ALBANY, N.Y.--(BUSINESS WIRE)--The global air compressor controller market is poised to achieve a steady 5.8% CAGR from 2014 - 2022 thanks to their increasing in industries such as energy and mining, oil and gas, and petrochemicals. The market is poised to touch US$5.44 billion by 2022, says a report published by Transparency Market Research. Titled “Air Compressor Controller Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2022”, the report estimates the market at US$ 3.45 billion in 2014.
As they aid the efficient operation of air compressors, increasing their operational output and maintenance costs, the uptake of air compressor controllers is expected to rise. Greater acceptance of variable-speed air compressor controllers will likely be a major trend. A massive scope for retrofitting and after-market servicing for air compressor controllers will be a lucrative opportunity. Robust demand from the oil and gas industry will be the foremost driver for the air compressor controller market.
With the recent shale gas boom in the United States, the air compressor controller market in North America is a space that companies should watch closely, say market experts.
The largest contributors to the air compressor controllers market in 2014 were North America and the Middle East and Africa. Middle Eastern countries such as Saudi Arabia, Iraq, and UAE; and African countries such as Nigeria and Libya contribute heavily to global oil production figures, thus creating a strong market for air compressor controllers.
Growth strategies of regional companies have a deep impact on the overall air compressor market, which is only moderately consolidated. Leading players not only sell air compressors with integrated controllers, but also offer retrofit solutions for their purchased products.
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Transparency Market Research (TMR) is a U.S. based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.