The compressors market will register a CAGR of over 4% by 2023

NEW YORK, March 25, 2019 /PRNewswire/ -- About this market
Traditionally, gas turbines were used for mechanical drive compressors. The use of gas turbines resulted in environmental concerns due to the high emission of greenhouse gas. Many industries are adopting these electrically-driven energy-efficient compressors. Similarly, to reduce the overall operating expenditure (OPEX) in highly volatile industries such as oil and gas, mining and metals, and chemical and petrochemical, are increasingly adopting these energy-efficient compressors. The process and discrete industries have a large installed base of different types of compressors. These compressors include a large number of conventional compressors in these industries. The aging infrastructure has increased the need for upgrading these conventional compressors to energy-efficient compressors. Analysts have predicted that the compressors market will register a CAGR of over 4% by 2023.

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Market Overview
Increasing demand from HVAC application
Compressors are used in HVAC equipment to compress refrigerant gas and convert hot gas into the high-pressure hot gas. The major factors driving the growth of the global HVAC market are the development of energy-efficient systems, increasing construction activities, as well as the growing smart homes market. As compressors find major utilities in air conditioning systems, the growing demand for HVAC is expected to drive the global compressors market during the forecast period.
Uncertainty in crude oil prices
Crude oil prices have a direct impact on the price of by-products such as gasoline and lubricants. The price slump forced upstream oil and gas companies to roll back or postpone their planned investment until the prices recovered. Therefore, oil and gas companies are cautious in future investments. particularly in large-scale projects. Most of the companies are investing carefully in large-scale projects and waiting for soil prices to stabilize.
For the detailed list of factors that will drive and challenge the growth of the compressors market during the 2019-2023, view our report.

Competitive Landscape
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.

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