Increasing Application of Industrial Air Compressor in Oil & Gas Industry to Bolster the Market Growth: Future Market Insights Study
DUBAI, U.A.E., June 1, 2021 /PRNewswire/ -- The industrial air compressor market report by ESOMAR-certified consulting firm Future Market Insights' projects an expansion of over 4.6% CAGR through 2021. The market is anticipated to register high growth due to surging demand from diverse end-use industries such as oil & gas, automotive & transportation, and food & beverage.
With rapid industrialization and increasing investment in mechanical equipment, the demand for industrial air compressor within oil and gas industry is expected to witness steady growth over the forecast period.
Expansion of oil & gas industry across various regions such as the U.S., India, China and GCC countries will bolster the growth of industrial air compressor market. Demand for rotary type industrial air compressors from various end-use sectors such as oil & gas will foster the sales throughout the forecast period.
Increasing investment for the expansion of oil & gas industry across the Middle East & Africa region is giving a boost to the demand of the industrial air compressor market. Extensive application of industrial air compressor in oil & gas pipelines across India, China, Russia and others is creating wide growth opportunities for the leading market players.
Increasing focus in the investment for brownfield & greenfield projects, coupled with enhanced research & development activities for sustainable solutions are providing ample of opportunities for the market players. As per FMI's analysis, the industrial air compressor market will surpass the valuation of US$ 26.7 billion in 2021.
"Increasing need for sustainable and economical solutions for power generation within various end-use sectors such as food & beverage, oil & gas, and transportation are creating opportunities for expansion within the market," says the FMI analyst.
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Key Takeaways from FMI's Industrial Air Compressor Market Study
- Rotary type industrial air compressors accounts for over 30% of global market share backed by the high demand from oil & gas and automotive & transportation sectors
- Double compression stage industrial air compressors are expected to witness higher demand due to their cost efficiency
- The capacity segment of 0 HP to 500 HP will be highly popular among the manufacturers owing to their increased application in various end-use sector
- In terms of end-use, oil & gas industry is poised to expand at over 4.9% CAGR over the forecast period
- Surging adoption of industrial air compressors in the U.S. oil & industry will spur the sales over the coming years
- Germany is accounted to hold the largest share of Europe's industrial air compressor market
- China's industrial air compressor sales are set to grow at 5.7% through 2021
- India is expected to register highest demand of industrial air compressor within South Asia through 2021
Competitive Landscape
According to FMI, the market is highly consolidated, in which leading players are accounted for over 75% of the market share. Key manufacturers are focusing on offering customized solutions to appropriate end-use industries. Product innovation and adoption of high-end technology are also the strategies adopted by some large-scale and mid-scale manufacturers.
Some of the key players profiled by Future Market Insights include:
- Atlas Copco
- Baker Hughes Company
- Bauer Kompressoren GmbH
- Burckhardt
- ELGi
- GE
- Hitachi Industrial Equipment Systems Co.
- Howden Group
- IHI Corporation
- Ingersoll Rand
- Kaeser Kompressoren
- Kaishan Compressor Co., Ltd.
- Kobelco Compressors
- MAN SE
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- Quincy Compressor
- Siemens Energy AG
- Sullair LLC
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More Insights on the Global Industrial air compressor Market
In its latest report, FMI offers an unbiased analysis of the global industrial air compressor market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of:
By Technology
- Rotary
- Reciprocating
- Centrifugal
- Axial
By Capacity
- Up to 500 HP
- 500 - 2000 HP
- 2000 - 5000 HP
- 5000 - 12000 HP
- 12000 - 20000 HP
- Above 20000 HP
By Compression Stage
- Single Stage
- Double Stage
- Multistage
By Driver Type
- Electric
- Natural Gas
- Fuel Driven
End Use
- Automotive and Transportation
- Oil and Gas
- Power Generation
- Chemicals
- Food and Beverages
- Pharmaceuticals
- Mining and Metals
- Industrial Air Separation
- Other manufacturing
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
Key Questions Covered in the Report
- How will the market for industrial air compressor will expand through 2031?
- Which top manufacturing companies are leading the global industrial air compressor market?
- What are the key drivers and trends that will stimulate the industrial air compressor sales?
- What are the challenges that will affect the sales of industrial air compressor market?
- Which region will remain the most lucrative throughout the forecast period?
- What is the impact of COVID-19 on industrial air compressor market?
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE Future Market Insights
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