Turbo, Rotary and Reciporating Displacement Compressor Market

The article discusses the increasing demand for turbo, rotary, and reciprocating displacement compressors worldwide, projecting a growth trend in both market volume and value over the next eight years. Market performance is expected to accelerate, with an anticipated Compound Annual Growth Rate (CAGR) of +2.6% in volume and +5.0% in value from 2022 to 2030. The global market witnessed a significant growth in consumption of compressors, reaching 236M units in 2022. Key consuming countries include India, China, and the United States, while notable growth rates were recorded in Malaysia. Global production of compressors also showed a positive trend, with China leading in total volume. Imports and exports of compressors saw fluctuations but maintained an overall growth trajectory. China dominated exports, while the United States, Germany, and China were major importers. Price trends varied by country of origin, with the United States having the highest export prices. Overall, the article provides a comprehensive overview of the global market for turbo, rotary, and reciprocating displacement compressors.

Market Forecast

Driven by increasing demand for turbo, rotary and reciporating displacement compressors worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market volume to 290M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.0% for the period from 2022 to 2030, which is projected to bring the market value to $79.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Turbo, Rotary and Reciporating Displacement Compressors

For the fourth year in a row, the global market recorded growth in consumption of turbo, rotary and reciporating displacement compressors, which increased by 16% to 236M units in 2022. Over the period under review, the total consumption indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +4.0% against 2017 indices. Over the period under review, global consumption of hit record highs in 2022 and is likely to continue growth in the near future.

The revenue of the market for turbo, rotary and reciporating displacement compressors worldwide surged to $53.8B in 2022, growing by 22% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $62.2B. From 2018 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were India (32M units), China (21M units) and the United States (21M units), together accounting for 32% of global consumption. Mexico, Hong Kong SAR, Thailand, Japan, Malaysia, the UK, Indonesia, Russia, Germany and Brazil lagged somewhat behind, together comprising a further 45%.

From 2012 to 2022, the most notable rate of growth in terms of compressors, amongst the leading consuming countries, was attained by Malaysia (with a CAGR of +19.9%), while compressors for the other global leaders experienced more modest paces of growth.

In value terms, the largest turbo, rotary and reciporating displacement compressor markets worldwide were Japan ($8.3B), Indonesia ($6.1B) and China ($5.6B), together comprising 37% of the global market. Brazil, India, the United States, Russia, Mexico, Malaysia, the UK, Thailand, Germany and Hong Kong SAR lagged somewhat behind, together accounting for a further 28%.

Malaysia, with a CAGR of +16.4%, recorded the highest rates of growth with regard to market size among the main consuming countries over the period under review, while compressors for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of turbo, rotary and reciporating displacement compressor per capita consumption in 2022 were Malaysia (265 units per 1000 persons), Thailand (183 units per 1000 persons) and Mexico (150 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of compressors, amongst the key consuming countries, was attained by Thailand (with a CAGR of +18.7%), while compressors for the other global leaders experienced more modest paces of growth.

Production

World Production of Turbo, Rotary and Reciporating Displacement Compressors

In 2022, global production of turbo, rotary and reciporating displacement compressors rose modestly to 230M units, picking up by 3.9% compared with 2021 figures. In general, production recorded a notable expansion. The growth pace was the most rapid in 2017 with an increase of 115% against the previous year. Over the period under review, global production of hit record highs in 2022 and is likely to continue growth in years to come.

In value terms, production of turbo, rotary and reciporating displacement compressors totaled $55.3B in 2022 estimated in export price. Overall, production, however, saw a noticeable slump. The most prominent rate of growth was recorded in 2017 when the production volume increased by 71%. Over the period under review, global production of reached the maximum level at $70.6B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

China (142M units) constituted the country with the largest volume of production of turbo, rotary and reciporating displacement compressors, accounting for 62% of total volume. Moreover, production of turbo, rotary and reciporating displacement compressors in China exceeded the figures recorded by the second-largest producer, India (25M units), sixfold. Hong Kong SAR (12M units) ranked third in terms of total production with a 5.3% share.

In China, production of turbo, rotary and reciporating displacement compressors increased at an average annual rate of +4.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+15.4% per year) and Hong Kong SAR (+2.2% per year).

