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The global gas compressor market, valued at US$ 16.7 billion in 2022, is anticipated to witness a steady expansion at a CAGR of 4.1% from 2023 to 2031, reaching a projected value of US$ 24.1 billion by the end of 2031.
The growth of the gas compressor industry is propelled by increasing demand in sectors such as oil & gas, power generation, and industry. The shift towards cleaner energy sources, particularly the rising demand for natural gas, drives the market further. Technological advancements in compressor designs, emphasizing energy efficiency and environmental friendliness, contribute to the expanding demand.
Despite these positive trends, the industry faces challenges, such as the relatively high cost of purchasing and installing gas compressors, posing barriers to entry for small businesses and startups.
Gas compressors find applications in diverse sectors, including oil & gas production, air conditioning, and food processing. The two main types are positive displacement and dynamic compressors. Positive displacement compressors increase gas pressure by reducing space, while dynamic compressors enhance pressure by imparting kinetic energy to the gas.
The oil & gas sector is the largest consumer of gas compressors, with power generation being another significant user. Industrial applications, such as air separation, food processing, and chemical processing, also contribute to the growing demand for gas compressors.
Governments regulating greenhouse gas emissions drive the need for cleaner energy sources like natural gas. The industrial sector's expansion, population growth, and urbanization increase the demand for energy. This surge in power generation requirements presents substantial opportunities for gas compressor suppliers and manufacturers.
Natural gas, recognized for its environmental benefits, sees increasing demand. Gas compressors play a crucial role in compressing natural gas for transportation and storage. The versatile fuel's demand for electricity generation, heating, and cooling contributes to the growing need for gas compression solutions.
Oil-injected gas compressors, the most widely used type, offer advantages such as cost-effectiveness, versatility, reliability, and efficiency. They find applications in natural gas compression, air separation, and food processing.
Dynamic compressors, comprising centrifugal and axial types, handle a wide range of gases efficiently. Centrifugal compressors, with a rotating impeller, dominate the dynamic compressor category. Axial compressors, suitable for high flow rates, contribute to their extensive use.
Asia Pacific holds a significant market share, exceeding 55% in 2022. Countries like India, Bangladesh, Pakistan, and China contribute substantially to industry growth. The region, rich in gas reserves, witnesses growing demand for natural gas and subsequently gas compressors.
Leading players, including Atlas Copco AB, Ingersoll Rand, General Electric, Siemens, Mitsui E&S Holdings Co., Ltd., KAESER KOMPRESSOREN, Hitachi Ltd., BAUER COMP Holding GmbH, and Howden Group, dominate the market, accounting for more than 55%-60% share in 2022.
Key developments include Ingersoll Rand's acquisition of Dresser-Rand Group, Inc.'s oil & gas business and the merger of GE Oil & Gas and Baker Hughes to form Baker Hughes, a GE company.
The gas compressor market is poised for steady growth, driven by the increasing demand for cleaner energy sources and efficient compression solutions. Key players focus on innovation and strategic initiatives to maintain a strong global presence and consolidate their positions in the industry.
The global gas compressor market, valued at US$ 16.7 billion in 2022, reaching a projected value of US$ 24.1 billion by the end of 2031.
The global market is projected to grow at a CAGR of 4.1% during the forecast period, 2023-2031.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65425
Published on :
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