International. The global compressor market is expected to register a CAGR of more than 4% during the period 2019-2023, according to the latest market research report conducted by Technavio.
The global HVAC equipment market is growing at a significant rate due to the increase in construction activities, the development of energy-efficient systems, and the growing smart home market. As compressors find utility in air conditioning systems, the growing demand for HVAC will drive this market during the forecast period.
According to Technavio, the increasing demand for oil-free compressors will have a positive impact on the market and contribute to its growth significantly during the forecast period.
Global Compressor Market: Growing Demand for Oil-Free Compressors
Compressors are segmented into two types according to the type of lubrication; Oil and oil-free compressors. Oil compressors have had a larger market share than oil-free compressors in recent years. However, due to the growing need for pollution-free air in cleanroom applications, the demand for oil-free compressors is increasing at an accelerated rate. An oil-free compressor eliminates the risks of product contamination.
In addition, strict quality standards, particularly in the pharmaceutical, electronics and electrical, and food and beverage industries, regarding the use of Class 0 certified compressors will drive demand for oil-free compressors, which do not use oil to seal rotors and cool compressed air. Instead, they make use of the refrigerated water, which flows through the special pockets in the compressor housing.
"Gas turbines that were traditionally used for mechanically driven compressors have posed environmental problems due to the high emission of greenhouse gases. Therefore, there is a high demand for electric compressors, which are between 35% and 40% more energy efficient than gas turbines and eliminate the risk of emissions. Therefore, most industries are increasingly adopting these electrically driven energy-efficient compressors," says a research analyst at Technavio.
Global Compressor Market: Segmentation Analysis.
The oil and gas segment had the largest share of the compressor market in 2018. However, the process industry segment is expected to overtake the oil and gas segment, during the forecast period. Growing awareness of the need for sustainability among end users will drive the process industry's demand for energy-efficient compressors.
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA, respectively. The dominant part of the APAC region can be attributed to the growing demand for compressors from the oil and gas, energy, and food and beverage industries. China, Japan and India are the largest compressor markets in APAC.
