In this paper, two new companders are designed to reduce the ratio of peak to average power (PAPR) experienced by filter bank multicarrier (FBMC) signals. Specifically, the compander basic model is generalized, which alter the distributed FBMC signal amplitude peak. The proposed companders design approach provides better performance in terms of reducing the PAPR, Bit Error Rate (BER) and phase error degradation over the previously existing compander schemes. Many PAPR reduction approaches, such as the µ-law companding technique, are also available. It results in the formation of spectrum side lobes, although the proposed techniques result in a spectrum with fewer side lobes. The theoretical analysis of linear compander and expander transform for a few specific parameters are derived and analyzed. The suggested linear companding technique is analytically analysed using simulations to show that it efficiently decreases the high peaks in the FBMC system.