Medium Centrifugal Compressor, Small Centrifugal Compressor in the Global Centrifugal Compressor Market:
The Global Centrifugal Compressor Market is segmented into three categories based on size: Large, Medium, and Small Centrifugal Compressors. Large Centrifugal Compressors are typically used in applications that require high flow rates and are often found in industries such as oil and gas, power generation, and petrochemicals. Medium Centrifugal Compressors, on the other hand, are versatile and can be used in a variety of applications, from refrigeration to air conditioning systems. Lastly, Small Centrifugal Compressors are compact and efficient, making them ideal for applications that require lower flow rates, such as HVAC systems and small-scale industrial processes. Interestingly, small centrifugal compressors hold the largest market segment, accounting for over 47% of the global market.
Petrochemical Industry, Industrial Manufacturing, Transportation, Others in the Global Centrifugal Compressor Market:
Centrifugal compressors are widely used across various industries, including the Petrochemical Industry, Industrial Manufacturing, Transportation, and others. In the Petrochemical Industry, these compressors are used for processes that require high pressure, such as the production of chemicals and plastics. In Industrial Manufacturing, they are used to provide compressed air for various tools and machinery. In the Transportation sector, centrifugal compressors are used in turbochargers to increase the efficiency of internal combustion engines. Other applications include HVAC systems, refrigeration, and more. Notably, the petrochemical industry is the largest consumer of centrifugal compressors, accounting for over 49% of the global market.
Global Centrifugal Compressor Market Outlook:
The future outlook for the Global Centrifugal Compressor Market appears promising. The market, which was valued at US$ 1830.7 million in 2023, is expected to grow to US$ 2288.5 million by 2030, reflecting a CAGR of 3.1% during the forecast period of 2024 to 2030. This growth is largely driven by the top five global manufacturers, who collectively hold a market share of over 47%. Europe, being the largest producer of centrifugal compressors, contributes over 25% to the global market. The small centrifugal compressor segment leads the product category with a market share of over 47%, while the petrochemical industry remains the largest application sector with a market share of over 49%.
| Report Metric | Details |
| Report Name | Centrifugal Compressor Market |
| Accounted market size in 2023 | US$ 1830.7 million |
| Forecasted market size in 2030 | US$ 2288.5 million |
| CAGR | 3.1% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Hitachi, Atlas Copco, Ingersoll Rand, MAN Energy Solutions, Hanwha Power Systems, IHI, Fusheng, Kobelco, Elliott, MHI, Siemens Energy |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
