Centrifugal Compressor Market

The Global Centrifugal Compressor Market is valued at USD 14.01 Billion in 2023 and is projected to reach a value of USD 21.25 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 4.7% between 2024 and 2032.

Key Highlights – Global Centrifugal Compressor Market

• Global Centrifugal Compressor Market is projected to reach USD 21.25 Billion by 2032
• North America held the highest share of the Centrifugal Compressor market
• Oil and Gas held the largest share of the End Use segment in the Centrifugal Compressor market
• Single-stage centrifugal compressors held the major share of the type segment in the Centrifugal Compressor market

Market Overview

A centrifugal compressor is a type of dynamic compressor, or turbo compressor, with a radial design. Air is drawn into the center of a rotating impeller with radial blades and is pushed toward the center by centrifugal force. This radial movement of air results in a pressure rise and the generation of kinetic energy.

The global Centrifugal Compressor market is segmented based on products, applications, regions, and countries. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments have been analyzed based on present and future trends. The research study provides complete assessment of the market on the basis of competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2020 to 2023 with forecast from 2024 to 2032.

The key players in the global Centrifugal Compressor market include - Atlas Copco North America LLC, Baker Hughes Company, FS-ELLIOTT CO. LLC, Hitachi Ltd., Howden Group, IHI Rotating Machinery Engineering Co. Ltd., Ingersoll Rand, KOBE STEEL LTD., Nanjing SAG Equipment Co. Ltd., Siemens Energy and among others.

Regional Overview

Based on region, the global Centrifugal Compressor market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region led the market with the largest share in 2023. Some of the key countries contributing to the surge in the market are the U.S., U.K., Germany, France, China, India, Japan, and South Korea.

The market comprises of numerous small, medium, and large sized players spread across various geographies. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

COVID-19 Impact Analysis

COVID-19 pandemic led to government of numerous countries across the globe to impose strict lockdown restrictions during the preliminary stages. In 2023, numerous countries faced the adverse effects of the pandemic due to the outbreak of second wave, which also led governments to again impose lockdown measures. Business shutdowns, partial business operations, and travel restrictions have led to challenges in supply chain and in turn production. However, it is expected that reopening of trade activities, the market will witness steady growth in the demand in the coming years. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o Impact Assessment of COVID-19 Pandemic

o Pre & Post COVID-19 Market Size

o Qualitative analysis on the short term & long-term impact of COVID-19 on the market

o The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

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Report Coverage & Deliverables

PDF report & online dashboard will help you understand:

• Real-Time Data Updates:
• Competitor Benchmarking
• Market Trends Heatmap
• Custom Research Queries
• Market Sentiment Analysis
• Demographic and Geographic Insights

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Industry Insights

The centrifugal compressor product has a positive view as it has been seen as energy source which is renewable. The growing trend and adoption of air compressors in various industries with favorable government policies & regulations, encouraging economic environment and growing popularity of automobiles are factors boosting the market.

The increasing focus more on research and development activities is one of the major factors driving the market growth. Centrifugal compressors are for use in the large turbojet engines and gas turbines growing the large aircraft, because of the resulting weight as well as stress, and to frontal area presented by the large diameter of radial diffuser are the factors hampering the market.