Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 6.86 Billion | USD 11.19 Billion | 5.59% | 2023 |
Compressors are widely used in various applications, ranging from small mechanical shops to large manufacturing companies. A compressor is an essential device used to supply air power, which is bound by an asynchronism motor. Moreover, a compressor control system plays an important role in many industrial processes. These control systems are incorporated with compressors depending on specific applications.
The global compressor control systems market is slated to grow rapidly in the future due to the technological advancements for developing advanced compressor control systems. The increasing demand for compressor control systems in various manufacturing industries is anticipated to further drive the compressor control systems market growth in the years ahead. Additionally, the various applications of compressor control systems in oil and gas, refining, and petrochemical industries are also projected to fuel the global compressor control systems market in the coming years. However, the fluctuating cost of raw materials may hinder the market in the future. Nonetheless, the rising demand for energy-efficient and compact compressors is estimated to offer new growth opportunities for the compressor control systems market.
The global compressor control systems market is divided based on component and application. By component, the global compressor control systems include controlling and networking components. The controlling components segment is divided into PLC, supervisory control and data acquisition (SCADA), and others. The networking components include switches, gateways and nodes, and others. The controlling components are projected to grow rapidly in the future, owing to the increased product demand for power generation. By application, the global compressor control systems include oil and gas, refining, petrochemical, power generation, metals and mining, fertilizers, water and wastewater, and others. Oil and gas and petrochemical segments are anticipated to register the highest growth rate in the years ahead.
By region, North America dominated the global compressor control systems market in 2023. This can be attributed to the growing penetration of compressor control systems in various application sectors and the presence of advanced infrastructure. The Asia Pacific compressor control systems market is projected to grow at the fastest pace in the upcoming years, due to the emerging end-user industries across the region.
Some key players of the global compressor control systems market are Compressor Controls Corporation, ABB Limited, Atlas Copco, Schneider Electric SE, Rockwell Automation, Inc., Dresser-Rand, Siemens AG, Emerson Electric Co., Ingersoll Rand PLC, Mitsubishi Heavy Industries Ltd., and General Electric Co., among others.
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