Global Centrifugal Compressors Market Overview:
As per MRFR analysis, the Centrifugal Compressors Market Size was estimated at 3.75 (USD Billion) in 2022. The Centrifugal Compressors Market Industry is expected to grow from 3.98 (USD Billion) in 2023 to 6.9 (USD Billion) by 2032. The Centrifugal Compressors Market CAGR (growth rate) is expected to be around 6.3% during the forecast period (2024 - 2032).
Key Centrifugal Compressors Market Trends Highlighted
The centrifugal compressors market is poised for significant growth driven by the increasing demand for these compressors in a variety of industries, including oil and gas, petrochemical, and power generation. The growing need for energy-efficient and reliable compression solutions is also propelling market expansion. Furthermore, the adoption of centrifugal compressors in emerging markets is expected to offer ample opportunities for market players.
Key market trends include a shift towards larger and more efficient centrifugal compressors, as well as the adoption of digital technologies for monitoring and control. The increasing adoption of centrifugal compressors in renewable energy applications, such as biofuel production and natural gas compression, is also creating new opportunities in the market.
In recent times, the centrifugal compressors market has witnessed a trend towards modular designs, which provide flexibility and ease of maintenance. Additionally, the growing emphasis on environmental sustainability is driving the development of low-emission and energy-efficient centrifugal compressors.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Centrifugal Compressors Market Drivers
Increasing Demand for Energy-Efficient Solutions
Being extremely efficient in terms of energy consumption, centrifugal compressors have become widely used in the majority of industrial sectors. The latter are increasingly seeking to promote more sustainable sources of energy which are at the same time more cost effective. In comparison to legacy reciprocating source of energy, with which traditional compressors were used, centrifugal compressor is able to save up to 30% of energy which is quite impressive for any production facility.It follows that this type of equipment is one of the most demanded solutions in a context of increased regulations in the field of energy resources.
Expansion of Oil and Gas Industry
The Centrifugal Compressors Market is highly dependent on the development of the oil and gas industry. Specifically, centrifugal compressors are used in gas compression, gas reinjection, and gas transportation that are considered to be standardized processes in the oil and gas sector. The market’s growth will be determined by the development of oil and gas exploration and production industries at a global level. Moreover, such growth is likely to be particularly notable in regions with vast oil and gas reserves and the steadily increasing amounts of investments in this sector along with growing exploration activities.
Technological Advancements and Innovation
It can be argued that the centrifugal compressors market is one of the industries where shifts occur on a daily basis. Continuous improvements in technology and the design of centrifugal compressors lead to the rapid transformation of the sector, with new materials, designs, and control systems being integrated to enhance the performance, efficiency, and reliability of compressors. For instance, the emerging type of compressors called high-speed centrifugal features the increased speed of a rotor, which allows for more efficient compression.In addition, new solutions for supporting the rotor in the compressor, known as magnetic bearings, are being developed along with variously designed variable speed drives.
Moreover, compressors are manipulated according to the air demand to avoid large valve failures on high-pressure centrifugal compressors. Finally, new technological developments are aimed at reducing the noise and vibration caused by the compressors and enhancing the lifespan of a compressor. In conclusion, these improvements are likely to facilitate new ways of using centrifugal compressors in new applications.
Centrifugal Compressors Market Segment Insights:
Centrifugal Compressors Market Type Insights
The Centrifugal Compressors Market is divided by Type into Oil-free Centrifugal Compressors and Oil-lubricated Centrifugal Compressors. In 2023, the Oil-free Centrifugal Compressors segment had a greater market share, and it is likely that the segment will continue to have a major share throughout the forecast period 2024-2032. These compressors are commonly used in application across diverse industries that demand air that is clean and free of oil. Some of these industries include food beverage, pharmaceutical and electronics industries.
The demand for oil-free centrifugal compressors is likely to increase positively due to the ever-growing regulatory standards that aim to foster the emphasis on the product quality and safety across the aforementioned driving the market; the resale opportunities for the used compressors contradicting the market. The segment was boosted by the resumption of activity after the compliance of players with environmental compliance. On the other hand, the Oil-lubricated Centrifugal Compressors segment is likely to experience gradual growth across the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Centrifugal Compressors Market Stage Configuration Insights
The stage configuration or type segment of the Centrifugal Compressors Market is divided into single and multi-stage centrifugal compressors. Over the upcoming years, the single-stage centrifugal compressors segment is expected to be dominant because of their simpler designs and low initial costs. Such compressors are better suited for applications that does not have higher pressure requirements. In the meantime, the segment of multi-stage centrifugal compressors is likely to be growing at a higher CAGR since these compressors are able to reach higher pressure ratios and handle larger flow rates.
