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Global Compressors Market 2019-2023 | Rising Demand for Oil-Free Compressors to Boost Growth | Technavio

April 12, 2019
The global compressors market will post a CAGR of more than 4% during the period 2019-2023 (Graphic: Business Wire)

LONDON--(BUSINESS WIRE)--Apr 12, 2019--The global compressors market is expected to post a CAGR of more than 4% during the period 2019-2023, according to the latest market research report by Technavio.

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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.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190412005023/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: ENERGY OIL/GAS UTILITIES TECHNOLOGY OTHER TECHNOLOGY MANUFACTURING OTHER MANUFACTURING

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 04/12/2019 09:12 AM/DISC: 04/12/2019 09:12 AM

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