After a slight slowdown in 2013–2017, brought on by the economic decline in the region, the Middle East and Africa compressor market is expected to recover and grow at a CAGR of 5.1% during the forecast period (2018–2023). If everything goes well, it is being projected that the market will grow to more than $3.9 billion by 2023. The expanding automotive and oil and gas industries are having a positive effect on the market.
In the simplest sense, compressors are devices that increase the pressure of a gas by decreasing its volume. Positive displacement and dynamic are the two categories of the MEA compressor market on segmenting by type.
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Of these, the positive displacement category held the larger revenue share in the market in 2017, owing to the rising demand for this compressor type from the automotive industry. Such compressors are used in the air conditioning systems of cars as well as those installed in buildings.
On the basis of application, the MEA compressor market is divided into oil and gas, construction, heating, ventilation, air conditioning, and refrigeration (HVAC-R), industrial manufacturing, chemical and cement, power, textile, food and beverages, and others.
Among these, the oil and gas sector was the largest user of compressors, resultingly contributing the highest revenue to the market in 2017.
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Some the key players in the Middle East and Africa compressor market include General Electric Company, IDEX Corporation, Flowserve Corporation, Colfax Corporation, Burckhardt Compression Holding AG, Man SE, Gardner Denver Holdings Inc., Kaeser Kompressoren SE, Ingersoll-Rand plc, Mitsubishi Heavy Industries Ltd. & Accudyne Industries LLC.
Thus, it is clear that apart from the recovering oil and gas industry, the expanding construction sector will also offer growth opportunities to compressors manufacturers in MEA.
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This post was originally published on Technology Trend