The ideal applications of such components are high-pressure applications in such sectors as oil and gas, chemical processing, or power generation. The Centrifugal Compressors Market single-stage compressor segment is evaluated at 3.23 billion USD and is larger than the multi-stage compressor segments and their 1.90 billion USD. The growth rate of multi-stage compressors is higher, and they are expected to make 2.57 billion USD by 2032 with a CAGR of 6.5%.
Centrifugal Compressors Market Application Insights
The growth of the market is attributed to increasing demand from the high pressure pumps, oil and gas, chemical and petrochemical, power generation, food and beverage, and pharmaceutical industries. The oil and gas industry are the largest consumer of centrifugal compressors, accounting for over 40% of the market share. Centrifugal compressors are used in oil and gas production, transportation, and refining processes. The growing demand for oil and gas is expected to drive the growth of the centrifugal compressors market in the coming years. The chemical and petrochemical industry is another major consumer of centrifugal compressors. Centrifugal compressors are used in the production of chemicals, plastics, and other petrochemical products.
The growing demand for chemicals and plastics is expected to drive the growth of the centrifugal compressors market in the coming years. Power generation is another major application of centrifugal compressors. Centrifugal compressors are used in gas turbines and combined cycle power plants. The growing demand for electricity is expected to drive the growth of the centrifugal compressors market in the coming years. The food and beverage industry are also a major consumer of centrifugal compressors.
Centrifugal compressors are used in the production of food and beverages, such as dairy products, soft drinks, and beer. The growing demand for food and beverages is expected to drive the growth of the centrifugal compressors market in the coming years. The pharmaceutical industry is another major consumer of centrifugal compressors. Centrifugal compressors are used in the production of pharmaceuticals, such as drugs and vaccines. The growing demand for pharmaceuticals is expected to drive the growth of the centrifugal compressors market in the coming years.
Centrifugal Compressors Market End-user Industry Insights
The end-user industry segment plays a crucial role in shaping the Centrifugal Compressors Market. In 2023, the Manufacturing sector held the largest market share due to the extensive use of centrifugal compressors in industrial processes such as gas compression, air separation, and refrigeration. The Energy sector is projected to witness significant growth during the forecast period, driven by increasing demand for compressors in oil and gas exploration, refining, and transportation. The Healthcare industry is expected to contribute to market growth owing to the rising demand for centrifugal compressors in medical applications such as MRI machines and oxygen concentrators.The Food and Beverage industry utilizes compressors in various processes such as food packaging, beverage carbonation, and refrigeration.
Centrifugal Compressors Market Regional Insights
The Centrifugal Compressors Market is segmented by region into North America, Europe, Asia-Pacific, South America, and the Middle East Africa. North America is the largest regional market, accounting for over 35% of the global market in 2023. The market in this region is driven by the increasing demand for centrifugal compressors in the oil and gas industry. Europe is the second largest regional market, with a market share of over 25%. The market in this region is driven by the growing demand for centrifugal compressors in the power generation industry. Asia-Pacific is the fastest growing regional market, with a CAGR of over 7%. The market in this region is driven by the increasing demand for centrifugal compressors in the chemical and petrochemical industries. South America and the Middle East Africa are small regional markets, but they are expected to grow at a healthy pace in the coming years.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Centrifugal Compressors Market Key Players and Competitive Insights:
In the light of the growing demand for the equipment from the end-use industries, major players in Centrifugal Compressors Market industry are focusing on developing innovative and efficient products. Leading Centrifugal Compressors Market players are investing in R to enhance the performance and reliability of their products. The Centrifugal Compressors Market is anticipated to witness substantial growth over the years to come on account of the rising demand for energy-efficient and sustainable solutions. The competitive scenario of Centrifugal Compressors Market depicts the presences of significant number of both global as well as regional players.
Ingersoll Rand is one of leading rivals in the Centrifugal Compressors Market. The company offers centrifugal compressors for several end-use applications. Oil gas, chemical processing, and power generation are a few of the prominent applications of its equipment. The centrifugal compressors offered by the company deliver high efficiency, reliability, and durability. Ingersoll Rand is one of prominent player in the Centrifugal Compressors Market with a strong geographical presence and wide distribution network of its equipment to a diverse set of customers.
