Energy Saving Regulations Enforced by Governments Encourage Deployment of Oil-free Compressors
Oil-free compressors now indispensable in many industries as technological advances and need for environmental protections boost market momentum, say Frost & Sullivan
SANTA CLARA, Calif., Feb. 24, 2021 -- Frost & Sullivan's recent analysis, In-house Servicing Capabilities and Sustainability Initiatives Driving the Oil-free Compressors Market, finds that the oil-free compressors market is gradually gaining momentum. Its demand across industries—life sciences, food and beverages, power generation, and electronics—is surging to drive the growth in various regions such as Latin America, Europe (except Western Europe), the Middle East and Africa, and Asia-Pacific (APAC). Globally, the market is estimated to garner revenue of $3.4 billion by 2025 from $3.1 billion in 2020, up at a compound annual growth rate of 2%. However, with the fallout of the COVID-19 pandemic, the industry experienced a slowdown in 2020 but is expected to cross pre-COVID levels in the mid-term as economies adopt the necessary measures to combat the pandemic's impact.
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"Microeconomic trends such as trade barriers, foreign partnerships, and political and economic regulations will influence the adoption of oil-free compressor systems, but the global and regional regulatory factors will be stable during the forecast period," said Krishnan Ramanathan, Industry Manager for Industrial at Frost & Sullivan. "It is assumed that there will be opportunities for product developments through the use of the latest technologies, which will contribute to market growth."
Ramanathan added: "As with industrial automation and other areas where technology is gaining adoption, the latest development in the compressors market is systems that use augmented reality (AR) to measure the production floor and calculate the piping requirements. Another trend that is gaining adoption is the use of smaller compressors over one large compressor, which results in energy savings for end-users, although the initial investment is higher."
Despite higher prices, end-users such as food and beverage and pharmaceutical industries are likely to invest in oil-free compressors because of the regulations and benefits involved. This presents immense growth prospects for market participants, including:
- Vendors and distributors can tap into opportunities by improving their presence and ensuring easy scalability for their compressors.
- Compressor manufacturers will need to develop monitoring devices that are easy to install and operate to utilize the technology.
- Smaller suppliers cannot penetrate the market, so existing suppliers need to meet all end-user requirements.
- With technology gaining importance in manufacturing, compressor vendors must adopt or integrate next-generation technologies to provide end-users with a seamless manufacturing environment.
In-house Servicing Capabilities and Sustainability Initiatives Driving the Oil-free Compressors Market 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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SOURCE Frost & Sullivan