Market Size of Europe Compressor Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Compressor Market Analysis
The Europe compressor market is expected to rise at a CAGR of more than 4% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. However, the market has now reached pre-pandemic levels.
- Over the long term, factors such as increasing demand for compressors from the chemical industry for application such as refrigeration is likely to drive the Europe compressor market.
- However, increasing the installation of renewable energy sources to provide power that does not use compressors is expected to restrain the Europe compressor market.
- Nevertheless, new technologies in compressors with higher efficiency than the present ones that save 20-50% more energy are expected to create several opportunities for the European compressor market in the future.
- Russia, due to its highest oil and gas refining capacity in the region, is expected to dominate the Europe compressor market. As of 2021, more than 30% of the total refining capacity in Europe was in Russia, where compressors are required for several purposes, such as transportation and LNG conversion of gas.
