Industrial demand helping global compressor market
by CM Staff
Frost & Sullivan projects the market will reach $21.89 billion in 2023.
SAN ANTONIO — Frost & Sullivan’s Global Compressor’s Outlook for 2022 says the market has experienced steady growth despite supply chain disruptions brought by the global pandemic.
However, the company’s outlook report also notes that the market growth slowed as investments dwindled, and this was also because of the pandemic.
Research indicates that the global compressor market’s recovery is contingent upon how soon government policies can help the return to “normal” and reduce the economic impact on enterprises.
The demand for these compressors comes from the world’s growing interest in environmentally sound solutions, according to Frost & Sullivan who also projects the market will reach $21.89 billion in 2023.
Additionally, the research firm predicts the demand for new technologies will increase after this year, opening up more opportunities for IoT, newer software and real-time monitoring.
“General manufacturing and process industries will require investment and, in most cases, the state is a stakeholder in major projects globally,” said Krishnan Ramanathan, industry principal, industrial practice, Frost & Sullivan in a statement.
“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.”
The report recommends that vendors wanting to take advantage of this market trend for compressors use real-time monitoring to help increase transparency in operations. Additionally, compressor vendors can ensure they meet servicing requirements and continue to diversify their portfolios to gain greater market share.