Compressor control systems have become an important component of various industries such as oil & gas, refining, petrochemical, power generation, and so on. Innovations and developments in technology have led to advanced compressors and compressor control systems, making them more efficient, productive, and eco-friendly, thus enhancing the overall performance of the power generation plants. Along with these advantages, increased shale gas exploration activities have led to a greater increase in demand for compressor control systems, thus propelling the growth of market, globally.
Driving Factors & Restraints
The steady growth of the worldwide market for compressor control systems can be majorly attributed to the following factors:
- Huge investments pouring in for power and water sectors
- Increased focus on improving efficiency and overall performance of plants
- Advancements in technology
- Growth in applications as well as production capacity in various industries such as oil & gas, refining, and petrochemicals
- Introduction of new products
Apart from these, flexible regulatory environment is expected to push the market towards growth. However, high initial costs and need for timely maintenance of the compressor control systems coupled with fluctuations in prices of oil & gas and raw materials are expected to be major hindrances for the growth of this market. Also, less R&D expenditure by the existing market players in the past few years is likely to affect the market growth as well.
Market Overview
The value of the global compressor control systems market which was projected to be USD 4.60 Billion in 2015 is expected to reach USD 6.39 Billion by 2022, growing at a CAGR of 4.7% during the forecast period from 2016 to 2022. Of all the regions, the Americas are expected to hold the largest market share, owing to the increased exploration activities, especially related to shale gas. However, the Asia-Pacific market for compressor control systems is projected to grow at the highest CAGR during the forecast period.
Among applications, oil & gas sector held the largest market share in 2015. It is expected to be the largest market for compressor control system by 2022, and is also expected to grow at a high CAGR during the forecast period.
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Research Scope
As per the researchers, the global market for compressor control systems has been studied and forecasted on the basis of following segmentation:
- Application: Oil & Gas, Refining, Petrochemical, Power Generation, Metals & Mining, Fertilizers, Water & Wastewater, Others (Cement and Automotive)
- Component: Controlling Component (including PLC, SCADA, and Others), Networking Component (including Switches, Gateways & Nodes, and Others)
- Region: Americas, Europe, Asia-Pacific, RoW
The key players in the compressor control system market are General Electric Co. (U.S.), Schneider Electric (France), Siemens AG (Germany), Wood Group Plc (U.K.), Atlas Copco (Sweden), and Ingersoll Rand (Ireland).
