ID: MRFR/CO/2024-HCR | 111 Pages | Published By Snehal Singh on March 2023
Compactors Market is projected to be worth USD 3,645.40 million by 2030, registering a CAGR of 4.30% during the forecast period (2022-2030).
The compactors market is expected to gain a market value of USD 3,645.40 Million by 2030 at a CAGR of 4.30% over the forecast period of 2022-2030.
A method or device that reduces the size of materials is called a compactor. To turn raw materials into powder, a variety of industries use compactors. Sheets, flakes, and panels of materials, including stone, wood, cement, plastic, and others, are the most typical raw material forms compacted in a compactor.
The COVID-19 pandemic has had an impact on markets for compactors all around the world. The production and service sectors have both been impacted by the nationwide lockdowns. Market participants are now required to permit employees to work remotely due to the limits put in place by the government. However, fewer human contacts resulting from the use of automated technology in production facilities helped the market for compactors expand globally. With improved productivity growth, the utilization of automated equipment and cutting-edge technologies has enabled business continuity during the pandemic.
The world's leading compactor manufacturers are substantially investing in new technology, innovative product development, and online product promotion. Furthermore, firms are focusing on strategic acquisitions and alliances to effectively expand plant operations in unexplored markets. Companies actively follow global trends in the biogas sector in order to build a presence in the new compactor industry.
Major Key Players
The worldwide compactors market is being driven by high demand in end-use industries and the availability of a varied product range. Compactors are employed in a variety of sectors such as pharmaceuticals, automobiles, chemicals, and paints. Furthermore, compactors are favored in trash management by hotels, restaurants, and municipalities.
Compactors are used by municipalities to compress landfill trash at a cheap cost. Furthermore, the technology enables waste processing companies to recycle at a higher rate. The growing relevance of food waste management in industrial waste management is expected to drive demand for compactor market growth over the forecast period.
The key opportunity in the worldwide market is the rising demand for portable compactors in residential trash management. Rising environmental consciousness among the millennial generation is influencing the home composting movement and, as a result, fuelling demand for waste compactors. In addition, small-scale biogas production units are increasingly being built in residential flats in order to recycle kitchen trash.
The hotel industry's increased emphasis on trash management and recycling is expected to drive demand for compactors over the projected period. Hospitals, restaurants, hotels, and airports are important commercial end-users. Commercial trash compactors are generally intended for the disposal of ordinary black bag garbage, wet food waste, broken pallets, plastic wrapping, cardboards, disposable plates and cups, and plastic water bottles.
Compactors have a few limitations that might impact demand for the item. Unsanitary conditions might result from poor management of reuse destinations. Toxin traces in abandoned dumpsters may saturate subterranean water sources or poison the air. Methane gas created during reuse, if allowed to escape, can contribute to global warming and ozone depletion. These factors are anticipated to limit the growth of the compactors market during the forecast period.
The high cost of producing compactors may be considered a major challenge for the key players of the market and ultimately creates hurdles in the expansion of the global compactor market.
Cumulative Growth Analysis
Large volumes of industrial hazardous waste and biological waste have been introduced to the waste stream as a result of industrial diversification and the growth of health care facilities, with potentially serious environmental and human health consequences. Some waste items can be recycled, while others must be disposed of in landfills. Compactors play an important part in the collecting of hay from fields in the agricultural industry. Compactors for agricultural use are also known as balers, and they aid in the gathering and compression of hay and bundles for simple transport and storage.
There are several advantages to utilizing a compactor, which will aid in the growth of the compactor industry. Compactors reduce the size of waste material, reducing its volume and making it easier to transport and store. Compactors help to save space by allowing more trash to be deposited without taking up more room. The reduction in volume benefits the environment by preventing the discharge of hazardous gases and chemicals. Proper garbage disposal helps to reduce environmental pollution and protects land and water from pollutants.
Value Chain Analysis
According to the reports, The worldwide compactors market has been divided into two segments: type and end-user. The worldwide compactors market has been divided into four types: landfill compactors, garbage compactors, vibratory compactors, and others. The worldwide compactors market has been divided by end-user into residential, commercial, industrial, and others.
The market is segmented on the basis of type, end-user, and region. The global compactors market trends are expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into landfill compactors, garbage compactors, vibratory compactors, and others.
Based on the propulsion types, the market is segmented into residential, commercial, industrial, and others.
According to ot the reports, The worldwide compactors market is divided into four regions: South America (SA), North America (NA), Europe (EU), the Middle East and Africa (MEA), and Asia Pacific (APAC). The country-level segmentation of the North American market contains forecasts and analyses for the United States, Canada, and the Rest of North America. The compactors market in the United Kingdom, Germany, France, and the rest of Europe is covered in the country-level analysis and forecast of the European market. The Asia Pacific market research and forecast include key nations in the area such as India, China, Japan, and the Rest of Asia Pacific. GCC nations, South Africa, and the rest of the Middle East & Africa are included in the Middle East & Africa country-level analysis and forecast for the compactors market share. The compactors market in South America is divided into two segments: Brazil and the rest of South America.
Strong demand for compactors in the Asia Pacific market is expected to be driven by strong demand in the industrial sector and ongoing awareness about residential trash management. In addition, a well-developed hotel sector in Singapore, Thailand, Malaysia, and India is projected to boost market penetration in the future years. Governments in rapidly industrializing nations such as India, China, and Japan are stepping up attempts to control industrial waste management. As a result, compactor manufacturers would have attractive possibilities over the projection period.
The following report comprises of –
Global Compactors Market, by Type
Global Compactors Market, by Application
Global Compactors Market, by Distribution Channel
Global Compactors Market, by Region
|Market Size||2030: USD 3645.4 Million|
|CAGR||4.3% (2022 - 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Terra Compactor Wheel Corporation, Caterpillar, and HJ Industries|
|Key Market Opportunities||Rapid growth in infrastructure and construction activities|
|Key Market Drivers||The growing infrastructure development in emerging regions|
A compactor is a machine that compacts the layers of various materials and reduces the thickness of the respective layer by reducing the air voids.
Global compactors market is expected to exhibit a strong 4.30% CAGR over the forecast period till 2030.
The growing infrastructure development in emerging regions is likely to be a major driver for the compactors market.
North America dominates the global compactors market.
Leading players in the global compactors market include Terra Compactor Wheel Corporation, Caterpillar, and HJ Industries, among others.