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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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Five Forces Analysis
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- Vendors covered
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- Competitive scenario
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Source: Technavio Research