LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global compressor market for transport application to grow at a CAGR of more than 4% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global compressor market for transport application for 2017-2021. The report segments the market into three geographic segments comprising of APAC, EMEA, and the Americas, with EMEA accounting for the largest market share of more than 42% in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global compressor market for transport application:
- Expanding railway industry
- Growing market for e-buses
- Advances in technology
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Expanding railway industry
Rising investments in the railways is a factor driving the growth of the market. Asia and Europe alone account for most of the global investments in high-speed rail segment. The highest demand for railway comes from the urban areas caused by growing populations and expanding metropolitan areas. Moreover, incorporating digital models into the railways has caused considerable growth in demand. The passenger, as well as the demand for rail freight, is expected to increase during the forecast period.
“Rail systems require compressed air for various purposes such as friction brake system, suspension systems, and brake operations. The air compressor along with electric drive motor, control system, and adsorption air system produces compressed air. Increased demand for railways will lead to an increased demand for compressors for transport application,” says Anju Ajaykumar, a lead analyst at Technavio for unit operations research.
Growing market for e-buses
Countries around the world are taking an active interest in reducing emission levels by encouraging clean and efficient means of transportation and finding alternatives to gasoline and diesel based vehicles. Electric vehicles for personal as well as public transportation are one such alternative for conventional fuel-based vehicles.
The usual configuration of e-buses constitutes internal combustion engine with an electric motor. Hybrid buses have less emissions as compared to regular conventional fossil-fuel-based buses, owing to the ultra-low-sulfur diesel (ULSD) fuel and the particulate trap technology used in these buses. In this method, the diesel particulate or diesel exhaust is removed from the exhaust gas of the vehicle. The hybrid system also improves fuel economy.
Advances in technology
The transport industry is experiencing changes which is causing manufacturers to make developments in the compressor technology. Competition in the compressor industry has intensified on a global level, and pace of change in the business environment has accelerated, due to which key players are increasing investments in R&D and striving to make significant technological innovations. For instance, in January 2017, WABCO announced that it would supply a German carmaker with twin compressor air suspension technology. This system provides high-performance air supply system.
“Manufacturers are developing environment-friendly compressors that produce less noise, require minimal maintenance, and consume less energy. Oil-free and lubricant-free compressors have also gained popularity in the past five years which will lead to the replacement of old compressors, thus resulting in the growth of the market,” says Anju.
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