Global Compressor Control System Market is valued approximately USD 5.53 million in 2019 and is anticipated to grow with a healthy growth rate of more than 5.55 % over the forecast period 2020-2027. Compressor control systems are crucial components of industrial processes which convert the power into some other form of energy such as potential energy stored in compressed form of air. The compressor delivers air power which is compelled by asynchronism motor. The vast use of these compressors in multiple end-use industries such as Food and Beverage drives the market growth. As per the Food and Drink Europe 2018 report, the food and drink industry waswere the largest manufacturing sector in the region with a turnover of USD 1232.18 billion and a total of 294 thousand companies in 2016. Also, France had the highest turnover of USD 199.77 billion and a total of 59,757 companies followed by Germany with an annual turnover of USD 190.33 billion and 5940 companies. As the growing power generation and metal and mining industry drivers the market growth. Further, increasing petrochemicals and Oil and Gas refining industries along with construction of long distance gas and oil pipelines and distribution systems majorly use compressors and control systems fostering the market growth. As per the revised estimates by BP the Saudi Arabia’s proved oil reserves are 11% higher than the previous estimates. As the country held 297.7 billion barrels of proved crude and natural gas liquids at the end of 2018 with the reserves climbing by 1.7 billion barrels from the previous year. However, high initial cost and timely maintenance of the compressor control systems impedes the growth of the market over the forecast period of 2020-2027.
The regional analysis of global Compressor Control System market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-pacific is the leading/significant region across the world in terms of market share owing to the large base of manufacturing companies and growing industrialization. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as increasing investments in manufacturing plants would create lucrative growth prospects for the Compressor Control System market across Asia-Pacific region.
Major market player included in this report are:
General Electric Co.
Wood Group Plc
Compressor Control Corp
Honeywell International Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Oil & Gas
Metals & Mining
Water & Wastewater
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Compressor Control System Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers