LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global filter, regulator, and lubricator (FRL) assemblies market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Gaurav Mohindru, a lead analyst at Technavio for engineering tools research, “The growth in the demand for FRL assemblies is directly proportional to the use of air and gas compressors during the forecast period, which is expected to be driven by the manufacturing industry. The manufacturing and oil and gas industries were the major contributors to the global compressor market in 2016.”
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The top three emerging market trends driving the global FRL assemblies market according to Technavio research analysts are:
- Use of FRL assemblies in power tools
- Economy and energy security
- Change in energy mix
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Use of FRL assemblies in power tools
Pneumatic tools are powered by passing compressed air through an air motor. One of the major challenges faced by pneumatic tool manufacturers is ensuring that the compressed air is always dry, clean, and lubricated to minimize the wear during the sequence. An FRL assembly helps in maintaining the air quality; the lubricator adds a fine mist to the line to reduce the wear during the sequence. FRL assemblies also help in optimizing the air by keeping the pressure constant, thereby preventing the air from becoming too strong and damaging the small components in the pneumatic tool.
The global power tools market is expected to grow at a CAGR of around 5%. Pneumatic tools account for a major market share in the global power tools market. Thus, the growth in the power tool market will have a positive impact on the global filter, regulator, and lubricator assemblies market during the forecast period.
Economy and energy security
The fossil fuel reserves in the world are limited because of which the focus is on alternative sustainable sources of fuel, such as biofuels and upgraded biogas, which will enable a diversification of the energy mix and reduce dependence on fossil fuels.
Favorable government incentives and policies are expected to drive the demand for upgraded biogas, which will result in an increase in upgraded biogas production. For instance, the UK government provides renewable heat incentives (RHI) for the production and use of upgraded biogas for power and heat generation.
“The production of upgraded biogas, as well as efforts put in by the governments in the US, Europe, and Asia to enhance the natural gas infrastructure, will result in the continuous demand and installation of natural gas refueling stations. This, in turn, is expected to propel the demand for gas compressors, thereby driving the growth of the global filter, regulator, and lubricator assemblies market,” says Gaurav.
Change in energy mix
Energy mix refers to the breakup of the final energy consumption in each geographical region based on the primary energy sources, which include fossil fuels like oil, natural gas and coal, nuclear energy, and renewable sources. The composition of the energy mix varies in every region based on the availability of the above resources. For instance, in EMEA, nearly 45% of the energy mix is made up of nuclear power, whereas in APAC and the Americas, the energy mix heavily relies on coal.
As per the IEA, global energy demand during 2014-2035 is expected to rise by nearly 36% or close to 1.6% per year on an average. Despite the growth of other energy resources globally, fossil fuels are expected to remain the dominant constituent of the energy mix during the same period. Also, it is expected that fossil fuels will meet more than 80% of the total expected demand by 2035.
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