The Global Market for Compressors and Vacuum Pumps is Forecast to Reach US$48.5 Billion by 2024
Slow Recovery in Industrial Production & the
Ensuing Focus On New Strategies to Upgrade Productive Plant Assets to Drive Opportunities
for Compressors and Vacuum Pumps, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of
industry segments, trends, growth drivers, market share, size and demand
forecasts on the global Compressors and Vacuum Pumps market. The global market for Compressors and Vacuum Pumps is forecast
to reach US$48.5 billion by 2024, encouraged
by the slow recovery in industrial Year on Year (YoY) production growth and the
ensuing resurgence of operational focus on plant assets.
As the current global economy struggles
to recover, posting growth although anemic amid daunting challenges on all
fronts, there are crucial growth opportunities in store for the compressors and
vacuum pumps market. The market will witness business opportunities despite the
macroeconomic challenges that make the market tough to operate in and poised to
gain will be companies focused on pursuing growth amidst the challenging global
and domestic economic environment. While the world GDP performance in the year
2016 ended on a lackluster note, hopes for a more moderate recovery in the year
2017 and 2018 remains intact, although threatened by downside risks such as
uncertainty cast by the global ramifications of policy changes and ideologies
of the new Trump administration in the U.S. and political uncertainties and
geopolitical threats in Asia and the Middle East. Some of the factors
encouraging a moderately higher recovery for 2017 include diminished
apprehensions over China’s near-term growth and upward growth revisions
supported by fiscal stimulus policies; receding obstacles such as recovering
commodity prices, oil prices, rebound in oil-drilling activity; and gradual
normalization of economic conditions in most developing and emerging markets
worldwide. Marginally recovering commodity and oil prices brightens the outlook
for commodity and oil-exporting emerging markets.
Against this backdrop where global
growth outlook is more optimistic for the year 2017 than what was witnessed for
the year 2016, it’s a fairly mixed market outlook for the compressors and
vacuum pumps market. Challenges and opportunities will shape market prospects
for companies in the coming years. While weak investments and volatile
industrial output will frustrate baseline growth in the industrial and
manufacturing sector, manufacturing companies’ efforts to reduce costs,
transform, innovate, improve performance for better chances of survival in a
tough economy, will open opportunities for new and replacement demand for
innovative, high performance and energy efficient compressors and vacuum pumps.
As the manufacturing and industrial sectors refocus their strategies on
upgrading productive plant assets, compressors and vacuum pump manufacturers
are focusing squarely on product R&D for a more competitive survival in the
market.
Other major factors driving growth in
the market include strong demand for new generation energy efficient
compressors and vacuum pumps; firmer oil prices and improved outlook for oil
exploration, drilling and piped energy transmission; promising signs of
recovery of the global mining industry from its prolonged period of slump;
robust semiconductor and electronics manufacturing industry and favorable
outlook for commercial aircraft production, among others.
As stated by the new market research
report on Compressors and Vacuum Pumps Asia-Pacific represents the largest market worldwide.
The region also ranks as the fastest growing market with a CAGR of 6.8% over
the analysis period led by factors such as heathy economic growth; expanding manufacturing
industry supported by the rise of Southeast Asian countries as hubs for low
cost production activities; growing demand for energy and increased investments
in energy exploration and distribution projects as part of energy
self-sufficiency goals; growing automobile sales and increased demand for automobile
grade compressors, among others.
Major players in the market include ANEST
IWATA Corporation, Agilent Technologies Inc., ATLAS COPCO AB, Bristol
Compressors International Inc., Burckhardt Compression AG., Busch LLC, Calsonic
Kansei Corp., Donper Group, Ebara Corporation, Embraco SA, Emerson Climate
Technologies Inc., Gardner Denver Inc., GEA Group Aktiengesellschaft, Howden
Group, Huayi Compressor Co. Ltd., Ingersoll-Rand Plc, Italvacuum, Kaeser
Kompressoren GmbH, MATTEI COMPRESSORS INC., Mitsubishi Heavy Industries
Compressor Corporation (MCO), Pfeiffer Vacuum GmbH, PIAB AB, Secop GmbH,
SIEMENS AG, Desser-Rand Group Inc., Sulzer Ltd., Sundyne Corporation, Tecumseh
Products Company, ULVAC Technologies Inc., and Zhejiang Kaishan Compressor Co.
Ltd. (China), among others.
The research report titled
“Compressors and Vacuum Pumps: A Global Strategic
Business Report” announced by Global
Industry Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The report provides market estimates and
projections for all major geographic markets such as the USA, Canada, Japan,
Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe),
Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa
and Latin America. The report also analyzes the market by following segments - Compressors
(Positive Displacement Compressors and
Dynamic Compressors), and Vacuum Pumps (Rotary
Vacuum Pumps, Liquid Ring Vacuum Pumps, Diaphragm Vacuum pumps, Diffusion
Vacuum Pumps, Cryogenic Vacuum Pumps, and Turbomolecular Vacuum Pumps).
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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