Global compressor control systems market worth more than $6B by 2022

June 16, 2016

Advances in technology are expected to boost the global market for compressor control systems over the next few years.

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.

Sponsored Recommendations

Choosing The Right Partner for CHIPS Act Investments

As the U.S. looks to invest in the semiconductor research and production using CHIPS Act 2022 funding, it's important to choose the right partner.

EMWD Uses Technology to Meet Sustainability Goals

Eastern Municipal Water District pilots artificial intelligence-enabled control and machine learning to help save energy, reduce costs, and improve quality.

Protein Processing Solutions: Automation & Control

For protein processors looking to address industry challenges, improve efficiency, and stay ahead in a competitive market, Rockwell Automation offers tailored automation, control...

Automotive Manufacturing Innovation: Smart Solutions for a Connected Future

Rockwell Automation provides automation and control systems tailored for the automotive and tire industries, supporting electric vehicle production, tire production, battery production...