CompressorS: Key market research findings
- Demand from water and wastewater industry spurs market growth
- Oil and gas sector accounts for a majority of the market’s revenue
- Key vendors – Atlas Copco, Ingersoll Rand, Siemens, Sulzer, and Wuxi Compressor
Technavio’s market research analysts predict the global market for compressors to grow at a CAGR of around 7% between 2016 and 2020. The growth of the market can be accredited to the amplified demand from the water and wastewater industry. This sector requires compressors for agitation to keep solids in suspension, drive pumps to move the material and is also needed to supply oxygen as a measure to support the processing bacteria. The increase in the number of wastewater treatment plants is expected to propel the demand for the global compressors market. During 2015, the global compressor market was dominated by APAC with a market share of more than 40%. The growing natural gas infrastructure coupled with the presence of a flourishing manufacturing industry in China will fuel the demand for compressors in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the compressor segments based on the end-user.
“Currently, the market is witnessing an increase in the preference for next-generation compressors. Vendors in the market are now manufacturing air compressors that make use of variable speed technology and a special drive to manipulate speed. The peerless energy efficiency provided by this type of air compressors is attributed to their continuous and real-time operational nature,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
By 2020, the oil and gas segment will account for around 40% of the overall market revenue to become the key revenue generating vertical in the global market for air compressors. In the oil and gas industry, compressors are used in this industry for the control and actuation of valves. The need for environmental compliance and energy efficiency, leading to the adoption of next-generation compressor technologies, will reflect positively on the growth of this segment over the next four years.
The key vendors in the global compressor market include Atlas Copco, Ingersoll Rand, Siemens, Sulzer, and Wuxi Compressor. The market is competitive in nature due to the presence of many international and regional vendors, especially in APAC, who operate within the market. International vendors are trying to differentiate their product portfolio by developing and designing technologically advanced compressors. For instance, Atlas Copco manufactures the Twin Air brand of air compressors that are equipped with the Tier 4 engines, which strictly adheres to the EPA regulations regarding emissions.
A more detailed analysis is available in the Technavio report, Global Compressor Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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