Latest News- Compressor Control Systems Market: Control elements is expected to lead the Product segment during 2024-2028

The Compressor Control Systems Market is being driven by Increasing focus on improving energy efficiency of compressors

The Compressor Control Systems Market is expected to grow at a CAGR of 4.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1238.3 million. In the industrial sector, compressor control systems play a crucial role in converting electrical energy into compressed air, which subsequently increases in temperature. According to industry estimates, up to 90% of the electrical energy consumed by a compressor is converted into heat energy. The US Department of Energy (DoE) reports that electricity accounts for approximately 76% of a compressor's lifecycle cost under certain conditions. Traditionally, this waste heat has been dissipated into the atmosphere via heat exchangers. However, the utilization of this heat as a source of energy for heating buildings or process applications is gaining popularity. With a meticulously designed closed cooling system, up to 94% of this waste heat can be effectively captured and utilized, significantly reducing energy costs and promoting sustainable operations. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Control elements
  • Communication
• End-user
  • Process manufacturing
  • Discrete manufacturing
• Geography
  • APAC
    • China
    • Japan
  • North America
    • Canada
    • US
  • Europe
    • Germany
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing focus on improving energy efficiency of compressors
• Growing global industrial refrigeration systems market
• Global shift to natural gas

However, the market also witnesses some limitations, which are as follows:

• Lack of awareness about benefits of advanced compressor control systems
• Replacement of pneumatic tools with electric tools
• Global shift away from coal to renewable energy

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Market Scope in Compressor Control Systems Market Research Report

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Research Analysis Overview

The Compressor Control Systems Market caters to various industries, including power generation, petrochemicals, metals, mining, oil, gas, refining, Liquefied Natural Gas (LNG), Compressed Natural Gas (CNG), long-distance gas, and oil pipelines. Key applications include petroleum industries, shale gas basins, automobile, and gas distribution. Systems encompass Supervisory Control and Data Acquisition (SCADA), Human Machine Interface (HMI), Transmitters, Sensors, Valves, Actuators, Drives, and Motors.

Market Research Overview

The Compressor Control Systems market is a significant segment of the larger Industrial Machinery and Supplies and Components market. This market encompasses companies specializing in the production of compressors for various industries, including power generation, petrochemicals, metals, mining, oil, gas, and refining. According to Technavio, the Industrial Machinery and Supplies and Components market size is determined by the consolidated revenue of manufacturers providing machinery and components for industrial applications. The expansion of the global economy, particularly in developing countries, is driving industrial output growth in process and discrete industries. This, in turn, is leading to increased demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages, thereby fueling the need for compressors and compressor control systems in these sectors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/