China Screw Compressor Market to Register Significant CAGR During Forecast Period
Increasing demand for
energy-efficient screw compressors and lower maintenance cost to propel growth
of China screw compressor market during forecast period
According to
TechSci Research report, “China Screw Compressor Market By Type, By Stage, By Technology,
By End-User Industry, Competition, Forecast & Opportunities, 2024” the China screw compressor market
is witnessed to grow at a substantial CAGR during the forecast period on the
account of production of cost-effective, easy to use and energy-efficient
compressors for oil & gas, chemical processing, F&B and automobile
manufacturing plants. In addition, the leading players in the country are
focussing more towards the introduction of new and innovative screw compressor
designs which is further anticipated to positively escalate the growth of China
screw compressors market over the upcoming years. However, strict adherence to quality along
with shortage of skilled labor might hamper the growth of the China screw compressor
market through 2024.
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The China
screw compressor market is segmented based on type, stage, technology, end-user
industry, region and company. In terms of type, the market can be categorized into
oil-injected screw compressors and oil-free screw compressors. The oil-injected
segment held the largest market share until 2018 and is forecasted to maintain
its dominance during the forecast period as well, as these oil-injected screw
compressors are widely used to reduce costly downtime and production delays in
industries such as roadside construction, mining & processing plants, and
automobile. In addition, oil-free screw compressors are anticipated to grow at
the fastest rate over the next 5 years owing to requirement of clean and
oil-free air by growing industries such as food & beverage, electronics,
textile, and pharmaceutical which is expected to create new revenue pockets for
the China screw compressor market through 2024.
Rechi Precision Co.
Ltd, Zhejiang Hongwuhuan Machinery Co. Ltd., ELGi Equipments Limited, Kaeser Kompressoren SE,
Ingersoll-Rand PLC, Atlas Copco AB, Kobe Steel Ltd., Hitachi China Ltd. and
MAHLE GmbH and others are some of the leading players operating in China screw
compressor market. The companies operating in the market are using organic
strategies such as product launches, mergers and collaborations to boost their
share and increase their customer bases.
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“The China screw
compressor market is segmented based on end-user into oil & gas, chemicals
& petrochemicals, food & beverage, automotive, power plants, mining
& metals and others. The oil & gas sub segment dominated the market in
terms of largest market share till 2018 on account of its applications in
onshore and offshore drilling industry, ranging from vapor recovery and gas
handling to flash gas processing and fuel gas boosting. Moreover, the food
& beverage sub segment is expected to register highest CAGR during the
forecast period which can be attributed to the growing use of compressed air in
food processing, cooling, and packaging applications.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“China Screw Compressor Market By Type, By Stage,
By Technology, By End-User Industry, Competition, Forecast
& Opportunities, 2024” has evaluated
the future growth potential of China screw compressor market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in China screw compressor market.
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