USD 10.31 billion Growth in Compressor Market | Growing Need for Energy-efficient Compressors Drives Demand | Technavio

NEW YORK, Dec. 1, 2021 /PRNewswire/ -- The "Compressors Market by End-user and Geography - Forecast and Analysis 2021-2025" report has been added to Technavio's offering. The compressor market growth potential will grow by USD 10.31 billion from 2020 to 2025. The market growth momentum is likely to progress at a CAGR of 2.67% during the forecast period. 

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The compressors market will get immense growth opportunities from the growing need for energy-efficient compressors. Most industries are adopting electrically driven energy-efficient compressors to eliminate the risk of emission. In addition, the use of these compressors is enabling a reduction of the overall operating expenditure in highly volatile industries such as oil and gas, mining and metals, and the chemical and petrochemical sector. There has been a considerable rise in the expansion of oil terminals across the globe. This increasing expansion of oil terminals has further driven the need for compressors and fluid handling systems across mid-stream and downstream activities in the oil and gas industry.

Apart from the factors responsible for the growth of the market, uncertainty and fluctuations in crude oil prices will hinder the growth of the market. Lower crude oil prices lead to the cancellation or postponement of oil and gas exploration and production projects. In addition, falling crude oil and natural gas prices have a negative impact on the oil and gas upstream sector and lead to the delay or cancellation of oil and gas drilling activities, which ultimately reduces crude oil production. Thus, this reduction of oil and gas production will impact the compressor market demand adversely during the next few years.

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The compressor market is segmented by End-user (Oil and gas, Process industry, and Discrete industry) and Geography (APAC, North America, Europe, South America, and MEA). The compressor market share growth by the oil and gas segment will be significant during the forecast period. In the oil and gas industry, compressors are used in upstream, midstream, and downstream operations. Compressors ensure optimum pressure during the transportation and storage of natural gas, particularly during the discharge and filling of underground storage caverns. In addition, pressure fluctuations in oil and gas plants can lead to sudden explosions that can destroy equipment and harm workers. Therefore, vendors have started offering compressors with multivariable transmitters to the oil and gas industry for maintaining optimum pressure in oil and gas processing plants.

By geography, North America is anticipated to account for the fastest compressor market growth during the forecast period. 36% of the market's growth will be contributed by the region. The growth in demand for compressors is mainly attributed to the initiation of new chemical and petrochemical projects in the region. The gradual recovery in crude oil prices in the US has led to the commencement of a number of shale projects in the region. In addition, government initiatives and investments in the oil and gas industry of the US, Canada, Mexico are further likely to increase the consumption of automation control systems, in turn, boosting the demand for compressors. Favorable government policies and tax incentives have further encouraged economies to establish new oil and gas plants, eventually, leading to the rise in compressor market size.

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The global compressors market was a fragmented industry that was in a phase of growth in 2020. By 2025, the market structure would continue to be fragmented. The compressors market is expected to provide a favorable growth environment to new and existing players in the coming years. To make the most of the growth opportunities, market vendors are focusing more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To counter the threat from low-cost substitutes, international players operating in the global compressors market are increasing their footprints in developing countries and are acquiring other companies. As the market is slowly attaining maturity, vendors are focusing on M&A and service delivery strategies to survive the competition. Several regional and local vendors have started manufacturing customized, cost-effective, energy-efficient equipment, thus, intensifying competition for international players. For instance, In June 2021, Altas Copco AB announced the acquisition of Pneumatics Ltd. (Airflow), a compressed air distributor and service provider in the UK.

Companies Mentioned with Key Offerings

• Atlas Copco AB: The company offers compressors with various range such as 300 to 650 cfm, 450 to750 cfm, 1000 to 1250 cfm, and 300 to 475 cfm.
• BOGE KOMPRESSOREN Otto Boge GmbH & Co. KG: The company offers compressors such as screw compressors, piston compressors, scroll compressors, and turbo compressors.
• Danfoss AS: The company offers oil-free magnetic bearing compressor, for future-facing HVAC industry.
• Doosan Portable Power Co.: The company offers electrically driven portable air compressors such as EP300 electric, HP415 compressor, P360 compressor, and others.
• Elgi Equipments Ltd.: The company offers compressors such as oil-lubricated air compressors, oil free screw air compressors, diesel portable air compressors, and others.
• Hitachi Ltd.: The company offers wide range of compressors such as oil-free scroll, oil-free rotary screw, and others.
• Ingersoll Rand Inc.: The company offers wide range of compressors such as single-stage and two-stage reciprocating, rotary screw, centrifugal air, oil-free and oil-flooded equipment, and others.
• Parker Hannifin Corp.: The company offers various compressors products such as aftercoolers, chillers, coalescing filters, condensate drains , and others.
• Siemens Energy AG: The company offers wide range of compressors such as single-shaft, pipeline, integrally geared, and others.
• Sulzer Ltd.: The company offers compressors such as HST turbocompressor, HSR turbocompressor, and others.

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Key Market Dynamics:

Market Driver

• Growing need for energy-efficient compressors
• Expansion of oil terminals
• Increasing demand from HVAC application 

Market Challenges

• Uncertainty in crude oil prices
• Intense competition in the market
• Fluctuating prices of raw materials

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Key Topics Covered:

• Executive Summary
• Market Landscape
• Market Sizing
• Five Forces Analysis
• Market Segmentation by End-user
• Customer landscape
• Geographic Landscape
• Vendor Landscape
• Vendor Analysis
• Appendix

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