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Screw Compressor Market Analysis
Screw Compressor Market is projected to be worth USD 14.19 Billion by 2027, registering a CAGR of 5.73% during the forecast period (2021 – 2027).
Drivers
Key Boosters and Main Challenges
Screw compressors find extensive applications in the gas industry for flare elimination, vapor recovery and gas transfer. These compressors can withstand adverse weather conditions, have simple designs and are easy to maintain, their demand is expected to boom significantly in the gas industry, for gas gathering and transfer in remote locations.
The mounting demand for energy efficient compressors and the emergence of key end-users such as F&B, textile and pharma, can also benefit the screw compressor market. The lower operation and maintenance costs are another plus point of screw compressors that boost its demand in the market. Frequent technological innovations as well as upgradations for increasing the efficiency of screw compressors also speed up the market momentum.
The higher spending by government on power grid infrastructure for optimum reliability can also induce growth of the screw compressor market.
Key Players
Eminent market players profiled in the global screw compressor market report include Atlas Copco AB, Sullair LLC, Siemens, Man SE, Kaeser Kompressoren SE, Ingersoll-Rand PLC, GE Oil & Gas, Howden Group Ltd, Kobe Steel Ltd, Boge Kompressoren, Bauer Kompressoren, Hitachi Ltd., Gardner Denver, Inc., to list a few.
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Drivers
Shift to Energy-Efficient Compressors to Boost Market Growth
The shift towards energy-efficient compressors will boost the market growth over the forecast period. Owing to focus towards energy savings and production efficiency, the demand for these compressors is predicted to go up in the coming years. This will lead to reduction to energy costs and also protect the environment from emission of greenhouse gases. Thus as a result, key players have come up with compressors that are more effective than conventional compressors.
Opportunities
Growing Need for Dynamic Compressor to offer Robust Opportunities
The growing need for dynamic compressor will offer robust opportunities for the market over the forecast period and at a high CAGR. This is owing to higher consumption of compressors in different industries like cement, steel, oil & gas, and others. Besides, rising government initiatives related to energy-efficient solutions is also boosting the growth of the segment.
Restraints
Strict Adherence to Quality Needs to act as Market Restraint
The strict adherence to stringent quality needs and environmental parameters coupled with paucity of skilled labor may act as market restraint over the forecast period.
Challenges
Weak LNG demand to act as Market Challenge
The weak LNG demand will act as a market challenge over the forecast period.
Market Segmentation
The global screw compressor market is bifurcated into type, technology, stage, and end user.
By type, the oil-injected compressor will lead the market over the forecast period.
By technology, the stationary segment will dominate the market over the forecast period.
By stage, the single segment will spearhead the market over the forecast period.
By end user, the oil & gas segment will have the lions share in the market over the forecast period.
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Regional Analysis
APAC to Spearhead Screw Compressor Market
The APAC region will spearhead the screw compressor market over the forecast period. Increasing industrialization, increase in energy consumption, presence of manufacturing facilities, presence of developing countries such as Southeast Asia, India, and China, and energy efficient standards being implemented in China and Japan are adding to the global screw compressor market growth in the region.
COVID-19 Analysis
The COVID-19 outbreak has left a major impact on the screw compressor market, which is a part of the energy and power sector, given the slump in the product demand along with the crashing power prices worldwide. Acknowledging the long-term impact of COVID-19, most of the notable companies are trying to cut down the costs of protecting their assets, and are endeavoring to ensure continuous flow of operations to curb revenue loss induced by the novel coronavirus. While several nations are working on finding a COVID-19 breakthrough, the lockdown period has led to restrained movement of materials in the screw compressor market. The short term impact has resulted in a substantial downfall in the investment capacity combined with the power prices dropping as a result of political turbulence, after the onset of SARS-CoV-2. The pandemic has massively impacted the industrial sector, steering the focus of global companies towards development of mitigation measures as well as new business models to deal with the crisis, which can work in favor of the global market.
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Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.
