LONDON--(EON: Enhanced Online News)--Technavio market research analysts forecast the global screw compressor market to grow at a CAGR of more than 8% during the forecast period, according to their latest report.
“Reducing the overall cost of ownership and increasing the reliability and efficiency of screw compressors further encourages end-users to replace their old technology-enabled compressors, thus fueling the growth of the global screw compressors market”
The study covers the present scenario and growth prospects of the global screw compressor market for 2017-2021. The report also lists oil-injected screw compressor and oil-free screw compressor as the two types of screw compressors of which oil injected screw compressors accounted for close to 69% of the market share in 2016.
According to Gaurav Mohindru, a lead analyst at Technavio for tools and components research, “The energy mix refers to the final energy consumption breakdown in each geographical region by the primary energy sources. The increase in the demand for oil and natural gas in the global energy mix during the forecast period is expected to drive the market for screw compressors.”
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Technavio heavy industry analysts highlight the following three drivers that are contributing to the growth of the global screw compressor market:
- Growth in pharmaceutical industry
- Demand for energy-efficient screw compressors
- Rise in use of HVAC equipment
Growth in pharmaceutical industry
The pharmaceutical industry is a major end-user of clean, compressed air. During the production of pharmaceutical products, contamination from compressed air is prohibited, which gives rise to the need for compressor technology that provides clean air as per the industry's stringent requirements.
The demand for pharmaceutical products is increasing in conjunction with global population growth. In 2010, world population count was nearly 7 billion people, which is expected to grow to 7.8 billion people by 2020. The growing pharmaceutical industry and an increase in the demand for prescription drugs will lead to the construction of new plants as well as a capacity addition in old ones, thereby driving the demand for screw compressors.
Demand for energy-efficient screw compressors
The increasing awareness among end-users about the need for energy efficiency measures is one of the primary drivers for the screw compressors market globally. End-user industries like manufacturing, petrochemicals and chemicals, and metallurgy and mining are increasingly focusing on ways to enhance energy efficiency, which requires replacing the existing screw compressors with the latest technology-enabled compressors. These advanced technology-enabled screw compressors help the end-users to save energy, in turn reducing the overall cost of ownership.
“Reducing the overall cost of ownership and increasing the reliability and efficiency of screw compressors further encourages end-users to replace their old technology-enabled compressors, thus fueling the growth of the global screw compressors market,” says Gaurav.
Rise in use of HVAC equipment
The global heating, ventilation, and air conditioning (HVAC) equipment market was valued at around USD 93.5 billion in 2015, and it is expected to grow at a CAGR of 6.6% and reach USD 128.7 billion by 2020. In the US, high demand for heating and air conditioning equipment (thermostats) will drive the HVAC equipment market. In developing countries, such as China, the growing need for air quality monitoring systems to prevent the increasing incidence of respiratory diseases is likely to boost market growth.
The use of an HVAC equipment in commercial, residential, and industrial buildings is expected to increase during the forecast period, which will, in turn, increase the demand for screw compressors.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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