Compressors are mechanical devices that compress air or gas in a sealed unit and deliver it at the desired pressure levels. Compressors can be divided into air compressors and gas compressors. An air compressor is a device that compresses and pressurizes air to convert power into kinetic energy, whereas a gas compressor reduces the volume of gas to increase its pressure, following the principle of Boyle's law. An air compressor is essentially a distinct type of gas compressor.
Technavio’s analysts forecast the global air compressor market in oil and gas industry to grow at a CAGR of 7.2% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global air compressor market in oil and gas industry for 2016-2020. The report presents the vendor landscape and a corresponding detailed analysis of the top vendors in the market, excluding their market share analysis.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Air Compressor Market in Oil and Gas Industry 2016-2020
Technavio recognizes the following companies as the key players in the global air compressor market in oil and gas industry: Atlas Copco, GE, Ingersoll-Rand, Siemens, and Sulzer.
Other Prominent Vendors in the market are: BOGE, Doosan, ELGI, Fusheng, Gardner Denver, Hanbell, Kaeser, Kaishan, Kirloskar, Siemens, Shanghai Screw Compressor, and Wuxi Compressor.
Commenting on the report, an analyst from Technavio’s team said: “Next-generation air compressors will be a key trend for market growth. Leading vendors in the global air compressor market are continuously innovating their product offerings to provide differentiated offerings in the highly competitive market. Vendors are employing extensive R&D to incorporate VSDs into their air compressors. One such innovation relates to the use of variable speed technology and a special drive to manipulate the speed in air compressors. This helps in substantial reduction in energy consumption of up to 35% when compared with fixed speed air compressors. Vendors are now citing VSD technology as the most superior control technology available in the market as it aids in high energy savings for the oil and gas industry.”
According to the report, growing oil and gas industry in China will be a key driver for market growth. Over the past few years, China has been among the top energy consumers globally. In 2011, it became the largest global energy consumer and the second-largest oil consumer, after the US. By the end of 2013, China surpassed the US to become the world's largest importer of crude oil and petroleum products due to the country's increasing consumption of oil.
Further, the report states that volatile raw material prices will be a challenge for the market. Though the production cost in developing countries in APAC, such as China, is comparatively lower than in the developed countries of EMEA and the Americas, volatility in raw material prices is adversely affecting the global air compressor market vendors. The principal raw materials used in the production of compressors include aluminum, steel, and castings. It may also include bearings and crankshafts. The cost of these inputs does not remain constant but fluctuate continuously, due to their scarcity and inflationary pressures.
Atlas Copco, GE, Ingersoll-Rand, Siemens, Sulzer, BOGE, Doosan, ELGI, Fusheng, Gardner Denver, Hanbell, Kaeser, Kaishan, Kirloskar, Siemens, Shanghai Screw Compressor, Wuxi Compressor.