NEWARK, Del, July 08, 2024 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI), the screw compressor market is expected to reach USD 15.82 Billion in 2024. Automation trends are driving up the demand for oil-free screw compressors. Sales of screw compressors are predicted to increase at a 3.4% CAGR, reaching USD 22.10 Billion by 2034. Screw compressors are mostly employed in high-volume, low-pressure applications with twin-shaft rotating lobe machinery because they provide dry, clean compressed air. They keep an even airflow to fulfill ongoing air demand and guarantee reliable functioning.
The market for screw compressors is anticipated to grow significantly over the next decade, driven by the growing use of remote sensing technologies. This cutting-edge technology allows users to monitor and modify air compressor operations remotely, increasing productivity and convenience. Consequently, it is anticipated that screw compressor demand is expected to soar across several industries, including commercial, residential, and industrial applications.
The global screw compressor market is experiencing significant growth due to rapid industrialization and widespread adoption across industries like chemical, petrochemical, metal, mining, automotive, and oil and gas. These compressors deliver premium-quality compressed air with higher efficiencies, and their use in transferring gas, flare elimination, and vapor recovery is gaining popularity. They are likely to operate under extreme weather conditions, requiring minimal maintenance and reducing operational costs.
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Technological innovations, such as developing energy-efficient and environment-friendly product variants, further bolster the market. These advancements are helping the market grow by providing cost-effective and sustainable solutions to various industries. Furthermore, extensive research and development activities are anticipated to drive the market in the approaching decade.
The food and beverage packaging sector is also contributing to the growth of the screw compressor market by increasing product utilization. The industry requires compressed air for various applications, including filling, capping, and labeling. Screw compressors are preferred in this industry, as they offer high-quality compressed air with low noise levels and minimal maintenance requirements.
“The market for screw compressors is expanding and is anticipated to further increase due to the rise in demand for economical and energy-efficient solutions. The need for bigger screw compressors with cutting-edge features like variable speed drives and sophisticated control systems has risen due to investments in automation and technological breakthroughs, which improve flexibility and efficiency in industrial processes,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Screw Compressor Market:
- The United States screw compressor industry is projected to experience a CAGR of 2.7% through 2034.
- Australia’s screw compressor market is expected to rise at a CAGR of 2.7% through 2034.
- The Indian screw compressor industry is anticipated to see a CAGR of 3.7% through 2034.
- The German screw compressor industry showcases a CAGR of 4.4% through 2034.
- China’s screw compressor market is expected to display a CAGR of 4.0% through 2034.
Which Factors are Boosting Demand for Screw Compressors?
Oil-free systems with increased precision, efficiency, and capacity are in high demand. Furthermore, cost reductions from minimizing auxiliary equipment would propel sales of industrial air compressors. As next-generation screw compressors are eco-friendlier, and offer ease of installation and inexpensive maintenance, consumers are expected to transition from traditional equipment toward current technology. Furthermore, the growing usage of remote sensing technology, which can remotely monitor and adjust the operation of an air compressor, is fueling market expansion.
Screw compressors are becoming adopted in the automotive, pharmaceutical, food and beverage, and oil and gas industries. Amid high demand for screw compressors, manufacturers can now mass-produce complicated items and equipment in less time. They are offering safe, low-cost, energy-efficient screw compressors to improve sales.
Why are Sales of Screw Compressors in the Automotive Sector Rising?
Passenger cars are one of the key contributors to air pollution, necessitating a wide spectrum of evolutionary and inventive solutions. The most commonly used fuel in such cars, gasoline (petrol), contributes to vehicular pollution by emitting carbon dioxide, nitrogen oxides, and unburned hydrocarbons.
An automobile powered by air might be a viable alternative to a gasoline-powered vehicle. Air, which is plentiful and free of pollutants, may be compressed at a greater pressure for a minimal cost. CAVs (compressed air-powered vehicles) are environmentally friendly and provide an effective means of producing and transferring electricity. Tata Motors and Motor Development International (MDI), a French company, decided to work together on the development of a compressed-air vehicle in 2007.
The compressor does not completely stop when the reservoir pressure reaches the necessary pressure and the automatic pressure is dropped out of the idling position to install the load/unload system in screw compressors. As a result, a smaller reservoir capacity can be employed. In the case of piston compressors with an on/off system, the reservoir's high capacity should be employed to prevent the compressor from cycling on and off, resulting in increased power costs and the need for replacement.
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Competitive Landscape of the Screw Compressor Market:
The industry for screw compressors is expanding rapidly due to a desire to obtain a competitive advantage and fulfill the increasing demand from different sectors. To meet new issues, manufacturers are aggressively investigating and creating technical capabilities. For example, they are refining oil-lubricated compressors to withstand blockages caused by oil. The goal of creative engineering and design is to increase oil circulation, reduce impediments, and increase the life of oil-lubricated screw compressors.
There is also a move toward electric compressors, which aligns with sustainability objectives and environmental safety regulations. Switching from conventional oil-lubricated compressors to electric versions may cut carbon emissions, lessen reliance on fossil fuels, and improve environmental performance. Due to its advantages over other compressors, including lesser environmental impact, less maintenance requirements, and increased energy efficiency, electric screw compressors are becoming more and more appealing to consumers and environmentally aware enterprises.
The dynamic evolution of the screw compressor industry reflects the industry's dynamic evolution, with manufacturers expected to continue innovation and adapt to changing market demands.
Key Manufacturers of Screw Compressors:
- Atlas Copco
- Hitachi
- Ingersoll Rand
- Emerson Electric Co.
- Daikin Industries Ltd
- Siemens
- KOBELCO
- IHI Rotating Machinery
- KAESER
- Boge Kompressoren
- Quincy
- ELGi
- Anest IWATA
- Fusheng
- Sullair
- Howden
- BAC Compressor
- Alup Kompressoren
- Indo-Air Compressors Pvt. Ltd.
- Eaton Compressor
- Comp Air United Kingdom
- GESO
- ADEKOM (ASIA PACIFIC) LIMITED
Recent Developments in the Screw Compressor Industry:
- CompAir, a global supplier of energy-efficient dryers, compressors, and accessories, unveiled the RL30-160 oil-lubricated screw compressor, the newest model in its RL series, in October 2023, demonstrating its dedication to providing dependable, reasonably priced solutions.
- Leading industrial air compressor maker Kaishan USA debuted the KROF series at CABP Expo 2023 / Process Expo 2023 in October 2023. High-grade, ISO 8573-1 Class 0 oil-free compressed air is provided by this two-stage oil-free rotary screw air compressor, making it appropriate for delicate applications.
Screw Compressors Market Segmentation Analysis:
By Capacity:
- Up to 5HP
- 5 to 50HP
- 50 to 250HP
- Above 250HP
By Technology:
- Stationary
- Oil Lubricated
- Oil-Free
- Portable
- Oil Lubricated
- Oil-Free
By Stage:
- Single Stage
- Two-Stage
- Multi-Stage
By Driver Type:
- Liquid Driven
- Gas Driven
- Electric
By Type:
- Belt Drive
- Gear Drive
By End-Use:
- Oil and Gas Industry
- Chemical Industry
- Energy and Transmission
- Automotive and Aerospace
- Mining and Minerals
- Other Manufacturing Industry
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Report Preview: https://www.futuremarketinsights.com/reports/screw-compressor-market
About Future Market Insights – Industrial Automation:
The Industrial Automation division of Future Market Insights offers a novel approach and innovative perspective in analyzing the industrial automation domain. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of the installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI):
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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