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June 2025 — The global centrifugal compressor market is poised for robust growth in the coming decade, driven by increasing demand for efficient air and gas compression systems across industries such as oil & gas, power generation, HVAC, chemical processing, and industrial manufacturing.
According to a newly published market analysis, the centrifugal compressor industry was valued at USD 3.5 billion in 2023 and is projected to grow at a CAGR of 4.6% from 2024 to 2034, reaching USD 5.7 billion by the end of 2034. This steady growth is attributed to advancements in compressor technologies, the surge in global energy needs, and a strong focus on reducing carbon emissions.
What is Driving Growth in the Centrifugal Compressor Market?
Centrifugal compressors, often referred to as radial compressors, are dynamic machines that convert kinetic energy into pressure energy using a rotating impeller. They are widely used for continuous, high-flow-rate gas compression and are known for their reliability, efficiency, and lower maintenance requirements compared to positive displacement compressors.
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