The compressor control systems market will register a CAGR of about 5% by 2022
LONDON, Jan. 10, 2019 /PRNewswire/ -- About this market
Growth of compressor rental market to drive growth in the market. The seasonal peak load demand can be more than the baseload capacity. This makes some of the industries rent air compressor to meet the seasonal peak load demand. Technavio's analysts have predicted that the compressor control systems market will register a CAGR of about 5% by 2022.
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Market Overview
Global shift to natural gas
Natural gas is the cleanest fossil fuel available at present. It emits 50% less carbon dioxide and 75% fewer nitrogen oxides than coal. Therefore, the use of natural gas as a source of power is increasing due to industrialization, rising power demand, and the need to switch from coal to natural gas for clean energy.
Replacement of pneumatic tools with electric tools
Discrete manufacturing industries use compressed air as a utility or power source to drive power tools such as screwdrivers and drills. Pneumatic power tools account for significantly more upfront investment compared with electric power tools. A slowdown in the demand for pneumatic power tools can reduce the demand for compressors in certain discrete industries. This can negatively affect the growth of the global compressor control systems market.
For the detailed list of factors that will drive and challenge the growth of the compressor control systems market during the 2018-2022, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Siemens and Woodward the competitive environment is quite intense. Factors such as the global shift to natural gas and the growth of compressor rental market, will provide considerable growth opportunities to compressor control systems manufactures. ABB, Honeywell, Rockwell Automation, Schneider Electric, Siemens, and Woodward are some of the major companies covered in this report.
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