Major vendors and distributors must leverage new technologies such as IoT and real-time monitoring to gain a bigger market share
Frost & Sullivan’s recent analysis, Global Compressors Outlook 2022, reveals that the compressor market is steadily growing despite the negative effect of the pandemic on the global economy. With limited investment due to the pandemic, compressor market growth slowed, and its recovery depends on how quickly economic activities return to normal and governmental policies to reduce the effects of the pandemic.
Although global compressor revenue slowed, it is still rising due to the growing demand for environmentally friendly compressed air solutions that are fostering the adoption of compressors worldwide. Revenues are expected to reach $21.89 billion in 2023, with a growth rate of 1.9%. The demand for new technologies will increase after 2022, and the compressor suppliers that incorporate revolutionary technologies such as the Internet of Things (IoT), the latest software, and real-time monitoring will strengthen their market presence.
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“General manufacturing and process industries will require investment and, in most cases, the state is a stakeholder in major projects globally,” noted Krishnan Ramanathan, Industry Principal, Industrial Practice, Frost & Sullivan. “Growth in the compressors market is tied to investments in urban development. The investment climate will depend on the political and economic policies of the respective governments. Compressor vendors strategize their initiatives based on the anticipated demand from each region.”
Ramanathan added: “Across both types of compressors (air and process gas), innovation is the catalyst that drives adoption. Every vendor looks to incorporate additional functionalities into newer models, resulting in easier operation and more versatility in their usage. Along with product customization, end-users prefer to associate with compressor manufacturers offering an extensive portfolio of services that enhance the product lifecycle.”
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For leading vendors to take advantage of the compressor growth opportunities, they need to consider specific market factors, such as:
- Technology and Evolving Business Models to Offer Improved Market Opportunities: Effective use of technology and cost can make up for limitations on product-based developments.
- Effective Servicing Requirements for Sustained Business Opportunities: Compressor vendors must ensure the scalability of their compressors and offer a wide and relevant portfolio to gain a bigger market share.
- Real-time Monitoring for Increased Transparency in Operations: Vendors and distributors should adopt cutting-edge technologies like real-time monitoring devices to provide seamless products.
Global Compressors Outlook 2022 is the latest addition to Frost & Sullivan’s Industrial Automation & Process Control research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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