Marine Compressor Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Product Type (Reciprocating Type, Rotary Screw Type, Rotary Vane Type, Others), By End-User (Yachts, Merchant Ships, Navy Vessels, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Jan 2023
- Report Code : KSI061614120
- Pages : 109
The marine compressor market is projected to grow at a CAGR of 2.61%, from US$2.905 billion in 2021 to US$3.479 billion in 2028.
A marine compressor is an auxiliary machinery on a ship that is used to produce compressed air and fluid to increase the air pressure in the vessel. Such equipment is employed in various applications ranging from cleaning filters and providing powers for starting the auxiliary and primary engines, to mechanical operation and repair work. The high-performance benefits provided by the marine compressor are driving its demand for ships thereby, boosting its market growth. Furthermore, the growing number of naval fleets in the countries, bolstering the growth of merchant business coupled with technological innovations in marine compressing has further pushed the market growth. For instance, according to the Department of Defense, in 2021, the Indian Navy had a fleet of 150 ships and submarines, and in May 2022, the Defense minister launched two frontline warships namely “Udaygiri” and “Surat”, at Mazafon Docks Limited in Mumbai. Furthermore, in 2020, the COVID-19 pandemic had a significantly negative impact on the marine compressor market. Due to the lockdown and restrictions on trade, the marine industry was impacted. However, the market is anticipated to rebound.
Growth in Merchant Fleet
Owing to various features, marine compressors integrate major equipment in merchant vessels that are used for transporting cargo. The growing trade between countries has resulted in an increase in the scale of cargo transportation through shipping, which has increased the demand of the merchant fleet. For instance, according to the World Merchant Fleet data provided by the United States Conference of Trade and Development, in 2021, the number of merchant fleets globally stood at 53,973 which represented an increase of 2.9% over 52,417 in 2019. Bolstering demand for merchant fleet will propel the demand for a marine compressor for maintaining air pressure in the vessel, providing power for the engine, and cleaning filters & sanitation purposes, thereby simultaneously increasing its consumption scale in the future.
However, the high installation and maintenance costs for marine compressors could limit the market's expansion. The compressor and the necessary expert labor are included in the initial installation cost, which is highly expensive. To ensure smooth operation, the marine compressors also require routine maintenance, which raises the price further. Further, due to equipment shortages and decreased vessel capacity in developing economies like the Indian subcontinent, marine freight prices have recently increased significantly. An increase in freight rates as a result of the surge in demand for items to be shipped by sea has led to a shortage of empty containers, which could impede the market's growth over the forecast period.
- Compressor Products International (CPI), a top supplier of aftermarket parts and services to the reciprocating compressor market was acquired by Howden, a leading global provider of mission-essential air and gas handling products and services in October 2021.
- In April 2021, Burckhardt Compression AG, a manufacturer of reciprocating compressors, led to the introduction of Lady compressors for the carriers of LG and X-DF propulsion systems.
- In June 2022, Ariel Corporation, which is a leading global manufacturer of reciprocating gas compressors announced a partnership with Hoerbiger, which is a leading global provider of reciprocating gas compressor technology components. This partnership will result in the supply of non-lube compressor solutions for the market of hydrogen mobility.
By product type, the reciprocating type compressor is expected to hold a significant market share as the double-acting reciprocating type compressors are most energy-efficient as compared to the other compressors owing to which the demand for these compressors is the highest. By end-user, the merchant ships are estimated to acquire a dominant market share owing to the multiple uses of these ships to transport cargo, goods, and materials, and carry passengers for hire.
Based on geography, the marine compressor market is segmented into the Americas, Europe Middle East and Africa, and Asia-Pacific. The Asia Pacific region is projected to see major growth because of the cheap labor and raw materials attracting investments from global leaders, thereby increasing the market share of the marine compressor market.
Moreover, according to the Center for Statistics & International Studies, in 2021, the United States naval fleet size increased to 306 ships. Air compressors are adaptable across a variety of applications, crucial for various tasks in the maritime industry, and are being supported by the robust marine economy in the United States. According to National Marine Manufacturers Association, the new powerboat retail unit sales in the country were expected to surpass 300,000 units in 2021 with strong projections for new boat sales in 2022.
- By Product Type
- Reciprocating Type
- Rotatory Screw Type
- Rotatory Vane Type
- By End User
- Merchant Ship
- Navy Vessels
- By Geography
- Europe Middle East and Africa
- United Kingdom
- Asia Pacific
- South Korea
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. Market Definition
1.3. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. MARINE COMPRESSOR MARKET, BY PRODUCT TYPE
5.2. Reciprocating Type
5.3. Rotatory Screw Type
5.4. Rotatory Vane Type
6. MARINE COMPRESSOR MARKET, BY END-USER
6.3. Merchant Ship
6.4. Navy Vessels
7. MARINE COMPRESSOR MARKET, BY GEOGRAPHY
7.2.1. By Product Type
7.2.2. By Country
7.3. Europe Middle East and Africa
7.3.1. By Product Type
7.3.2. By Country
18.104.22.168. United Kingdom
7.4. Asia Pacific
7.4.1. By Product Type
7.4.2. By Country
22.214.171.124. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Atlas Copco
9.2. Teknotherm Marine
9.3. Ingersoll Rand, Inc.
9.4. Kaeser Compressors, Inc.
9.5. DHV Marine GmbH
9.7. Burckhardt Compression AG
9.8. Hi- Sea Marine
Ingersoll Rand, Inc.
Kaeser Compressors, Inc.
DHV Marine GmbH
Burckhardt Compression AG
Hi- Sea Marine
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