Axial Flow Compressor Market: Introduction
- An axial flow compressor is a gas compressor that can continuously pressurize gases. It is a rotating, airfoil-based compressor in which the gas or working fluid principally flows parallel to the axis of rotation, or axially. The basic components of an axial flow compressor are rotor blades and stator or stationary blades, the former carrying the moving blades and the latter the stationary rows of blades. The energy level of fluid increases as it flows through the compressor due to the action of the rotor blades which exerts a torque on the fluid. The stationary blades slows the fluid, converting the circumferential component of flow into pressure. Compressors are typically driven by a gas turbine, electric motor, or a steam.
- An axial flow compressor differs from other rotating compressors (axi-centrifugal compressors, mixed-flow compressors, and centrifugal compressors), where the fluid flow includes a "radial component" through the compressor.
- The axial flow compressor is an integral part of air separation units used in industry.
- The COVID-19 outbreak has led to the decline of industries, as governments of developed and developing economies have imposed lockdown, due to which the working of industries such as steel, oil & gas, and marine have stopped. This, in turn, has impacted production and manufacturing, and adversely affected the global economy. Thus, demand for axial flow compressors have also been impacted.
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Global Axial Flow Compressor Market: Dynamics
Global Axial Flow Compressor Market: Key Drivers and Restraint
- Rising adoption of axial flow compressors for various industrial applications such as air separation in manufacturing plants, removal of carbon dioxide gas, and removal of liquid from natural gas is expected to boost the growth of the axial flow compressor market.
- Increasing need for axial flow compressors in steel and iron industry to meet the specific needs in separating air is expected to fuel the axial flow compressor market.
- Growing demand for axial flow compressors in the oil and gas industry for long distance pipeline transmission of hydrogen is expected to enhance the demand for axial flow compressors across the world over the forecast period.
- However, heavy weight and high cost are factors that can hamper the axial flow compressor market.
North America to Account for Major Share of the Global Axial Flow Compressor Market
- In terms of region, the global axial flow compressor market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is anticipated to lead the global axial flow compressor market, due to high adoption of axial flow compressors in marine and oil & gas sectors.
- The axial flow compressor market in Asia Pacific is expected to hold significant share due to growing adoption of axial flow compressors in various industrial applications such as large volume of air separation in manufacturing plants, fluid catalytic cracking, and proper dehydrogenation in the oil & gas sector. This is expected to fuel the growth of the axial flow compressor market across Asia Pacific.
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Global Axial Flow Compressor Market: Competitive Landscape
Key Players Operating in the Global Axial Flow Compressor Market
Companies operating in the axial flow compressor market are increasingly investing in research and development to develop new and innovative techniques to manufacture axial flow compressors. Manufacturers are also focusing on offering highly-efficient and reliable axial flow compressors with advanced features such as high peak efficiencies, small frontal area for given airflow; straight-through flow, and allowing high ram efficiency. The axial flow compressor market is highly fragmented with the presence of numerous manufacturers, primarily in developing regions. Furthermore, manufacturers are striving to gain a competitive edge by increased product differentiation. Key players operating in the global axial flow compressor market are:
- Elliott Group
- General Electric Company
- Howden Compressors Ltd
- Ingersoll Rand PLC
- MAN Turbomachinery
- Mitsubishi Hitachi Power Systems
- Siemens AG
- Xi'an Shaangu Power
- Zhejiang Kaishan Compressor
Global Axial Flow Compressor Market: Research Scope
Global Axial Flow Compressor Market Segmentation, by Stage Type
Global Axial Flow Compressor Market Segmentation, by Application
- Oil & Gas
- Power Generation
Global Axial Flow Compressor Market Segmentation, by Type
- Vertical Axial Compressor
- Horizontal Axial Compressor
Global Axial Flow Compressor Market Segmentation, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.