Skip to main content

Compressor Market Growth Prospects, Key Vendors, and Future Scenario

The International Energy Agency (IEA) forecasts that the sale of battery electric vehicles (BEVs) (cars), fuel cell electric vehicles (FCEVs) (cars), and plug-in hybrid electric vehicles (PHEVs) (cars) will rise from 2,008,024 units in 2020 to 14,370,678 units by 2030, 9,601 units in 2020 to 293,176 units by 2030, and 969,034 units in 2020 to 7,761,233 units by 2030, respectively. The soaring electric vehicle (EV) sales, owing to the growing concerns regarding vehicular pollution, will propel the adoption of compressors in the automotive sector, as they are used in tire inflation, air conditioning systems, and painting.

Nowadays, variable-frequency drive (VFD) compressors are being preferred over gas-turbine-based compressors due to the reduced downtime, accurate speed and process control, improved productivity, reduced noise, and lower energy costs and capital requirement exhibited by the former. Unlike gas-turbine compressors, VFD compressors do not cause air pollution, as they do not generate carbon monoxide (CO), carbon dioxide (CO2), and nitrogen oxides (NOx). With the mounting need to improve the air quality, end-users are expected to adopt a significant number of VFD compressors in the coming years.



Geographically, the Asia-Pacific (APAC) region adopted the largest number of compressors in the recent past, and it is expected to maintain its lead in the foreseeable future. This can be primarily owed to the booming automobile industry in the region. The burgeoning demand for EVs in China and Japan owing to the rising government support toward the EV industry in the form of subsidies and tax benefits will facilitate the adoption of compressors. Moreover, the sale of conventional automobiles is also high, which is driving the demand for compressors among automakers.

Whereas, the MEA compressor market is expected to demonstrate the fastest growth in the forecast years owing to the mounting investments in the construction of production units and surging output of processed food products in the region. Nowadays, automakers are focusing on establishing their manufacturing plants in Algeria, Egypt, and Tunisia. Besides, the surging emphasis of major Gulf nations, such as Saudi Arabia, on transforming their industrial landscape is expected to boost the market growth in the MEA.

Thus, the escalating EV sales and surging demand for HVAC equipment will create a huge requirement for compressors globally.

Comments

Post a Comment

Popular posts from this blog

Increasing Internet Penetration Fueling Demand for Product Analytics

With the increasing penetration of the internet in both developing countries such as China and India and developed countries such as Singapore and the U.S., the worldwide demand for product analytics is rising rapidly. For example, according to the Office for National Statistics, in 2018, 90% of all households in Great Britain had access to the internet. Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/product-analytics-market/report-sample Additionally, the total percentage of adults who used the internet daily grew from 35% to 86% from 2006 to 2018 in the country. The rapid digital transformation in various countries is pushing up the requirement for product analytics solutions. Moreover, businesses all over the world are increasingly adopting advanced technologies such as product analytics for building a holistic understanding and delivering greater customer engagement. Apart from this, rapid advancements and innovations being made in various cog...
Post a Comment
Read more

Conversational AI Market Worldwide Opportunities, Driving Forces, COVID-19 Impact Analysis, Future Potential 2030

There are two ways in which conversational AI solutions are deployed, namely cloud and on-premises. Of these, the conversational AI solutions deployed through cloud recorded higher demand in 2018, and this deployment method is expected to remain more popular in the coming years. This is primarily attributed to the ballooning demand for scalability and easier maintenance features and 24*7 services offered by these solutions. Furthermore, many major companies are adopting cloud-based solutions for increasing their operational flexibility and reducing their operational costs. Coherent with these facts, the biggest phenomenon currently being observed in the conversational AI market is the mushrooming implementation of chatbots, as well as IVA, in various healthcare applications. Geographically, the highest demand for conversational AI market share has been witnessed in North America in the last few years, and the next few years will witness a similar situation. For instance, a Mahara...
Post a Comment
Read more

Huge Growth Expected in Japan Heat Stress Monitor Market in Future

In the last 100 years, the average annual temperature of Japan has risen by a whole degree (Celsius), says the World Wildlife Fund. Moreover, the number of hot days, when the maximum temperature is more than 35 °C, is higher now than before, while the cold has become less extreme. Even the instances and duration of snowfall and the extent of ice in the southern part of the Sea of Okhotsk are reducing.  With such rampant global warming, the Japanese population is suffering more than ever because it is simply not used to such hot conditions. Moreover, by 2050, the annual mean temperature in the country is set to rise by 3 °C and, further, by 5 °C by 2080. According to P&S Intelligence, due to such climate change, the Japanese heat stress monitor market , which valued $1.98 million in 2020, is expected to reach $3.96 million by 2030, at a 7.05% CAGR between 2021 and 2030.  This is because the changing weather conditions are leading to the rising number of heat stroke cases, ...
Post a Comment
Read more