PUNE, India -- According to the new market research report "Compressor Control Systems Market by Component (Controlling: (PLC and SCADA) & Networking), Application (Oil & Gas, Refining, Petrochemical, Power Generation, Metals & Mining, Water & Wastewater and Fertilizer), and Geography - Global Forecast to 2022", published by MarketsandMarkets, the market, in terms of value, is estimated to grow at a CAGR of 4.7% between 2016 and 2022 and is expected to reach USD 6.39 Billion by 2022.
Massive investments in power and water sectors are expected to emerge as the second largest source for compressor installations in the next couple of years. Also, the continued expansion of petrochemicals, chemicals, and fertilizers industries is expected to result in a significant demand for compressors.
Oil & gas industry expected to hold the largest share of the compressor control systems market, by 2022
Compressors are widely used in the oil & gas industry in various core activities, starting from the initial treatment of crude oil/natural gas to transporting it through pipelines. They increase the pressure of the natural gas through heat and allow it to be transported from the production facility through the supply chain to end users.
Applications in the oil & gas industry accounted for the largest market share in 2015. This market is expected to grow at a high CAGR between 2016 and 2022. The number of compressors in the energy sector has increased greatly over the last few years, owing to the increased activity in the oil & gas production, transmission, and storage sectors.
Market in APAC expected to grow at the highest rate during the forecast period
The market in APAC is expected to grow at the highest CAGR between 2016 and 2022. In APAC, a majority of the demand for compressors comes from their installations in varied end-user industries such as oil & gas, petrochemical, power generation, and heavy industries such as cement and metals. The increase in the production capacity in petrochemical, oil & gas, and power generation plants is expected to spur the growth of compressor control systems in this region.
The report describes the drivers, restraints, challenges, and opportunities for the growth of the Compressor Control System Market along with market size forecast till 2022. The report also gives a qualitative and quantitative description about different industries considered for the compressor control system market. This global report gives a detailed view of the market across the four geographical regions, namely, the Americas, Europe, Asia-Pacific (APAC), and RoW.
The report profiles the most promising players in the compressor control system market. The key players in the compressor control systems market are General Electric Co. (U.S.), Rockwell Automation, Inc. (U.S.), Schneider Electric (France), Siemens AG (Germany), Wood Group Plc. (U.K.), Atlas Copco (Sweden), and Ingersoll Rand (Ireland).
Browse 100 market data Tables and 96 Figures spread through 204 Pages and in-depth TOC on "Compressor Control Systems Market" at http://www.marketsandmarkets.com/Market-Reports/compressor-control-system-market-78887295.html?utm_source=PRnewswire&utm_medium=Referral&utm_campaign=PaidPR
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