Compressor Control System Market Growth and Forecasts To 2022: Grand View Research, Inc
The compressor control system market is expected to witness steady growth over the forecast period owing to increasing use of compressor control system in manufacturing and various other sectors. Technological advancements have led to the development of advanced compressor control system for customized applications making them more efficient, eco-friendly, and reliable. Key trends in the compressor control system market are quantitative and qualitative analysis of controlling components such as refining, power generation, and petrochemicals.
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Emerging technologies along with an extensive supply chain have improved the buying power of consumers, which is expected to contribute to market growth over the forecast period. The compressor control system market can be segmented on the basis of component into Supervisory Control Data Acquisition (SCADA), PLC, Human Machine Interface (HMI), and other components such as valves, sensors, transmitters, actuators, motors, and drives.On the basis of application, the market can be categorized into automotive, petrochemicals, power generation, mining and metals, refining industries, and oil & gas.
Owing to engineering excellence as well as various industrial needs, a wide range of controllers have been developed which involve less R&D investments.The compressor control system market comprises suppliers, Original Equipment Manufacturers (OEMs), system integrators, end-users, and distributors. Oil & gas industry is expected to have a considerable market share of the overall compressor control system market through the next six years. Increasing buyer power coupled with extensive competition among the key vendors is anticipated to fuel the compressor control system market.
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Growing application demand in automotive and power generation industry is projected to boost market growth over the next six years. Increasing extraction of natural gas from the shale gas basins is anticipated to positively impact market growth. However, volatile raw material prices are expected to hinder market growth. North America is the dominant regional market, followed by Europe and is expected to remain the same over the forecast period. Growing urbanization in countries such as China, India, and Japan is expected to drive the Asia Pacific compressor control system market.
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