The marine compressor market is anticipated to grow at a CAGR of 2.78% during the forecast period, to reach a total market size of US$3.435 billion in 2026 from US$2.836 billion in 2019.
The marine compressor is a piece of auxiliary machinery used in ships and other vessels, which go into the ocean. These are used for producing compressed air, which has various applications on board, in both the engine and deck departments. The compressor serves multiple purposes in a ship. The primary function is to compress air or any other fluid to reduce its volume and increase the air pressure. The marine compressors are used in essential equipment or feeder equipment to different systems. They are employed in several processes ranging from the small process of cleaning the filters to the bigger tasks like starting main and secondary engines. The wide-ranging uses of marine compressors are expected to drive market growth during the forecast period. In addition, the increase in the number of ships across the globe will subsequently accelerate the demand for marine compressors in the next few years. According to the World Merchant Fleet Data, the number of ships in 2015 was 48,459, which rose to 52,961 by 2020. Furthermore, the technical advancement in the marine compressor industry will further lead to the development of compressors that requires less operational and maintenance investment, which, in turn, support the market growth of the marine compressor market.
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, materials, and carry passengers for hire. The multiple uses of merchant ships will further amplify the growth of the marine compressors as more ships will be required to meet the increasing requirement, which, in turn, will propel the market growth for marine compressors during the forecast period. Geographically, the Asia-Pacific region is projected to have a notable market share owing to growth in the shipping industry. Japan is the top shipping nation by fleet value in the world. Further, Europe is expected to witness significant growth due to the rise of Nautical tourism in the country.
The Marine Compressor Market is segmented on the basis of Product Type, End-User, and Geography.
The increase in the number of ships globally is mainly due to growing tourism, an increase in recreational activities, sea freight, and international trade. To meet the spurring demand these activities, the companies are adding more ships to their inventory each year. The increase in the number of ships for diverse applications will further amplify the market for marine compressors, as each ship will require a compressor.
Marine compressors provide several benefits to ships and other vessels, which enter the ocean. They provide benefits such as starting air to machines and engines, high-energy efficiency, reduces volume, increase air pressure, and act as a control valve. The benefits associate with marine compressors is expected to drive the growth of the market during the forecast period.
The costs associated with the installation and maintenance of marine compressors are very high which may hamper the growth of the market during the forecast period. The initial installation cost is very high as it includes the cost of the compressor as well as the skilled manpower required. The marine compressors also need to be regularly maintained to ensure smooth functioning, which further increases the associated costs.
Lately, the rates associated with sea freight have considerably risen owing to equipment shortages and the reduction of vessel capacity in developing economies such as the Indian subcontinent. The surge in the demand for goods to be transported by sea has caused a shortage of empty containers, which has subsequently resulted in increasing the freight rates, which may restrain the market growth during the forecast period.
Impact of COVID–19
Owing to the Covid-19 pandemic, the demand for sea cargo and freight increased exponentially as the demand for medical products such as disposable masks, gloves, PPE kits, oxygen cylinders, oxygen concentrators, etc. rose overnight across the globe, especially in developing countries like India. The government of developing nations imported these products across borders to cater to the increasing demand. To import the products in large volumes, the sea routes were taken which rapidly increased the sea freight market, which bolstered the market growth for the marine compressor market.
Prominent/major key market players in the Marine Compressor Market include Atlas Copco, Teknotherm Marine, Ingersoll Rand Inc., Kaeser Compressors, Inc., DHV Marine GmbH, Tanabe, Burckhardt Compression AG, and Hi-Sea Marine. The players in the Marine Compressor Market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. For Instance, in May 2021, Atlas Copco, a manufacturer of industrial tools and equipment acquired MidState Air Compresso, a Massachusetts-based compressor distributor to grow its business and strengthen its market presence in the region. Major market players in the market have been covered along with their relative competitive strategies in this report and the report mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Marine Compressor Market.
Frequently Asked Questions (FAQs)
Q1. What is the size of the global marine compressor market?
A1. Marine Compressor Market was valued at US$2.836 billion in 2019.
Q2. What are the growth prospects for the marine compressor market?
A2. The global marine compressor market is anticipated to grow at a CAGR of 2.78% during the forecast period.
Q3. What will be the marine compressor market size by 2026?
A3. The marine compressor market is anticipated to reach a total market size of US$3.435 billion by 2026.
Q4. What factors are anticipated to drive the marine compressor market growth?
A4. The wide-ranging uses of marine compressors are expected to drive market growth during the forecast period.
Q5. Which region holds the largest market share in the marine compressor market?
A5. Geographically, the Asia-Pacific region is projected to have a notable share in the marine compressor market owing to growth in the shipping industry.