According to the new market research report "Compressor Control Systems Market by Component (Controlling: (PLC and SCADA) & Networking), Application (Oil & Gas, Refining, Petrochemical, Power Generation, Metals & Mining, Water & Wastewater and Fertilizer), and Geography - Global Forecast to 2022", the compressor control systems market, in terms of value, is estimated to grow at a CAGR of 4.7% between 2016 and 2022 and is expected to reach USD 6.39 Billion by 2022. Massive investments in power and water sectors are expected to emerge as the second largest source for compressor installations in the next couple of years. Also, the continued expansion of petrochemicals, chemicals, and fertilizers industries is expected to result in a significant demand for compressors.
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Oil & gas industry expected to hold the largest
share of the compressor control systems market, by 2022
Compressors are widely used in the oil & gas
industry in various core activities, starting from the initial treatment of
crude oil/natural gas to transporting it through pipelines. They increase the
pressure of the natural gas through heat and allow it to be transported from
the production facility through the supply chain to end users.
Applications in the oil & gas industry accounted
for the largest market share in 2015. This market is expected to grow at a high
CAGR between 2016 and 2022. The number of compressors in the energy sector has
increased greatly over the last few years, owing to the increased activity in
the oil & gas production, transmission, and storage sectors.
Market in APAC expected to grow at the highest rate
during the forecast period
The market in APAC is expected to grow at the
highest CAGR between 2016 and 2022. In APAC, a majority of the demand for
compressors comes from their installations in varied end-user industries such
as oil & gas, petrochemical, power generation, and heavy industries such as
cement and metals. The increase in the production capacity in petrochemical,
oil & gas, and power generation plants is expected to spur the growth of
compressor control systems in this region.
The report describes the drivers, restraints,
challenges, and opportunities for the growth of the compressor control systems
market along with market size forecast till 2022. The report also gives a
qualitative and quantitative description about different industries considered
for the compressor control system market. This global report gives a detailed
view of the market across the four geographical regions, namely, the Americas,
Europe, Asia-Pacific (APAC), and RoW.
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