The competitive landscape of centrifugal air compressor market comprises some of the big shots inclusive of Atlas Copco, Hitachi Industrial Equipment Systems Co Ltd, and General Electric. With high efficiency being the principal focus of energy companies, these magnates have been increasingly striving to develop next-generation compressor technologies for energy-efficient applications. Armed with a similar goal in view, numerous geographies across the globe, to enhance their energy generation capacity, are investing in oil exploration and excavation activities as well as the development of power projects – initiatives that are certain to propel centrifugal air compressor industry. In essence though, it is the rise in energy requirement pertaining to the rapid industrialization across the globe that falls among the pivotal driving factors of this vertical.
Speaking about the development of next-generation products, it would be prudent to mention GE’s contribution in the year 2015. GE Oil & Gas back then, launched a new range of advanced centrifugal compressors for several industrial wastewater, air, and gas applications. One of the main advantages of this next-generation centrifugal compressor is its capability to reduce the overall energy consumption of plant. This was specifically important for this site, since the energy consumption from compressors accounted for 60% of the overall plant operation costs earlier.
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Of late, many companies are mainly focusing on the development of customer-centric products for attracting more consumers, enabling them to extend their regional reach. A year before, LG Electronics launched its next-generation magnetic chiller system – an oil-free drive solution for centrifugal compressors in chillers, in the UAE. The UAE government is significantly investing in development of green buildings, taking into account the increasing pollution level due to growing use of air-conditioning and refrigeration systems. This newly developed product will thus be highly lucrative when deployed across the UAE, owing to its energy-saving capability. The shifting trends toward the development of green buildings mainly across Middle East region will also generate lucrative opportunities for the giants in centrifugal air compressor industry.
The growing exploration and excavation activities across the oil and gas sector have also been fueling the demand for centrifugal air compressors. In this regard, many LNG project developers have been signing long-term contracts with product suppliers. A month ago, the Egyptian Electricity Holding Company inked a contract with the Chinese Jiangsu Electric Power Company to carry out the mechanical operations at the West Cairo Power Plant. The Chinese company will be solely responsible for the supply, installation, and supervision of mechanical equipment such as centrifugal pumps, diesel generators, air compressors, and other critical pipe works. Taking cue, other MEA countries have also been calling upon foreign investments in order to develop power generation plants, thereby impelling the regional centrifugal air compressor industry.
The escalating demand for this turbomachinery for a plethora of application sectors spanning industrial to power generation and cleaning operations to transportation is likely to propel centrifugal air compressor market share. Taking into account its widespread application spectrum, technology providers have been working with core companies toward developing next-generation products for attracting more customers. The advent of an advanced product portfolio in centrifugal air compressor industry in the ensuing years is thus likely to stimulate the expansion of this vertical. As per estimates, centrifugal air compressor market size will be pegged at USD 7 billion by 2024.