In 2018, China compressor market generated a revenue of $12.7 billion and is expected to advance at a 3.5% CAGR during the forecast period (2019–2024). The market is witnessing growth due to the expanding automotive industry and construction sector.
Compressors are mechanical devices which are utilized to increase the pressure of a matter, generally air, by decreasing its volume. Positive displacement and dynamic are two types of compressors, between which, the positive displacement compressors accounted for the larger share of the market during the historical period (2014–2018).
When pressure is taken into consideration, the Chinese compressor market is categorized into low-pressure, high-pressure, ultra-low-pressure, medium-pressure, and hyper-pressure. Out of these, the medium-pressure category dominated the market during the historical period and is further projected to hold the largest share of the market during the forecast period.
On the basis of application, the Chinese compressor market is divided into power, HVAC-R, automotive, food & beverages, construction, industrial manufacturing, chemical & cement, oil & gas, textile, and others (which include agriculture, healthcare, and research laboratories).
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Among these, the automotive application accounted for the major share of the market during the historical period and is further projected to hold the largest share of the market during the forecast period. This is because of the rapidly growing automotive industry and the rising government initiatives for the adoption of electric vehicles.