Compressors Market Value is Expected to Reach $39.89Billion by 2022 With a CAGR of 3.5%: The Business Research Company
LONDON, Oct. 23, 2019 /PRNewswire/ -- The global compressors market was valued at about $34.76 billion in 2018 and is expected to grow to $39.89 billion at an annual growth rate of 3.5% through 2022. The increasing applications of compressors in the power industry is one of the key drivers for the compressors market. This is mainly due to increasing global population which has led to an increase in the demand for electricity and other power resources to carry out day to day activities. In this regard, companies in the compressors market are offering compressors for the power industry. For instance, Atlas Copco, MAN Turbo and Gardner Denver are some compressor manufacturers that offer compressors for power generation applications. View More @ https://www.thebusinessresearchcompany.com/report/compressors-global-market-report
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High Costs Associated With Compressor Maintenance Will Act As A Hindrance To Market Growth
The high maintenance cost of compressors is one of the major restraints on the compressors market. The maintenance of a compressor typically includes costs for repair including any leakages, changing the filter, and oiling. For example, the cost of oil required to operate an oil-lubricated compressor is around $3,000-$6,000 per year. Similarly, the disposal of condensate generated by the compressor can cost around $50,000 per year. Therefore, the maintenance costs involved in operating compressors continue to restrain the growth of the compressors market.
Emergence Of Next-Gen Air Compressors
The emergence of next-gen air compressors is an important trend in the compressors market. Next-generation air compressors are highly energy efficient and eco-friendly, and emit relatively lesser carbon emission than the traditional compressors. For example, in 2018, Kirloskar Pneumatic Co Ltd in association with Top Tag Trading Est (3T Group) launched a next-generation diesel portable compressor, which offers high power efficiency at a low cost of ownership. Similarly, compressor manufacturer Atlas Copco offers the GA VSD+ compressor which reduces energy consumption by 50%. Other companies in the compressors market such as Hitachi and Ingersoll Rand are also working towards power efficient and low-maintenance air compressors.
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Competitive Landscape Of The Compressors Market- Major Players And Business Strategies
Major players in the global compressors market include Atlas, Ingersoll Rand, Siemens, Ebara and ELGI Equipment Ltd. Companies have been investing in merger and acquisition activity to strengthen and expand their businesses. For instance, Curtiss-Wright Corporation acquired Dresser-Rand in February 2018 for $212.5 million. Through this acquisition, Curtiss-Wright plans to increase its footprint on new U.S. Navy Nuclear vessels and grow its existing U.S. Navy aftermarket business. The acquisition also establishes a strong brand presence for Curtiss-Wright in the U.S. Navy shipyards by leveraging and taking the help of Dresser-Rand's equipment networks. Dresser-Rand is a leading manufacturer and designer of custom-engineered high-speed rotating equipment including reciprocating and displacement compressors, steam turbines and steam system valves. It was established in 2004 and is headquartered in Houston, USA.
Regulatory Standards Followed By Companies In The Compressors Market
Compressor machine manufacturers must comply with the standards set by the American Society of Mechanical Engineers (ASME) in the making and testing of compressors. One such example is the ASME Standard EA-4-2008. This standard specifically focusses on the requirements of conducting and collecting results of a compressed air system. The standard is set so as to avoid any kind of discrepancy in evaluating a compressor on the basis of its energy assessments. ASME Standard EA-4-2008 provides a detailed yet scalable process that can be molded for each compressor manufacturing facility. Hence, regulations such as these would keep a check on companies involved in manufacturing and testing compressors.
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