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Oil Price Rebound, IIoT, and Product Energy Efficiency Drive Global Compressors Market Resurgence
Technology investment and market consolidation crucial for growth opportunities, finds Frost & Sullivan's Industrial Automation and Process Control team
SANTA CLARA, California, June 27, 2017 /PRNewswire/ — While the global compressors market is expected to perform better in 2017 than in 2016, volatile oil prices and sluggish economies create an uncertain outlook. Factors driving the rebound include new refinery construction in the Middle East and Asia, expansion of liquefaction and regasification plants across the world, increasing industrialization in emerging regions, focus on energy efficiency, and uptake of technologies like Industrial Internet of Things (IIoT), artificial intelligence, predictive analytics and Big Data. To succeed in a fiercely competitive ecosystem, companies must invest in emerging technologies and smart maintenance to push data-driven intelligence and return on investment.
Global Compressor Industry Outlook, 2017, recent research from Frost & Sullivan's Industrial Automation & Process Control Growth Partnership subscription, analyzes current and future trends in the global compressor market across end-user industries such as chemicals, construction and mining, food and beverage, general manufacturing, life sciences, oil and gas, and power generation. Technology types such as industrial air compressors and process gas compressors, and product types such as rotary, reciprocating, and centrifugal compressors, are discussed. Competitive profiling of major players such as Siemens, GE, Atlas Copco, Ingersoll Rand, Gardner Denver, Kaeser, Kaishan Group, Fusheng, and Sullair are also provided.
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"Differentiation strategies will help players position themselves as product quality leaders," said Frost & Sullivan Industrial Automation & Process Control Research Analyst Anand M Gnanamoorthy. "Consolidation can help achieve integrated solutions, while brand value can be strengthened by increasing awareness among end users through white papers, case studies, and external resources that showcase best practices."
Regional trends in the global compressors market include:
- Boom in Asia-Pacific due to industrialization and investment;
- Growth spurt in North America due to investment in oil and gas, positive regulatory changes, construction, and an increase in rig count;
- Sustainable demand for the global replacement of compressors from large installed bases;
- Specialty chemicals and agrochemicals investment in India;
- Negative demand in Europe due to Brexit, low oil prices, and geopolitical issues; and
- Economic slowdown in Latin America and the Middle East resulting in flat markets.
"Low commodity prices and the need to reduce cost of production are driving the adoption of energy-efficient products such as electric prime movers. This technology can easily interconnect with other control systems, enabling data acquisition for IIoT," noted Gnanamoorthy. "Companies need to develop specific products and strategies to capitalize on new opportunities."
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Global Compressor Industry Outlook, 2017
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SOURCE Frost & Sullivan
