Industry gas Compressor Market to be dominated by Oil and Gas Segment through 2028.
Increasing demand for compressors from the
pharmaceutical industry to drive Global Industry gas Compressor Market in the
forecast period, 2023-2028.
According to
TechSci Research report, “Global Industry
gas Compressor Market
- By Region, Competition,
Forecast & Opportunities, 2028”, Global Industry gas Compressor Market is anticipated to grow at a 4.08%
CAGR in the forecast period, 2024-2028, driven by the growing demand for
natural gas for power generation and the increasing demand for compressors from
the pharmaceutical industry are expected to drive the gas compressors market
during the forecast period.
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market data Figures spread through 180 Pages and an in-depth TOC on "Global Industry gas Compressor Market.”
Based on End-user
Industry, Global Industry gas Compressor Market is segmented into— Oil and Gas,
Power Sector, Petrochemical and Chemical Industries, Industrial Gases, and
Other End-user Industries. Oil and Gas Segment to Dominate the Market, With the
increasing environmental awareness over the last decade, most countries have
planned to lower their carbon emissions by shifting from coal-based electricity
generation to gas-based energy generation concept, which supported the natural
gas production increase globally between 2010 and 2020 by 22.3%. The increase
in natural gas production and its consumption for electricity generation is
likely to continue, which is expected to support the demand for gas compressors
from the oil and gas industry.
For instance, in
2020, the Indian government revealed its plan to invest around USD 60 billion
to create gas infrastructure until 2024 and increase gas share in the energy
mix from 6% to 15% by 2030. Such a plan is expected to increase the application
for gas compressors during the forecast period.
Based on Region,
Asia Pacific region is expected to dominate the market for Industry gas
Compressor during the forecast period. Asia-Pacific is one of the fastest
developing regions in the world. Being home to a few of the biggest economies
such as China, Japan, and India, the region is witnessing rapid development in
various industries such as oil and gas, manufacturing, and power generation. One
of the primary applications for gas compressors is in the oil and gas industry,
where countries like China and India are among the top players in the world.
Since these compressors are used in various stages of the oil and gas supply
chain, such as natural gas processing, natural gas transportation, marine LNG,
and refining, the demand for gas compressors is likely to grow with the growth
of the oil and gas market in the region. Since 2015, the region’s natural gas
consumption has increased steadily. With consumption of 716.4 bcm in 2015 to
861.6 bcm in 2020, natural gas consumption increased at a modest CAGR of 3.76%.
Increased use of natural gas is expected to be one of the key drivers for the
growth of the gas compressor market in the Asia-Pacific region. Countries such
as China and India are expected to be the largest contributors in this
scenario.
According to the
China National Petroleum Corp (CNPC), one of the major national oil and gas
corporations of China, China is expected to increase the use of natural gas in
its primary energy mix to 12% by 2030 from 8.7% in 2020, mainly to decrease
their reliance on coal-based energy. Similarly, India is also set to expand its
natural gas portfolio. In 2021, the Indian government announced its plans to
invest INR 7.5 trillion in oil and gas infrastructure until 2026. The
government also unveiled numerous projects that are expected to further
increase the demand for gas compressors. A few notable projects include Gas
Compressor Station in Makum, Assam, and Ramanathapuram–Thoothukudi natural gas
pipeline. According to the International Energy Agency (IEA), the Indian
domestic natural gas demand is anticipated to increase by 4.5% between 2021 and
2024. Moreover, the launch of the Indian Gas Exchange (IGX) in 2020 is also
expected to bolster domestic trade in natural gas, further strengthening the
demand for infrastructure related to natural gas. Therefore, owing to the above
points, the Asia-Pacific region is expected to dominate the gas compressors
market during the forecast period.
Major companies
operating in the Global Industry gas Compressor market are:
- Ariel Corporation
- Atlas Copco AB
- Bauer Compressors Inc.
- Burckhardt Compression
Holding AG
- General Electric Company
- HMS Group
- Howden Group Ltd
- Ingersoll Rand Inc.
- Siemens Energy AG
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“The global Industry gas Compressor market is driven
by several key factors that shape its growth and development. Increase in
demand for gas compressors in oil & gas, power generation, and industrial
sectors is driving the gas compressor industry growth. Furthermore, rise in
demand for natural gas, due to its cleaner burning properties, is boosting the
demand for gas compressor in the oil & gas sector. Technological
advancements in gas compressor designs and the adoption of more
energy-efficient and environmentally friendly compressors are also propelling
the gas compressor market demand.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
Industry
gas Compressor Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast
Segmented by Type (Positive
Displacement and Dynamic Displacement), End-user Industry (Oil and Gas, Power
Sector, Petrochemical and Chemical Industries, Industrial Gases, and Other
End-user Industries), By Region, Competition, 2018-2028”, has evaluated
the future growth potential of global Industry gas Compressor market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global Industry gas Compressor market.
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