Advances in technology are expected to boost the global market for compressor control systems over the next few years.
A new report from Research and Markets estimates that the market was worth $4.60 billion in 2015 and will reach $6.39 billion by 2022, growing at a compound annual rate of 4.7 percent.
According to the report, major drivers for the compressor control systems market are increasing product quality specifications for critical industrial processes and large-scale application in industries such as oil & gas, refining and petrochemicals.
Meanwhile, growing demand from non-oil & gas related segments such as water & wastewater, metals & mining and fertilizers is also anticipated to boost the demand for compressors.
For example, greater demand for food has led to a high investment in fertilizer factories. This, in turn, is expected to drive the compressor control systems market as fertilizer production plants commonly require large air compressors, nitrogen compressors and syngas compressors, the research firm said.
Looking at the global market by region, the Americas led the compressor control systems market in 2015, driven by significant penetration in various sectors and the presence of advanced infrastructure. Research and Markets expects demand for compressor control systems in this region to remain high in the coming years.
The key players in the compressor control systems market are U.S.-based General Electric and Rockwell Automation; French companies Schneider Electric and Alstom; Germany’s Siemens; Mitsubishi Heavy Industries of Japan; and ABB of Switzerland.