Liquid Ring Compressors Market to Surpass USD 616.65 Million by 2030 as a Result of Rising Demand in Process Industries Coupled with Growing Oil and Gas Exploration Activities
Research Reports
Sep 22, 2023
As per SNS Insider’s research, the liquid ring compressors market is experiencing robust growth driven by factors such as environmental concerns, versatile applications, energy efficiency, challenging gas handling capabilities, maintenance advantages, emerging markets, and technological advancements.
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The Major Key Company Profiles included in Liquid Ring Compressors market study are:
- Atlas Copco
- Cutes CorpOMEL
- Speck
- Flowserve Corporation
- DEKKER Vacuum Technologies, Inc.
- Ingersoll Rand
- Busch Vacuum Solutions
- Graham Corporation
As per the SNS Insider report, the liquid ring compressors market was assessed at USD 386.9 million in the year 2022. Projections indicate a prospective increase to USD 616.65 million by 2030, with a projected Compound Annual Growth Rate (CAGR) of 6.0% spanning the forecast duration from 2023 to 2030.
Market Report Scope
Liquid ring compressors are a specialized type of rotary positive displacement compressor utilized for various industrial applications. These compressors operate on a unique principle involving a liquid ring, typically composed of water or another compatible liquid, which serves as both the sealing element and the working medium within the compression chamber. One of the primary advantages of liquid ring compressors lies in their ability to handle a wide range of gases and vapors, including those that are corrosive, explosive, or containing particulates. Liquid ring compressors find applications in diverse industries such as chemical processing, oil and gas refining, power generation, wastewater treatment, and pharmaceutical manufacturing.
Market Analysis
Liquid ring compressors play a pivotal role in process industries where gases need to be compressed without contamination. As sectors such as chemical processing, petrochemicals, and pharmaceuticals expand, the demand for these compressors grows in tandem, as they offer reliable and contaminant-free compression solutions. The oil and gas industry’s continuous exploration and production efforts require efficient compression solutions. Liquid ring compressors are well-suited for handling various gases in this sector, driving demand as exploration activities expand to more challenging environments, such as deep-sea drilling and unconventional reservoirs. Stringent quality and safety standards in pharmaceutical and food processing industries necessitate specialized compression solutions. All these factors to boost liquid ring compressors market growth.
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The Liquid Ring Compressors Market Segments and Sub-Segments are Listed Below:
By Type:
- Single-stage
- Two-stage
By Material Type:
- Cast Iron
- Stainless Steel
- Others
By Flow Rate:
- 25 – 600 M3H
- 600 – 3,000 M3H
- 3,000 – 12,000 M3H
- Over 12,000 M3H
By Application:
- Petrochemical & Chemical
- Pharmaceutical
- Food Manufacturing
- Aircraft
- Automobile
- Water Treatment
- Oil & Gas
- Power Generation
- EPS and Plastics
- Pulp & Paper
- Others
Impact of Recession
The impact of a recession on the liquid ring compressors market is influenced by various factors, including the depth and duration of the economic downturn, industry-specific characteristics, and the ability of manufacturers to adapt and innovate. While short-term effects can lead to reduced demand and delayed projects, long-term consequences could include changes in industrial practices, market consolidation, innovation, and the influence of global economic recovery efforts. Manufacturers in the market need to be resilient, agile, and forward-thinking to navigate the challenges posed by economic recessions.
Impact of Russia-Ukraine War
The Russia-Ukraine conflict has the potential to impact the liquid ring compressors market through disruptions in supply chains, geopolitical uncertainty, energy market fluctuations, global economic effects, and shifts in trade dynamics, diversification strategies, and technological advancements. Businesses operating in this market should carefully monitor the situation, assess their vulnerabilities, and consider contingency plans to navigate the potential challenges that may arise.
Key Regional Development
In North America, the demand for liquid ring compressors is fueled by the presence of well-established industries such as petrochemicals, oil and gas, and pharmaceuticals. These sectors require reliable compression solutions for various processes, including vapor recovery, gas compression, and solvent recovery. The stringent environmental regulations in this region also drive the adoption of liquid ring compressors due to their low environmental impact and high efficiency. Europe’s market is influenced by a strong emphasis on energy efficiency and environmental sustainability. The Asia-Pacific region is characterized by rapid industrialization and urbanization, driving demand for liquid ring compressors across a wide range of industries, including chemicals, power generation, and food processing.
Key Takeaway from Liquid Ring Compressors Market Study
- The Stainless Steel Segment stands as an exemplar of durability and reliability within the market. Renowned for its exceptional corrosion resistance and robust structural integrity, stainless steel has emerged as the material of choice for applications demanding unwavering performance even in harsh environments.
- The Petrochemical & Chemical Segment stands as a dynamic force reshaping the liquid ring compressor landscape. With the global demand for chemicals, petrochemicals, and refined products showing no signs of abating, the reliance on efficient compression systems is paramount.
Recent Developments Related to Liquid Ring Compressors Market
- In a significant step towards promoting sustainable energy solutions, the Owen Sound Company has taken a pioneering stride by signing a Memorandum of Understanding (MOU) aimed at advancing clean hydrogen technology. This partnership seeks to harness the immense potential of clean hydrogen technology as a viable alternative to conventional energy sources.
- Hydrogen Optimized, a pioneering company specializing in hydrogen production technologies, has announced an exciting collaboration with Flowserve, a global leader in fluid motion and control solutions. This strategic partnership aims to accelerate the development and deployment of cutting-edge technologies in the field of hydrogen production.
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Table of Contents – Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
- Value Chain Analysis
- Porter’s 5 forces model
- PEST Analysis
8.Liquid Ring Compressors Market Segment, By Type
9.Liquid Ring Compressors Market Segment, By Material Type
10.Liquid Ring Compressors Market Segment, By Flow Rate
11.Liquid Ring Compressors Market Segment, By Application
- Regional Analysis
- Company Profile
14.Competitive Landscape
- Conclusion
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