Global Air Compressor Controller Market – An Overview
Set to grow at a CAGR (Compound Annual Growth Rate) of 5.80% from 2014 to 2023, the global air compressor controller market will chart a steady curve, increasing the market value to USD 5.4 bn by the end of the forecast period. A number of industries are contributing to the growth of this market. Some of these include oil and gas, petrochemical, heating, ventilation and air conditioning (HVAC), cement, and pharmaceuticals.
It is worthy to note the following factors to understand how the global air compressor controller market would shape up over the forecast period of 2014 to 2023.
- Oil and gas industry is growing. Exploration and production activities are growing in a number of regions, particularly hotspots such as the Mediterranean region and Latin America. A good amount of discoveries are keeping the market buoyant. In terms of Barrels of Oil Equivalent (BOE), the numbers are heartening.
- Construction volumes will increase, and by the year of 2030, 85% rise will be noted. His means the cement segment will witness growth, propelling growth in global air compressor controller market
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The global air compressor controller market, valued at US$ 3,453.6 Mn in 2014, is expected to see growth at a CAGR of 5.8% during the period from 2015 to 2023. Air compressor controllers allow efficient control of compressor systems by providing required output. The application of air compressor controllers is expected to increase across various industrial segments in the coming years. Air compressor controllers help in reducing energy consumption in compressor systems and thereby improve their efficiency. Air compressor controllers protect compressors from surge events and operate the compressor near the surge line in order to provide maximum efficiency. The application of compressor controller is expected to surge in the oil & gas, and petrochemical industries in the coming years.
The global air compressor controller market is segmented by component, end-use industries, and by geographic regions. SCADA and PLC were the key contributors to the overall revenue in the global air compressor controller market. The demand for PLC and other components such as motors and actuators is also expected to surge as the retrofit business for compressor controller is anticipated to increase. The key industries where application of air compressor controller is prominent include oil & gas, petrochemical, and energy & mining since requirement for compressed air is high in these industries. Moreover, the growth of HVAC systems in commercial spaces across all global regions is expected to increase the demand for compressor controllers.
Based on the revenue generated from different geographies, Middle East and Africa, and North America were the key contributors to the global air compressor controller market in 2014. The Middle East and African countries such as Saudi Arabia, Iraq, Nigeria, Libya and United Arab Emirates, are the largest contributors in terms of oil production to the global economy. The compression control requirement from these countries is high and thus, the demand for air compressor controller is high in this region. In North America, air compressor controllers are primarily used in oil & gas, energy & mining, pharmaceutical, and HVAC industries. Moreover, large numbers of air compressor controller manufacturers are based in North America. Other regions such as Europe, Asia Pacific and Latin America are also expected to witness significant growth in the coming years.
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The air compressor controller market is moderately consolidated however; the impact of regional players is significant in the global market. Some key manufacturers of compressor controllers include Siemens AG, GE Measurement & Control Solutions, Compressor Controls Corporation and Emerson Climate Technologies. These players are primarily involved in acquiring regional players manufacturing compressor control solutions. Besides offering air compressors with integrated control capabilities, these players also provide retrofitting solutions for already installed air compressors. Other significant players in the market include Schneider Electric SE, Gardner Denver, Inc., Rockwell Automation, Inc., Johnson Controls, Inc., Petrotech, Inc., Ingersoll Rand plc and FS-Elliot Co. Ltd.