Global Compressor Wheel Market Is Slated to Hit $17 Billion By the End Of 2030

24-May-2023 | Zion Market Research

The global compressor wheel market size was valued at $11 Billion in 2022 and is slated to hit $17 Billion by the end of 2030 with a CAGR of nearly 6.1% between 2023 and 2030.

Global Compressor Wheel Market Size

A compressor wheel is an essential part of a turbocharger, a gadget that helps the presentation of a gas-powered motor. Before air enters the engine's cylinders, it is drawn in and compressed by the compressor wheel, also known as the impeller. It comprises of a round circle with different bent sharp edges or blades organized around its outline. The turbine wheel is turned by the exhaust gases as they pass through the turbine, which then turns the compressor wheel. Air is forced into the engine and pressurized by this rotation, which results in a high-speed flow. The turbocharger's efficiency and performance are greatly influenced by the compressor wheel's design and size, allowing for increased engine power and torque.

The global compressor wheel market is driven by the automotive industry's rising demand for turbocharged engines. Expanded accentuation on eco-friendliness and decreased outflows have prompted the reception of turbocharging innovation, making a requirement for superior execution blower wheels. In addition, advancements in materials and manufacturing procedures have made it possible to make compressor wheels that are light and aerodynamically efficient, which has helped the market grow even more. Notwithstanding, the market likewise faces specific restrictions.

The high cost of developing and manufacturing advanced compressor wheels is one such constraint. The compressor wheel industry’s future expansion is also hindered by stringent emissions regulations and the trend toward electric vehicles. Still, there are opportunities in new markets and the development of cutting-edge technologies like electric turbochargers, which could lead to market expansion.

Global Compressor Wheel Market Size

The global compressor wheel market is segmented based on material, application, sales type, and region.

Based on material, the global compressor wheel market is divided into cast iron and aluminum segments. The aluminum segment held the largest market share in 2022 and is further projected to grow rapidly during the forecast period. Compressor wheels made of aluminum have several advantages over wheels made of other materials. Aluminum wheels are lightweight, which reduces rotational inertia and improves overall fuel economy. They also have good thermal properties, so the turbo works better and lasts longer.

Additionally, advances in aluminum casting techniques and alloy compounds have produced stronger and more efficient compressor wheels. The aluminum segment of the compressor wheel market is expected to continue to grow in the coming years in response to the increasing demand for lightweight components in several industries, including aerospace and automotive.

Based on application, the global market is segmented into the automotive engine and stationary engine segments. The automotive segment held the largest market share in 2022 and is further projected to cite the fastest CAGR during the forecast period. The main driving force is the increasing demand for supercharged engines in passenger cars, commercial vehicles, and sports cars. Automakers are increasingly turning to turbocharger technology to improve engine performance and fuel efficiency and to meet stringent emission standards.

In addition, the move to electric vehicles presents opportunities for compressor wheels in hybrid and electric powertrains. With continuous advancement in automotive technology, the automotive segment of the compressor wheel industry is poised for sustained growth in the near future.

Based on sales type, the global market is segmented into OEMs and aftermarket segments. The OEMs segment is predicted to cite the fastest CAGR during the forecast period.

Based on region, the Asia-Pacific region held the dominating compressor wheel market share in 2022 and is further projected to grow exponentially during the forecast period. Several factors have contributed to this expansion. First, the region is a major hub for automobile manufacturing, led by countries such as China, Japan, and South Korea.

The increasing demand for turbocharged vehicles in these markets has increased the need for supercharged wheels. Secondly, the rapid industrialization and infrastructure development in countries such as India and Southeast Asia countries has increased the demand for high-performance equipment, generators, and power plants for which compressor wheels are an integral component. Moreover, market growth is further fueled by the presence of major compressor wheel manufacturers in the region and lucrative government initiatives to boost manufacturing and investment. Due to continuous economic growth, rising automobile production, and industrial development, the Asia-Pacific region is expected to witness a significant expansion of the compressor wheel market in the coming years.

Browse the full “Compressor Wheel Market By Material (Cast Iron And Aluminum), By Application (Automotive Engine And Stationary Engine), And By Sales Type (OEMs And Aftermarket) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030. Report at https://www.zionmarketresearch.com/report/compressor-wheel-market

Recent Developments

  • In September 2021, Ingersoll Rand, a leading provider of compressed air solutions, announced the launch of its new line of compressor wheelers equipped with advanced control systems. These control systems utilize smart technology to optimize energy efficiency and performance, resulting in reduced operating costs for industrial applications. The new compressor wheelers also feature enhanced reliability and ease of maintenance, making them a valuable asset for businesses seeking improved productivity and cost savings in their operations.
  •  In August 2021, Atlas Copco, a global leader in compressor technology, introduced a breakthrough development in the compressor wheeler market. They unveiled a range of oil-free compressors that incorporate state-of-the-art magnetic bearing technology. These compressors eliminate the need for lubrication and reduce energy consumption, resulting in significant savings and environmental benefits. Magnetic bearing technology provides long-lasting performance with minimal maintenance, making it the choice for industries that require clean and reliable compressed air.

The global compressor wheel market is dominated by players such as:

  • Melett North America Inc. (Melett Ltd.)
  • Nelcon Motor Company
  • ABI Showatech Private Ltd.
  • UACJ Corporation
  • Changzhou E & E Turbo Power Co. Ltd.
  • PHESSIO TURBO
  • BOOSTER Precision Components
  • BorgWarner Inc.
  • Turbo Systems
  • Doncasters Group Ltd
  • Pacifica Power Sdn Bhd.
  • GARRETT MOTION INC.
  • E&E Turbo
  • Jiangyin Uni-Pol Vacuum Casting India Pvt. Ltd.
  • Owen Developments
  • Turbo tech Precision Products Ltd
  • UNI-POL CHINA
  • Wabtec Corporation.

The global compressor wheel market is segmented as follows:

By Material

By Application

  • Automotive Engine
  • Stationary Engine

By Sales Type

  • OEMs
  • Aftermarket

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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