Compressor control systems have become a central component in the processes of many industries, including oil & gas, refining, petrochemicals, power generation, metals & mining and fertilizers, according to a new report by MarketsandMarkets.

With profitability in these processes dependent on the efficiency and functionality of the compressor controls, suppliers have been engaged in ongoing research & development to come up with improved compressor control products. But the research firm said that a decrease in R&D expenditure by existing players in the last few years may impact the overall growth of the market.

The compressor control system market is forecast to expand at a compound annual growth rate (CAGR) of 6.37 percent between 2014 and 2020, reaching a value of up to $5.05 billion by the end of the forecast period.

The oil & gas industry accounts for the biggest market share, and broad-scale application in industries such as oil & gas, refining and petrochemicals has been driving the entire market. Still, prospects are also bright for other applications, such as power generation, metals & mining, fertilizers, automobile and cement, MarketsandMarkets reported.

Major players in the compressor control system market include Siemens AG of Germany, U.K.-based Schneider Ltd. and Sweden's Atlas Copco, alongside U.S. companies GE Oil & Gas, Dresser-Rand, Rockwell Automation, Inc., Compressor Controls Corp., Emerson Electric Co. and Honeywell International, Inc.

The researchers found that there is extensive competition among the major players in the market, giving end-users strong buying power.