Imports

World Imports of Turbo, Rotary and Reciporating Displacement Compressors

For the third year in a row, the global market recorded growth in supplies from abroad of turbo, rotary and reciporating displacement compressors, which increased by 3.9% to 225M units in 2022. In general, total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +7.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +72.0% against 2014 indices. The most prominent rate of growth was recorded in 2021 with an increase of 31%. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, imports of turbo, rotary and reciporating displacement compressors totaled $23.1B in 2022. The total import value increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 20% against the previous year. Over the period under review, global imports of hit record highs in 2022 and are likely to continue growth in years to come.

Imports By Country

In 2022, the United States (25M units), Mexico (24M units), Hong Kong SAR (21M units), Thailand (17M units), Germany (16M units), India (13M units), China (12M units), the UK (10M units), Poland (7.7M units), the Czech Republic (7.1M units), France (5.5M units) and Russia (5.4M units) was the largest importer of turbo, rotary and reciporating displacement compressors in the world, achieving 73% of total import. Malaysia (4.4M units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by China (with a CAGR of +20.1%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($3.2B), Germany ($1.6B) and China ($1.4B) were the countries with the highest levels of imports in 2022, together accounting for 27% of global imports. The UK, Mexico, Thailand, Russia, India, France, Poland, Malaysia, the Czech Republic and Hong Kong SAR lagged somewhat behind, together accounting for a further 28%.

Among the main importing countries, the Czech Republic, with a CAGR of +8.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average import price for turbo, rotary and reciporating displacement compressors amounted to $103 per unit, declining by -2.4% against the previous year. Overall, the import price continues to indicate a deep slump. Over the period under review, average import prices reached the peak figure at $192 per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Russia ($163 per unit), while Hong Kong SAR ($2.5 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.5%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Turbo, Rotary and Reciporating Displacement Compressors

In 2022, overseas shipments of turbo, rotary and reciporating displacement compressors decreased by -6.9% to 219M units for the first time since 2016, thus ending a five-year rising trend. Overall, exports, however, saw a prominent increase. The growth pace was the most rapid in 2018 with an increase of 159%. Over the period under review, the global exports of attained the maximum at 235M units in 2021, and then declined in the following year.

In value terms, exports of turbo, rotary and reciporating displacement compressors stood at $22.8B in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 17%. The global exports peaked at $23B in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports By Country

China dominates compressors structure, reaching 132M units, which was approx. 60% of total exports in 2022. Hong Kong SAR (15M units) ranks second in terms of the total exports with a 6.8% share, followed by Germany (4.6%). The following exporters - Poland (7.6M units), India (5.7M units), Mexico (4.4M units), the United States (4.2M units), Taiwan (Chinese) (4.2M units), Thailand (3.8M units), Slovakia (3.5M units) and Romania (3.5M units) - together made up 17% of total exports.

From 2012 to 2022, average annual rates of growth with regard to turbo, rotary and reciporating displacement compressor exports from China stood at +6.0%. At the same time, Slovakia (+45.5%), Poland (+17.7%), Mexico (+9.9%), India (+8.7%), Thailand (+6.5%), the United States (+6.4%), Hong Kong SAR (+4.4%), Taiwan (Chinese) (+1.8%) and Germany (+1.2%) displayed positive paces of growth. Moreover, Slovakia emerged as the fastest-growing exporter exported in the world, with a CAGR of +45.5% from 2012-2022. Romania experienced a relatively flat trend pattern. From 2012 to 2022, the share of China, Poland and Slovakia increased by +2.8, +2.3 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest turbo, rotary and reciporating displacement compressor supplying countries worldwide were China ($4.2B), Germany ($3.1B) and the United States ($2.1B), together accounting for 42% of global exports. Mexico, Romania, Poland, Slovakia, India, Thailand, Taiwan (Chinese) and Hong Kong SAR lagged somewhat behind, together comprising a further 20%.

Among the main exporting countries, Slovakia, with a CAGR of +37.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average export price for turbo, rotary and reciporating displacement compressors stood at $104 per unit in 2022, picking up by 8.4% against the previous year. In general, the export price, however, showed a perceptible curtailment. The pace of growth appeared the most rapid in 2015 an increase of 106% against the previous year. As a result, the export price reached the peak level of $304 per unit. From 2016 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($508 per unit), while Hong Kong SAR ($4.7 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+3.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform