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The article presents two multipliers equipped with error compensation techniques, utilizing approximate 4:2 compressors to minimize energy consumption. Compared to previous approximate multipliers with error compensation circuit, the proposed designs named, "M00" and "M01", strike a good balance between accuracy and energy consumption. Although the reduction in the number of transistors has significantly decreased the energy consumption of M00, the accuracy of this design is still more than adequate for real-world applications such as image processing and neural networks. On the other hand, M01 attains high precision while consuming less energy than other multipliers. This article compares the proposed designs with existing multipliers using HSPICE tool in 7 nm FinFET technology. Moreover, the accuracy and quality of the proposed multipliers are evaluated using MATLAB. The results reveal that both proposed designs are very efficient in image processing. According to the results, M00 has the lowest energy consumption among the considered designs. M00 is about 7% better than its counterpart in terms of the power-delay-product parameter (5% Pdynamic and 48% Pstatic). M01 presents favorable results in the sharpening, smoothing, and Discrete Cosine Transform processes. [ABSTRACT FROM AUTHOR]