The global air compressor controller market is poised to achieve a steady 5.8% CAGR from 2014 - 2022 thanks to their increasing in industries such as energy and mining, oil and gas, and petrochemicals, according to a new report published by Transparency Market Research entitled ‘Air Compressor Controller Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2022’.
Key factors driving the growth of global air compressor controller market include efficient compressor operation at lower costs, low maintenance of air compressor, rising adoption of variable speed air compressor controllers, and after market service and retrofitting of existing air compressor systems. The increase in demand from oil and gas industry is another factor driving the demand for air compressor controllers.
The global air compressor controller market was valued at US$3.45 billion in 2014 and the market is forecast to grow at a CAGR of 5.8% from 2015 to 2022. The market is predicted to reach US$5.44 billion by 2022. Increasing adoption in oil and gas, energy and mining, and petrochemical industries where compressor controllers are used in production activities, is expected to drive the air compressor controller market. Moreover, extraction of natural gas resources from shale gas reserves is expected to surge the demand for compressor controllers and create potential opportunities for this market.
Based on geographic regions, the air compressor controller market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. In terms of regional adoption, Middle East and Africa, and North America were the key contributors to the global air compressor controller market in 2014. The Middle East and African countries such as Saudi Arabia, Iraq, Nigeria, Libya and United Arab Emirates, are the largest contributors in terms of oil production to the global economy. The compression control requirement from these countries is high and thus, the demand for air compressor controller is high in these regions. In North America, air compressor controllers are primarily used in the oil and gas, energy and mining, pharmaceutical, and HVAC industries.
The air compressor controller market is moderately consolidated however; the impact of regional players is significant in the global market. Key manufacturers in this market are continuously striving to improve efficiency and reliability of air compressors. Some of the key manufacturers of compressor controllers include Siemens AG, GE Measurement & Control Solutions, Compressor Controls Corporation and Emerson Climate Technologies. These players are primarily involved in acquiring regional players manufacturing compressor control solutions. Besides offering air compressors with integrated control capabilities, these players also provide retrofitting solutions for already installed air compressors. Other significant players in the market include Schneider Electric SE, Gardner Denver, Inc., Rockwell Automation, Inc. Johnson Controls, Inc., Petrotech, Inc., Ingersoll Rand plc and FS-Elliot Co. Ltd.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/26052015/air-compressor-market-to-reach-us544-billion-by-2022-840/