E-Compressor Market is projected to grow at a CAGR of 20.49% to reach US$10.107 billion in 2029

e-compressor market

The E-compressor market is expected to grow at a CAGR of 20.49% with a market valuation of US$2.742 billion in 2022 and is expected to reach a market value of US$10.107 billion by 2029.

The e-compressor is a device that can convert the pressure of the gas by reducing the volume of the gas which can be used in air conditioning systems to provide cool air and in a thermal management system this is used to circulate the refrigerant under pressure. These e-compressors have several advantages over the traditional compressors that were previously used for cooling or thermal management systems. These e-compressors work on electricity thus they are quieter than the previous one and reduce harmful emissions to the environment as they run on electricity rather than diesel.

As per the report, the e-compressor market is expected to grow significantly.

The e-compressor market growth is driven due to factors such as

  • The rapid growth in applications of e-compressors in different end-user applications including renewable energy systems where these are integrated into wind turbines for energy storage and grid stabilization of the electricity generated by the wind turbines. Also, in recent times the rise in demand for cooling systems or HVAC systems in different enterprises has contributed significantly to boosting the overall e-compressor market.
  • Another factor that drives the demand for e-compressors in the market is rapid growth in electric vehicle technology and popularity, the need for e-compressors is rising proportionally. e-compressors are used in electric vehicles or EVs that run on battery and electricity. These e-compressors are efficient because in EVs they are used for air conditioning systems and for cooling the battery installed in the vehicle to stop it from overheating and malfunctioning. Therefore, with a rise in demand for these EVs in the market, the e-compressor market is also predicted to grow.

The e-compressor market caters to various business needs based on type, including low voltage and high voltage. The different power requirements based on the mechanical device that needs e-compressors need different voltage e-compressors. For instance, the HVAC systems that are centralized and installed in big enterprises need high power requirements and thus they use high-voltage e-compressors in those HVAC systems.

The e-compressor market encompasses various applications, including battery cooling and air conditioning systems. These e-compressors have a wide variety of applications for changing the pressure of the gas or providing cooling in electric systems. For instance, in air conditioning systems they are used as the compressor that provides the cool air when installed. Hence, this wide variety of applications for e-compressors is predicted to propel growth in the market.

The e-compressor market caters to various business needs based on vehicle type, including motor vehicles and electric vehicles. Each type of vehicle has a variety of needs according to which different types of e-compressors for each type of vehicle catering to their unique needs. In EVs that are widely popular in recent times, these e-compressors are for air conditioning systems and also for cooling down the battery of the EV to provide smooth drive and functioning of the vehicle.

The e-compressor market is poised for growth in the North American region due to rapid growth in the automotive industry in the region especially with the growing popularity and adoption of electric vehicles in countries like the USA and Canada. These e-compressors are widely used in the automotive industry as thermal management systems in vehicles and for cooling down the batteries of electric vehicles.

Furthermore, significant policies made by the government for EVs in the North American region and the growth of the automotive industry in the region are anticipated to boost the e-compressor market growth over the forecast period.

MAHLE GmbH, Bain Capital Private Equity (Valeo), Hanon Systems, Robert Bosch GmbH LLC, Vikas Group, TCCI Manufacturing, Denso Corporation, Mitsubishi Heavy Industries, Ltd., Carl Zeiss Foundation (Schott AG), and Toyota Industries Corporation—these are some of the key companies involved in the e-compressor industry. Each company brings its expertise and products to the market, catering to the diverse needs of organizations and enterprises. From providing innovative solutions for industrial applications like cooling and ventilation systems, these companies play a vital role in upsurging the e-compressor industry.

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This analytics report segments the e-compressor market on the following basis:

Segmentation:

  • By Type
    • Low Voltage
    • High Voltage
  • By Application
    • Battery Cooling
    • Air Conditioning System
  • By Vehicle Type
    • Motor Vehicle
    • Electric Vehicle
      • Battery Electric Vehicle
      • Hybrid Electric Vehicle
      • Plug-in Hybrid Electric Vehicle
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • UK
      • France
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Australia
      • Others
  • Air Compressor Market Size
  • Portable Air Compressor Market Report
  • Compressor Control System Market Share