Report Overview
-
Request a Free Sample to learn more about this report
The global marine compressor market size was 3086.6 million in 2022. As per our research, the market is expected to reach USD 3564.8 million in 2028, exhibiting a CAGR of 2.4% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with marine compressor market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over.
A marine compressor is an auxiliary machinery on a ship that is used to produce compressed air and fluid to upsurge the air pressure in the vessel. Such equipment is hired in innumerable uses ranging from cleaning filters and providing powers for starting the supplementary and primary engines, to mechanical operation and repair work. The primary function is to compress air or any other fluid to decrease its volume and increase the air pressure. They are used in essential equipment or feeder equipment to different systems. Marine compressors provide numerous benefits to ships and other vessels which enter the ocean. They provide benefits such as starting air to machines and engines, high-energy efficiency, decreases volume, upsurge air pressure, and act as a regulator valve. Growth in the number of ships through the world will consequently quicken the demand for marine compressors in the next few years. Reciprocating type compressors are most energy-efficient as compared to the other compressors due to which the demand for these compressors is the uppermost. It is expected to control the market during the forecast period due to its high competence and low upkeep cost. Participating are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Companies coming up with progressive technological solutions for firming their positions.
COVID-19 Impact: Pandemic hampered the market due to unexpected disruption in the sector
COVID 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.
Latest Trends
"Use of innovative products to boost the market growth "
Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.
Segmentation
-
Request a Free Sample to learn more about this report
- By Type Analysis
According to type, the market can be segmented into reciprocating type, rotary screw type, rotary vane type, others.
Reciprocating type capture the maximum market share through forecast period.
- By Application Analysis
According to application, the market can be segmented into Automotive, Electronics, Packaging Optical & Glass, others.
Marine compressor market players cover segment as chemical industry will dominate the market share during forecast period.
Driving Factors
"Increase in number of ships to boost the market growth"
Increase in the number of ships worldwide is mainly due to rising tourism and increase in amusing activities, sea freight, and international trade. To meet the encouraging demand of these activities the companies are adding more ships to their portfolio every year. The upsurge in the number of ships for miscellaneous uses will further augment the market for marine compressors, as each ship will require a compressor. The high-performance benefits provided by the marine compressor are driving its demand for ships thus enhancing its market growth.
"Technological advancement and development to upsurge the market"
Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the marine compressor market growth. Growing investment in research and development activities and growing awareness about benefits of marine compressor are expected to deliver profitable opportunities for the market. Technical advancement in the marine compressor industry will further lead to the development of compressors that requires less operational and maintenance investment which in turn support the market growth of the marine compressor market.
Restraining Factors
"High cost of installation & maintenance to hamper the market growth"
High cost is hampering development of marine compressor market. The initial installation cost is very high as it includes the charge of the compressor as well as the experienced manpower required. To ensure smooth operation, the marine compressors also require routine maintenance, which further increases the price. High initial cost, complex procedure and upkeep condition are involved in the restraining factors which is depleting the market growth. Technical difficulties will reduce the industry revenue and hamper development.
Regional Insights
-
Request a Free Sample to learn more about this report
"Asia Pacific to dominate the region due to technological development"
Asia Pacific is further expected to witness growth in the marine compressor market share. The region is dominating the market due to rising growth in the shipping industry. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.
Key Industry Players
"Key players focus on partnerships to gain competitive advantage"
The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.
List of Market Players Profiled
- Atlas Copco (Sweden)
- KAESER KOMPRESSOREN (Germany)
- TANABE (Japan)
- Ingersoll Rand (U.S.)
- Hi-Sea Marine (China)
- Burckhardt Compression (Switzerland)
Report Coverage
The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 3086.6 Million in 2022 |
Market Size Value By |
US$ 3564.8 Million by 2028 |
Growth Rate |
CAGR of 2.4% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
-
What value is the marine compressor market expected to touch by 2028?
Marine compressor market is expected to touch USD 3564.8 million by 2028.
-
What CAGR is the marine compressor market expected to exhibit during 2022-2028?
Marine compressor market is expected to exhibit CAGR of 2.4% during 2022-2028.
-
What are the driving factors of the marine compressor market?
Increase in number of ships worldwide and technical advancement and development to upsurge the market growth of marine compressor industry.
-
Which are the key players or most dominating companies functioning in the marine compressor market?
The dominating companies in the marine compressor market are Atlas Copco, KAESER KOMPRESSOREN, TANABE, Ingersoll Rand, Burckhardt Compression, and Hi-Sea Marine.
