Oil and Gas Segment is Expected to Dominate the Global Centrifugal Compressor Market
To fulfill the increasing demand for gas,
governments worldwide are planning to invest in expanding the infrastructure
are major factor attributable to the growth of the market.
According
to TechSci Research report, “Global Centrifugal Compressor Market - Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Centrifugal
Compressor is anticipated to project robust growth in the forecast period with
a CAGR of 4.95% through 2028, Over the medium term, natural gas is increasingly
replacing oil and coal as an energy source in the power generation and
transportation sectors. To fulfill the increasing demand for gas, governments
worldwide are planning to invest in expanding the infrastructure. This is
likely to boost the demand for centrifugal compressors during the forecast
period. Nevertheless, several centrifugal compressor manufacturers strive to
develop more energy-efficient products during rising end-user demands and
changing energy efficiency standards. This factor is expected to create several
opportunities for the market during the forecast period.
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Based
on End User , Oil and Gas segment is expected to dominate the
market during the forecast period. The oil and gas industry offers widespread
applications for centrifugal compressors across the upstream, midstream, and
downstream sectors. Centrifugal compressors serve various purposes across the
oil and gas industry, such as gas transportation, compression for gas
injection, gas gathering, gas lift, etc. In oil and gas upstream operations,
gas lifts are used, in which low-pressure gas (3 to 7 bar) is compressed to a
higher pressure and recycled down the well casing-tubing annulus through a gas
lift valve at a predetermined depth that enables lightening the liquid column
in the tubing. Centrifugal compressors are used in later phases to maintain or
increase gas flow into the pipeline systems in gas fields, as the reservoir
pressure tends to decrease over time. The gas reinjection is used for enhanced
oil recovery (EOR) to compensate for the natural decline in production from the
oil fields.
Furthermore,
in February 2021, Qatar reached FID on the North Field East Project (NFE),
comprising of four mega LNG trains of 8 MTPA each, at an estimated cost of USD
28.75 billion. The 33 MTPA project is expected to start production in Q4 2025
and will raise Qatar’s LNG production to approximately 110 MTPA by late-2026 or
early 2027. With the growing demand for LNG, similar projects are expected to
support the growth of centrifugal compressors in the oil and gas sector. Therefore,
owing to the abovementioned factors, the oil and gas segment is expected to
dominate the centrifugal compressor market during the forecast period.
Based
on Region, Asia Pacific is Expected to dominate the market. The Asia-Pacific
dominated the global market share in 2021. The oil and gas and power industries
remain the largest end users of these compressors in the region. Several
floating production storage and offloading (FPSOs) projects in the Asia-Pacific
are expected to begin operations over the next four years. Increasing FPSO
projects are expected to create tremendous opportunities in the market studied.
The
Asia-Pacific is witnessing a widespread development of industrial
infrastructure, leading to a surge in demand for power. New power plants need
to be developed as the requirement of continuous power supply is imperative for
industrial operations. Therefore, the increase in the development of power
generation plants, particularly gas-fired generation plants, is expected to
drive the demand for centrifugal compressors during the forecast period.
Further, in India, under the Make in India program, the government plans to
place the country on the world map as a manufacturing hub. According to the
Indian Brand Equity Foundation, the manufacturing sector in the country has the
potential to reach USD 1 trillion by 2025. It is likely to increase the demand
for centrifugal compressors during the study period.
Therefore,
owing to the abovementioned factors, the Asia-Pacific is expected to dominate
the centrifugal compressor market during the forecast period.
Key
market players in the Global Centrifugal Compressor Market are following:-
- Atlas
Copco AB
- Ingersoll
Rand Inc.
- Baker
Hughes Company
- Sundyne
- Elliott
Group
- Howden
Group
- Mitsubishi
Heavy Industries Ltd
- HMS
Group
- Borsig
GmbH
- Kobe
Steel Ltd
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“Key
drivers of the global centrifugal compressor market include increasing
industrial growth across sectors like oil and gas, power generation, and
manufacturing. The pursuit of energy efficiency and sustainability is pushing
demand for high-efficiency compressors. Infrastructure development and
urbanization are creating a need for HVAC systems, while advancements in
technology, such as digital controls and materials, improve compressor
performance. Additionally, environmental regulations and the globalization of
trade and supply chains influence the market's growth. Overall, the centrifugal
compressor market thrives on industrial expansion, energy concerns, and
technological innovations.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
Centrifugal
Compressor Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast Segmented by End User (Oil and Gas, Power Sector, Petrochemical and
Chemical Industries, Other), By Region, Competition 2018-2028 has evaluated the future growth
potential of Global Centrifugal Compressor Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended 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 present in the Global Centrifugal Compressor Market.
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