Major players in the compressors market are Atlas, Ingersoll Rand, Siemens, Ebara, and ELGI Equipment Ltd. The global compressors market is expected to grow from $41. 6 billion in 2020 to $42.
New York, May 06, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Compressors Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067883/?utm_source=GNW
57 billion in 2021 at a compound annual growth rate (CAGR) of 2.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $53.13 billion in 2025 at a CAGR of 5.7%.
The compressors market consists of sales of compressors and related services by entities that manufacture air or gas compressor machines. Compressors are used to compress air or gas in a non-leakage sealed chamber and release the air or gas at the desired pressure.
Curtiss-Wright Corporation acquired Dresser-Rand in February 2018 for $212.5 million. Through this acquisition, Curtiss-Wright plans to increase its footprint on new U.S. Navy Nuclear vessels and grow its existing U.S. Navy aftermarket business. The acquisition also establishes a strong brand presence for Curtiss-Wright in the U.S. Navy shipyards by leveraging and taking the help of Dresser-Rand’s equipment networks. Dresser-Rand is a leading manufacturer and designer of custom-engineered high-speed rotating equipment including reciprocating and displacement compressors, steam turbines, and steam system valves. It was established in 2004 and is headquartered in Houston, the USA.
The increasing applications of compressors in the power industry isare one of the key drivers for the compressors market.This is mainly due to the rising global population which has led to an increase in the demand for electricity and other power resources to carry out day- to- day activities.
In this regard, companies in the compressors market are offering compressors for the power industry. For instance, Atlas Copco, MAN Turbo, and Gardner Denver are some of the compressor manufacturers that offer compressors for power generation applications.
The compressor machine manufacturers must comply with the standards set by the American Society of Mechanical Engineers (ASME) in the making and testing of compressors.One such example is the ASME Standard EA-4-2008.
This standard specifically focusses on the requirements of conducting and collecting results of a compressed air system.The standard is set so as to avoid any kind of discrepancy in evaluating a compressor on the basis of its energy assessments.
ASME Standard EA-4-2008 provides a detailed yet scalable process that can be molded for each compressor manufacturing facility. Hence, regulations such as these would keep a check on companies involved in manufacturing and testing compressors.
The emergence of next-gen air compressors is an important trend in the compressors market.The next-generation air compressors are highly energy -efficient and eco-friendly and emits relatively lesser carbon emissions than the traditional compressors.
For example, in 2018, Kirloskar Pneumatic Co Ltd in association with Top Tag Trading Est (3T Group) launched a next-generation diesel portable compressor, which offers high power efficiency at a low cost of ownership.Similarly, compressor manufacturer Atlas Copco offers the GA VSD+ compressor which reduces energy consumption by 50%.
Other companies in the compressors market such as Hitachi and Ingersoll Rand are also working towards power- efficient and low-maintenance air compressors.
The high maintenance cost of compressors is one of the major restraints on the compressors market.The maintenance of a compressor typically includes costs for repair including any leakages, changing the filter, and oiling.
For example, the cost of oil required to operate an oil-lubricated compressor is around $3,000-$6,000 per year.Similarly, the disposal of condensate generated by the compressor can cost around $50,000 per year.
Therefore, the maintenance costs involved in operating compressors continue to be an important restraint restricting the growth of the compressors market.
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