(MENAFN- Market Research HUB) The liquid ring compressors market size was USD 874 million in 2020 and is projected to reach USD 1,229 million by 2026; at a CAGR of 5.8% from 2021 to 2026. The increasing global energy consumption is aiding to the growth of the liquid ring compressors market.
Based on type, the liquid ring compressors market has been segmented into single-stage and two-stage. The two-stage segment accounted for the largest share of the market, in terms of value, in 2020. This is majorly due to the increasing demand for two-stage liquid ring compressors across several industries such as oil & gas, water & wastewater, and power generation.
Based on material type, the stainless steel segment accounted for the largest market share, in terms of value, in 2020. The high corrosion resistance of the material is driving the growth of this segment. Stainless steel has a longer life and low maintenance than cast iron. Liquid ring compressors made from stainless steel are used in various applications such as pharmaceutical, food manufacturing, oil & gas, and power generation.
Based on application, the liquid ring compressors market is segmented as petrochemical & chemical, oil & gas, pulp & paper, water treatment, food manufacturing, power generation, automobile, aircraft, EPS and plastics, and others. The oil & gas segment led the global market, accounting for the largest share in 2020 in terms of value. This segment is growing due to continuing developments in high crude oil-producing regions/countries such as the Middle East, North America, and Russia.
Based on region, Asia pacific is estimated to account for the largest market share in 2020, in terms of value. The market in this region is dominated by China. The growth of the market in Asia Pacific can be attributed to rapid economic expansion. Moreover, the region is attracting investors to set up their production facilities owing to the easy availability of raw materials and labor at low costs.
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