Atlas Copco is a major competitor of the Centrifugal Compressors Market. Headquartered in Sweden, the multinational company is leading manufacturer of industrial tools and equipment. The centrifugal compressors from the company are developed for high-pressure application and are used across the mining, manufacturing, and construction industries. The equipment manufactured by the company offers high-energy efficiency and robust construction and is easy to maintain. The brand value and strong geographical presence enables it to be a key player in the Centrifugal Compressors Market.
Key Companies in the Centrifugal Compressors Market Include:
- EnPro Industries
- Baker Hughes
- Ingersoll Rand
- Howden
- Kawasaki Heavy Industries
- GE
- MAN, Energy Solutions
- Flowserve
- CurtissWright Corporation
- Mitsubishi Heavy Industries
- RollsRoyce
- Ariel Corporation
- Gardner Denver
- Atlas Copco
- Siemens
Centrifugal Compressors Market Industry Developments
The Centrifugal Compressors Market is projected to reach USD 6.9 billion by 2032, exhibiting a CAGR of 6.3% during the forecast period (2024-2032). The rising demand for energy-efficient and cost-effective industrial processes, coupled with the increasing adoption of centrifugal compressors in various industries, is driving the market growth.
Furthermore, government regulations and initiatives promoting energy conservation and environmental sustainability are creating favorable conditions for market expansion. Recent developments include the introduction of advanced technologies such as magnetic bearings and high-speed impellers, which enhance compressor efficiency and reliability. Key players are investing in research and development to meet the evolving needs of end-use industries, such as oil and gas, power generation, and manufacturing.
Centrifugal Compressors Market Segmentation Insights
-
Centrifugal Compressors Market By Type
-
Centrifugal Compressors Market By Stage Configuration
-
Centrifugal Compressors Market By Application
-
Centrifugal Compressors Market By End-user Industry
-
Manufacturing
-
Energy
-
Healthcare
-
Food and Beverage
-
Others
-
Centrifugal Compressors Market By Regional
-
North America
-
Europe
-
South America
-
Asia Pacific
-
Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
 3.75 (USD Billion) |
| Market Size 2023 |
 3.98 (USD Billion) |
| Market Size 2032 |
 6.9 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
 6.3% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
EnPro Industries, Baker Hughes, Ingersoll Rand, Howden, Kawasaki Heavy Industries, GE, MAN Energy Solutions, Flowserve, Curtiss Wright Corporation, Mitsubishi Heavy Industries, RollsRoyce, Ariel Corporation, Gardner Denver, Atlas Copco, Siemens |
| Segments Covered |
Type, Stage Configuration, Application, End-user Industry, Regional |
| Key Market Opportunities |
Growing demand in oil and gas industries Expansion in power generation sector Increasing adoption in petrochemical plants Technological advancements Rising need for energy efficiency |
| Key Market Dynamics |
Growing demand from oil and gas industry Technological advancements Increasing adoption in healthcare Government regulations driving adoption Expansion of industrial sectors |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
• The Centrifugal Compressors Market is projected to reach USD 6.9 Billion by 2032 from USD 3.98 Billion in 2023, at a CAGR of 6.3% during the forecast period.
• Asia Pacific is expected to dominate the Centrifugal Compressors Market due to the increasing demand from various industries such as oil gas, power generation, and chemical processing.
• Centrifugal Compressors are widely used in various applications including gas transportation, refrigeration, air conditioning, and industrial processes.
• Major players in the Centrifugal Compressors Market include Siemens, Atlas Copco, GE, Ingersoll Rand, and Mitsubishi Heavy Industries.
• Factors such as the increasing demand for energy-efficient and reliable compression solutions, along with the rising adoption of centrifugal compressors in industries like oil gas, are driving the growth of the Centrifugal Compressors Market.
• Challenges faced by the Centrifugal Compressors Market include intense competition, technological advancements, and fluctuating raw material prices.
• Emerging trends in the Centrifugal Compressors Market include the adoption of digital technologies, the development of new materials, and the integration of renewable energy sources.
• The COVID-19 pandemic had a negative impact on the Centrifugal Compressors Market due to disruptions in supply chains and reduced demand from various industries.
• The Centrifugal Compressors Market is expected to grow at a CAGR of 6.3% from 2023 to 2032.
• The Centrifugal Compressors Market is segmented based on type, stage, power, end-user industry, and region.
