Compressors are mechanical devices that compress air or gas in a sealed unit and deliver it at the desired pressure levels. Compressors are categorized as air compressors and gas compressors. An air compressor is a device that compresses and pressurizes air and thereby, converts its potential energy into kinetic energy. A gas compressor is a device that reduces the volume of gas to increase its pressure following the principle of Boyle's law. An air compressor is a distinct type of gas compressor. Compressors are used in several applications across the oil and gas, petrochemicals and chemicals, power generation, desalination, water and wastewater treatment, mining and cement, and fertilizers industries. The major types of compressors considered in this report are centrifugal compressors and positive displacement compressors.
Technavio’s analysts forecast the global compressor market to grow at a CAGR of 6.5% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global compressor market for 2016-2020. To calculate the market size, Technavio considers the revenue generated from the sale of compressors in the end-user industries like oil and gas and manufacturing.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Compressor Market 2016-2020
Technavio recognizes the following companies as the key players in the global compressor market: Atlas Copco, Ingersoll-Rand, Siemens, Sulzer, and Wuxi Compressor.
Other Prominent Vendors in the market are: BOGE, Doosan, ELGI, Fusheng, Gardner Denver, Hanbell, KAESER, KAESER, Kirloskar, and Shanghai Screw Compressor.
Commenting on the report, an analyst from Technavio’s team said: “Innovation of next-generation air compressors will be a key trend for market growth. The vendors are now manufacturing air compressors that make use of variable speed technology and a special drive to manipulate the speed. A variable speed drive automatically controls the compressor operation based on the user's requirement for compressed air. The peerless energy efficiency provided by this type of air compressors is attributed to their continuous and real-time operational nature. This helps in reducing the demand for electric power and fuel, thus aiding in decreasing the emission levels as well.”
According to the report, one of the key drivers for market growth will be increase in demand from oil and gas industry in Middle East and China. The growth of the global oil and gas industry has led to a hike in demand for air compressors. Compressors are used in a variety of applications ranging from the extraction of crude oil and gas to the point it reaches the end customers through the refinery and associated pipelines. Compressed air is widely used in sweetening of gasoline, oxidation of sour water, catalyst regeneration, and removal of sulfur.
Further, the report states that uncertainty in the raw material price will be a challenge for the market. Although the production cost in developing countries in APAC, such as China, is comparatively lower compared with the developed countries in EMEA and the Americas, the unpredictability of raw material prices is affecting the vendors in the global air compressor market extensively. The main 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 do not remain constant but fluctuate continuously, due to their scarcity and inflationary pressures. Fluctuations in raw material prices impact the productivity of vendors, in terms of the number of units they need to manufacture.
Atlas Copco, Ingersoll-Rand, Siemens, Sulzer, Wuxi Compressor, BOGE, Doosan, ELGI, Fusheng, Gardner Denver, Hanbell, KAESER, KAESER, Kirloskar, Shanghai Screw Compressor.
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