Screw compressor Market 2021 Size, Share, Trends and Industry Forecast 2027
Market Overview
The screw compressor market 2020 can potentially achieve a growth rate of 6.50 % between 2016 and 2023 (evaluation period), confirms Market Research Future (MRFR). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the screw compressor market has been carefully appraised, following which the report outlines the key developments post the coronavirus disease outbreak.
COVID-19 Analysis
The COVID-19 outbreak has left a major impact on the screw compressor market, which is a part of the energy and power sector, given the slump in the product demand along with the crashing power prices worldwide. Acknowledging the long-term impact of COVID-19, most of the notable companies are trying to cut down the costs of protecting their assets, and are endeavoring to ensure continuous flow of operations to curb revenue loss induced by the novel coronavirus. While several nations are working on finding a COVID-19 breakthrough, the lockdown period has led to restrained movement of materials in the screw compressor market. The short term impact has resulted in a substantial downfall in the investment capacity combined with the power prices dropping as a result of political turbulence, after the onset of SARS-CoV-2. The pandemic has massively impacted the industrial sector, steering the focus of global companies towards development of mitigation measures as well as new business models to deal with the crisis, which can work in favor of the global market.
Key Boosters and Main Challenges
Screw compressors find extensive applications in the gas industry for flare elimination, vapor recovery and gas transfer. These compressors can withstand adverse weather conditions, have simple designs and are easy to maintain, their demand is expected to boom significantly in the gas industry, for gas gathering and transfer in remote locations.
The mounting demand for energy efficient compressors and the emergence of key end-users such as F&B, textile and pharma, can also benefit the screw compressor market. The lower operation and maintenance costs are another plus point of screw compressors that boost its demand in the market. Frequent technological innovations as well as upgradations for increasing the efficiency of screw compressors also speed up the market momentum.
The higher spending by government on power grid infrastructure for optimum reliability can also induce growth of the screw compressor market. For instance, by 2020, the government in China is planning to spend close to USD 317 billion for improvement of power grid infrastructure.
Market Segmentation
Screw compressor industry has been considered for type, technology, stage as well as end-user.
The types of screw compressors available in the market are oil-free and oil-injected.
Technologies covered in the market research are portable and stationary.
Stage-wise market sections can be multi and single.
The key end-users in the global market include power plants, food & beverage, chemicals & petrochemicals, oil & gas, mining & metals, automotive, and others. Oil & gas segment is in the lead as screw compressors are widely used for offshore and onshore applications, ranging from gas handling and vapor recovery to fuel gas boosting and flash gas processing.
Regional Insight
The MRFR study on the screw compressor market considers the key regions to be Asia Pacific/APAC, Europe, North America, and RoW/rest of the world.
Asia Pacific is racing ahead at a phenomenal speed, mainly owing to the rapid surge in industrialization and the soaring demand for efficient machinery and tools. China is hailed as the biggest market for screw compressor on account of the fast paced industrialization and the country’s efforts to boost the use of nitrogen in oil recovery activities, which pushes the uptake of industrial gases. India can emerge as a highly attractive investment destination, following the rising number of government-backed initiatives like ‘Make in India’, which has helped drive the number of manufacturing activities.
North America can likely hold a significant position in the worldwide market with a considerable share as a result of the increasing replacement of aging equipment and rising number of emission standards. The expanding refining and petrochemical industry also boosts the market’s growth potential in the region. Highly established companies that make heavy investments and adopt effective strategies are present in the United States, which is another growth inducer in the market.
The size of the European market is quite expansive, thanks to the thriving manufacturing and construction sectors. The high concentration of celebrated vendors who are involved in innovations and develop more advanced air compressors also adds to the market profits in the region.
Top Players
Top players that are working on expand their global reach in the screw compressor market include Atlas Copco AB, Sullair LLC, Siemens, Man SE, Kaeser Kompressoren SE, Ingersoll-Rand PLC, GE Oil & Gas, Howden Group Ltd, Kobe Steel Ltd, Boge Kompressoren, Bauer Kompressoren, Hitachi Ltd., Gardner Denver, Inc., to list a few.
Recent Developments
June 2020 - Following the acquisition of additional shares in Wuxi Compressor Co., Ltd. in April 2020, Kobe Steel Ltd. turned it into a subsidiary. This move enables Kobe Steel, a leading manufacturer of screw compressors, to boost the flexibility of its business operations and also solidify its marketing capabilities while providing efficient services in China.
Access Report Details @ https://www.marketresearchfuture.com/reports/screw-compressor-market-1812
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