Screw Compressor Market Worth USD 18.9 billion by 2032 | APAC Growing by South Korea, Singapore, Japan
Screw Compressor Market projected to grow at a CAGR of 5.8% from 2023 to 2032.
WILMINGTON, DELAWARE, UNITED STATES, April 25, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, the screw compressor market size was valued at $10.8 billion in 2022, and is estimated to reach $18.9 billion by 2032, growing at a CAGR of 5.8% from 2023 to 2032.
Screw compressors hold pivotal roles across multiple industries, efficiently compressing air and gas in various processes. The market for screw compressors is steadily advancing due to several driving factors.
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Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global market revenue, and is likely to dominate the market during the screw compressor market forecast period.
The screw compressor industry in the Asia-Pacific region is experiencing a dynamic shift driven by several key trends and screw compressor market growth factors.
Competitive screw compressor industry analysis and profiles of the major screw compressor market players, such as Atlas Copco AB, Kobelco, Ingersoll Rand, Keser Kompressoren SE, Gardner Denver, Sullair, Bge Kompressoren, ELGI Equipment Limited, Quincy Compressor, and Bauer Kompressoren GmbH.
Rapid industrialization in powerhouse economies like China and India is propelling demand across diverse sectors such as manufacturing, oil & gas, petrochemicals, and automotive, while an increase in emphasis on energy efficiency aligns with the region's sustainability goals, favoring screw compressors for their higher efficiency.
An increase in global industrial demands, ongoing technological advancements, and a growing emphasis on environmental sustainability contribute to the continued growth of this market. Innovations in compressor designs and materials bolster their efficiency and reliability, aligning with evolving industry sustainability objectives.
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The integration of advanced technologies, such as energy storage systems and IoT sensors, introduces technical complexities and challenges. Moreover, the necessity for specialized expertise in compressor operation and maintenance compounds these challenges.
Overcoming these complexities is imperative for sustaining operational efficiency and complying with evolving environmental regulations, ensuring the continued growth and relevance of the screw compressor market in the global industrial landscape.
Challenges are prevalent within the screw compressor market, primarily concerning the high initial capital investment required for the installation and upkeep of advanced compressor systems. Similar to cost constraints faced in diverse industrial sectors, these expenses stand as a notable restraint.
As the world shifts toward sustainable energy solutions, screw compressors are adapting to meet environmental standards. Market growth is intrinsically linked to sustainability initiatives advocating for cleaner and more efficient compression technologies.
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The industry's embrace of alternative technologies and sustainability efforts will shape the market's trajectory, encouraging the adoption of energy-efficient compressor systems and the development of IoT sensor solutions.
On the basis of type, the oil injected segment emerged as the global leader by acquiring nearly three-fourths of the screw compressor market size in 2022 and is anticipated to continue this trend during the forecast period.
On the basis of stage, the multi stage segment emerged as the global leader by acquiring nearly two-thirds of the screw compressors market share in 2022 and is anticipated to continue this trend during the forecast period.
Depending on technology, the stationary segment emerged as the largest market share in 2022, which accounts for nearly three-fourths of the screw compressors market share.
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Depending on end user, the oil and gas segment emerged as the largest market share in 2022, which accounts for nearly two-fifths of the screw compressors market share.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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