The global compressors market is expected to post a CAGR of more than 4%
during the period 2019-2023, according to the latest market research
report by Technavio.
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The global compressors market will post a CAGR of more than 4% during the period 2019-2023 (Graphic: Business Wire)
Compressors are increasingly being used in HVAC equipment to compress
refrigerant gas and convert hot gas into high-pressure hot gas. The
global HVAC equipment market is growing at a significant rate owing to
the increase in construction activities, development of energy-efficient
systems, and the growing smart homes market. As compressors find utility
in air conditioning systems, the increasing demand for HVAC will drive
the global compressors market during the forecast period.
As per Technavio, the rising demand for oil-free compressors will have a
positive impact on the market and contribute to its growth significantly
over the forecast period. This global
compressors market 2019-2023 research report also
analyzes other important trends and market drivers that will affect
market growth over 2019-2023.
Global compressors market: Rising demand for
oil-free compressors
Compressors are segmented into two types based on the lubrication type;
oil-flooded and oil-free compressors. The oil-flooded compressors have
held a higher market share than oil-free compressors over the last few
years. However, with the increasing need for contamination-free air in
cleanroom applications, the demand for oil-free compressors is
increasing at a rapid pace. An oil-free compressor eliminates product
contamination risks.
Moreover, the strict quality standards, particularly in the
pharmaceutical, electronics and electrical, and food and beverage
industries, concerning the use of Class 0-certified compressors will
fuel the demand for oil-free compressors. Oil-free compressors do not
use oil for sealing the rotors and cooling the compressed air. Instead,
they make use of cooling water, which flows through the special pockets
in the compressor casing.
“Gas turbines which were traditionally used for mechanical drive
compressors have raised environmental concerns due to the high emission
of greenhouse gases. Thus, there is a high demand for
electrically-driven compressors, that are 35%-40% more energy-efficient
than gas turbines and they eliminate the risk of emission. Therefore,
most industries are increasingly adopting these electrically-driven
energy-efficient compressors,” says a senior research analyst at
Technavio.
Global compressors market: Segmentation analysis
This market research report segments the global compressors market by
end-users (oil and gas, process industry, and discrete industry) and
geographic regions (APAC, Europe, MEA, North America, and South America).
The oil and gas segment held the largest compressors market share in
2018. However, the process industry segment is expected to surpass the
oil and gas segment, over the forecast period. Growing awareness of the
need for sustainability among end-users will drive the demand for
energy-efficient compressors from the process industry.
The APAC region led the market in 2018, followed by Europe, North
America, South America, and MEA respectively. The dominant share of the
APAC region can be attributed to the rising demand for compressors from
the oil and gas, power, and food and beverage industries. China, Japan,
and India are the largest compressor markets in APAC.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190412005023/en/