The escalating demand for turbomachinery for a plethora of application sectors spanning industrial to power generation and cleaning operations to transportation is likely to propel centrifugal air compressor market share.
Sellbyville, DE -- (SBWIRE) -- 05/14/2019 -- Global Market Insights recently introduced new report on global Centrifugal Air Compressor market with an in-depth study providing complete analysis of the industry size, share and statistics for the period 2019 to 2024. It also provides complete overview of Centrifugal Air Compressor industry considering all the major industry trends, market dynamics and competitive scenario.
The escalating demand for turbomachinery for a plethora of application sectors spanning industrial to power generation and cleaning operations to transportation is likely to propel centrifugal air compressor market share. Considering its widespread application spectrum, technology providers have been working with core companies toward developing next-generation products for attracting more customers. The advent of an advanced product portfolio in centrifugal air compressor industry in the ensuing years is thus likely to stimulate the expansion of this vertical. As per estimates, the market size will be pegged at USD 7 billion by 2024.
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The growing exploration and excavation activities across the oil and gas sector have also been fueling the demand for centrifugal air compressors. In this regard, many LNG project developers have been signing long-term contracts with product suppliers. A month ago, the Egyptian Electricity Holding Company inked a contract with the Chinese Jiangsu Electric Power Company to carry out the mechanical operations at the West Cairo Power Plant. Taking cue, other MEA countries have also been calling upon foreign investments in order to develop power generation plants, thereby impelling the regional centrifugal air compressor industry.
Considering the cost benefits of newly developed products, many existing plants have been replacing traditional air compression systems with next-generation compressors that do not require to be configured before installation. The ongoing evolution in centrifugal compressor technologies owing to heavy investment in research and development activities is poised to stimulate centrifugal air compressor market size.
Having taken into consideration the escalating demand for compressors across numerous verticals, centrifugal air compressor market players have been vying with one another to take on a leading position in this business space. This has led to the inception of commendable innovations in compressor technology and production. Ingersoll Rand plc for example, a few years ago, acquired the centrifugal compression division of Cameron International Corporation for USD 850 million.
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The competitive landscape of centrifugal air compressor market comprises some of the big shots inclusive of Atlas Copco, Hitachi Industrial Equipment Systems Co Ltd, and General Electric. With high efficiency being the principal focus of energy companies, these magnates have been increasingly striving to develop next-generation compressor technologies for energy-efficient applications. Armed with a similar goal in view, numerous geographies across the globe, to enhance their energy generation capacity, are investing in oil exploration and excavation activities as well as the development of power projects – initiatives that are certain to propel centrifugal air compressor industry. In essence though, it is the rise in energy requirement pertaining to the rapid industrialization across the globe that falls among the pivotal driving factors of this vertical.
Many companies are mainly focusing on the development of customer-centric products for attracting more
consumers, enabling them to extend their regional reach. A year before, LG Electronics launched its next-generation magnetic chiller system – an oil-free drive solution for centrifugal compressors in chillers, in the UAE. The UAE government is significantly investing in development of green buildings, considering the increasing pollution level due to growing use of air-conditioning and refrigeration systems.
The Centrifugal Air Compressor market report offers detailed competitive landscape of the global market. It includes companies, industry statistics, market share analysis and product portfolio of the major industry participants. The report provides detailed segmentation of the Centrifugal Air Compressor market based on product, technology, end user and region.
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Key players in global Centrifugal Air Compressor market include:
- Atlas Copco
- Hitachi Industrial Equipment Systems Co Ltd
- General Electric
- Kirloskar Pneumatic Company Limited
- Gardner Denver Inc.
- Ingersoll-Rand plc
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