The global compressor control system market is expected to witness significant growth due to technological advancement and innovation in control system. The growth can be indicated towards the technological advancement and increasing demand in the manufacturing sector, where compressors are used in several applications. Technological advancements have led to the development of advanced compressors and compressor control systems for customized applications, which make them more reliable, efficient and environment friendly. New applications and technologies along with an extensive supply chain have increased the buying power of end-users, which is expected to fuel the growth of the compressor control system market during the forecast period.
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The major applications of compressor control system include petrochemicals, metals & mining, oil & gas, power generation, and refining industries. The oil and gas industry could be further segmented into liquefied natural gas (LNG), compressed natural gas (CNG). The compressor control systems in the oil and gas industry are used for long distance gas & oil pipelines and city gas distribution. Compressor control system usage in petroleum industries is expected to witness high growth during the forecast period. Increased extraction of natural gas from the shale gas basins is expected to favorably impact the compressor control system market and provide several opportunities for the market growth.
The automobile and the cement industries provide several opportunities for the compressor control system market. Compressor control system market can be segmented based on controlling component into Supervisory Control and Data Acquisition (SCADA), Human Machine Interface (HMI) and other components such as transmitters, valves, sensors, actuators, drives and motors. However, high initial costs and need for timely maintenance of the compressor control systems along with fluctuations in prices of oil & gas and raw materials are expected to be the major hindrances for the growth of global compressor control system market.
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Geographically, North America is the largest global compressor control system market, followed by Europe. North America is expected to witness high growth throughout the forecast period due to high demand for compressor control systems, as they are widely used in industries such as energy and mining, oil & gas, waste water treatment and air conditioning industries. The market in Asia-Pacific is expected to witness fastest growth during the forecast period owing to rapid industrialization.
Some of the keys players of the global compressor control system market are Siemens AG, Schneider Electric SE, Atlas Copco AB, Compressor Controls Corporation, Rockwell Automation Inc., Honeywell International Inc., Emerson, John Wood Group PLC and Ingersoll Rand.
Global Compressor Control System Market Segmentation
- Controlling Component
- Networking Component
- Gateways & Nodes
- Oil & gas
- Power Generation
- Metals & Mining
- Water & Wastewater
- North America
- Rest of the World
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