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(IT-NEWSWIRE.COM, April 15, 2020 ) Market Overview
The global screw compressor market is growing at a CAGR of 5.2 % during the forecast period (2019-2026).
Screw compressors are a type of gas compressors that operate on the principle of the rotary positive displacement mechanism, generally used in operations requiring large volumes of high-pressure air for large industrial applications or to operate high-power air tools.
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Market Size
The increased consumer awareness concerning the optimal use of energy-efficient technologies to improve cost savings of screw compressors is considered one of the significant factors which drive the global market growth.
The reduction in overall operational costs coupled with the increase in reliability of end-products encourages consumers to replace old machinery with technology-driven screw compressors.
The increase in the use of heating and air conditioning equipment in emerging countries would positively influence the market demand owing to the need for air quality monitoring systems in manufacturing, chemicals & petrochemicals, and metallurgy & mining industries.
The low maintenance costs of equipment and the advancement of technological innovation would further propel the demand for end-products during the forecast period.
The decline in LNG imports in Asia-Pacific region, including Japan and South Korea, coupled with the gradual economic slowdown in China might negatively influence the market scenario, as the region consists of countries which are significant importers of liquefied natural gas.
The screw compressors are used extensively in the operations of natural gas as air monitoring systems and devices in various heavy industries. The slowdown of the economy would limit the use of screw compressors in the region, affecting the global market.
The price volatility of raw materials and the increase in labor costs have led to a rise in the manufacturing cost of screw compressors, acting as a barrier to the increase in production volume.
The application of screw compressors in the pharmaceutical industry which requires clean, compressed air, with special attention to the prohibition of contamination from compressed air according to the industrys stringent requirements would provide new opportunities of business expansion to the key manufacturers.
Segmentation Analysis
The product segments of screw compressors market are oil-injected screw compressors and oil-free screw compressors.
The oil-injected segment holds significant market share owing to the high demand in major end-user sectors such as the chemicals & petrochemicals, metallurgy and mining, and other industries such as automotive and oil & gas. The industries employ the use of oil-injected screw compressors for an extended period owing to longer service life and lower capital cost of end-products.
However, the risk of water and air pollution through the discharge of oil carryover into wastewater might hamper the demand during the forecast period.
By end-user, the market is segmented into manufacturing, chemicals & petrochemicals, metallurgy and mining, power plants, and others. The manufacturing sector such as the automotive and pharmaceutical industries account for a significant market share owing to the growing demand for end-products and imminent need to increase production volume to meet growing demand.
The increase in the use of generic medicines on a global scale and development of industrial facilities as key to economic growth would also increase the opportunities of growth for screw compressors. The companies are thus focused on mergers & acquisitions to improve product offerings.
For instance, in February 2018, Gardner Denver Holdings Inc. announced the acquisition of Finland-based Runtech Systems Oy, a manufacturer of turbo vacuum technology systems and optimization solutions for use in a variety of process-oriented industrial end markets.
Geographical Share
The market is segmented geographically by region into North America, South America, Europe, Asia-Pacific, and Rest of the World (RoW).
North America is the leading geographical segment by overall market value owing to increased use of screw compressors in manufacturing, chemical & petrochemical, and power sector and presence of key market players expanding business through mergers and acquisitions. For instance, in November 2018, Gardner Denver Holdings Inc., had acquired DV Systems Inc., a manufacturer of rotary screw and piston compressors and associated aftermarket parts.
The region of Asia-Pacific is expected to witness significant growth during the forecast period owing to the presence of emerging countries such as China, India, and Japan.
The growing natural gas infrastructure and presence of key manufacturing industries have positively impacted the regional market growth, coupled with the rise in end-product requirements of the renewable power sector such as wind and solar power.
Competitive Trends
The market scenario and competitiveness is intense, with all significant companies focused on strengthening its market position through mergers & acquisitions and expansion of production facilities. The significant market players include Atlas Copco AB, Gardner Denver, Inc., Kaeser Kompressoren SE, and Siemens AG. The companies focus on the expansion of geographic reach and increase in business activities through acquisitions. For instance, in September 2018, Atlas Copco AB acquired Reno A/S, a manufacturer, and distributor of compressed air solutions with a large compressor equipment distribution and aftermarket network in Europe. In April 2017, Johnson Controls completed the construction and launch of a new 6.7 million Screw compressor testing laboratory at its Pennsylvania, United States manufacturing plant.
Key Takeaways
The oil-injected segment holds significant overall market share owing to the high demand in major end-user sectors such as the chemicals & petrochemicals, and metallurgy and mining, owing to longer service life and lower capital cost of end-products.
North America is the leading geographical segment owing to increased use of screw compressors in manufacturing, chemical & petrochemical, and power sector and presence of key market players expanding business through mergers and acquisitions.
The companies are looking to expand the product portfolio by following the strategy of business acquisitions. For instance, in January 2019, Atlas Copco AB acquired German Industrie Pumpen Vertriebs GmbH (IPV) based in Dresden in Germany with the main focus in the chemical industry.
Scope of the Report
The report covers the factors impacting the market, Porter 5 Forces, Competitive Scenario, Product Benchmarking, and company profiles. Screw Compressor Market is segmented by type into oil-injected and oil-free. The market is categorized by end-user into manufacturing, chemicals & petrochemicals, metallurgy and mining, power plants, and others. Geographically, the market is segmented into North America, South America, Europe, Asia Pacific and Rest of the World.
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Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
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