Screw Compressor Market Size, Share, Growth Analysis, By Types(Oil-free and Oil-injected), By Number of Stages(Single-stage and Multi-stage Compressor), By Technology(Stationary and Portable), By Applications(Rotary/Screw Compressor, Reciprocating Air Compressors) - Industry Forecast 2024-2031

Global Screw Compressor Market size was valued at USD 10.8 billion in 2022 and is poised to grow from USD 11.43 billion in 2023 to USD 18.9 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).

Technological advancements in product performance such as Internet of Things based pump monitoring system (IoT), design, and enhanced features are also expected to have a positive impact on the growth of the market. For instance, in March 2023, Elgi North America announced the launch of a new GP35FP portable air compressor. The company showcased the new product in CONEXPO-CON/AGG 2023 at the Las Vegas Convention Center. The air compressors are becoming more connected through the Internet of Things (IoT). IoT sensors and data analytics are used to monitor compressor performance in real time. Furthermore, the rising crude oil prices amid the Ukraine crisis are making the raw materials costlier for the steel industry, which is impacting the cost of the compressor.

The global screw compressor market is driven by rapidly growing technologies across the globe. Screw compressor technology is widely used in important industry verticals, including automotive, pharmaceutical, pharmaceutical and construction among others. Screw compressor is used in the pharmaceutical industry to produce high performance compressed air. Screw compressors are commonly used for air transfer, flame rejection, and are designed to operate in extreme weather conditions, contributing to the growth of the market.