Gas Compressors Market to Grow USD 7797.8 Million by 2027 with a CAGR of 4.1% | Valuates Reports
BANGALORE, India, Jan. 4, 2023 /PRNewswire/ -- The Global Gas Compressors Market is Segmented by Type (Centrifugal Gas Compressors, Reciprocating Gas Compressors, Screw Gas Compressors), by Application (Natural Gas Industry, Petrochemical Industry, Coal Chemical Industry): Opportunity Analysis and Industry Forecast, 2022–2028.
The global Gas Compressors market was valued at USD 5886 Million in 2020 and it is expected to reach USD 7797.8 Million by the end of 2027, growing at a CAGR of 4.1% during 2021-2027.
Major factors driving the growth of the Gas Compressors market:
Due to the rise in pressure caused by the gas compressors, a greater volume of gas may flow through the pipeline, and energy losses are reduced. Electricity or gas is used by the compressors. The compression ratio is a crucial factor in controlling the flow of gas. These factors are expected to drive the growth of the gas compressors market.
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TRENDS INFLUENCING THE GROWTH OF THE GAS COMPRESSORS MARKET:
The natural gas pipeline network that transports gas from individual producing well sites to final customers includes compressor stations as a crucial component. Distance, friction, and elevation variations all decrease the flow of natural gas via a pipeline, which lowers pressure. Pistons and positive displacement are used in a reciprocating natural gas compressor to compress the gas. Gas flows into the compression cylinder after entering the manifold, then it is released at a higher pressure. Natural gas compressors are reliable, low-maintenance, and cost-effective options. Since there are no imbalanced forces or pressure pulsations, these compressors operate smoothly. This factor is expected to drive the growth of the Gas Compressors market.
One of the main elements fostering a favorable outlook for the gas compressors market is the significant growth of the oil and gas sector globally. Additionally, the extensive use of gas compressors in the processing and long-distance transportation of renewable energy sources, such as natural gas, is fostering market expansion. Other growth-promoting aspects include a variety of product developments, such as the creation of energy-efficient portable compressors for automation in industrial operations. The Gas Compressors market is growing because product makers are also creating variations with better storage tanks, increased performance capabilities, minimum maintenance needs, and reduced fuel consumption. It is projected that further factors, including quick industrialization and intense research and development (R&D) operations, will fuel the industry even more.
A pre-publication final rule for industrial and commercial compressor energy conservation standards was released by the U.S. Department of Energy (DOE). Since outdated equipment that emits dangerous gasses must be replaced with more modern, energy-efficient equipment, these standards and regulations are predicted to immediately increase demand for energy-efficient gas compressors. As a result, in order to maintain expansion, firms must create efficient systems. During the predicted period, this driver's impact is likely to be significant. The government rules requiring the production of gas compressors in accordance with industry standards and the rising demand for energy-efficient systems are the main causes of this. Thus, it is projected that the gas compressor market will be driven by the rise in demand for energy-efficient compressors over the forecast period.
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GAS COMPRESSORS MARKET SHARE
Due to the surge in natural gas demand in end-use sectors, investment in the construction of natural gas pipelines has been rising rapidly. The demand for natural gas has increased as awareness of global warming and greenhouse gas emissions have grown. In order to keep the pressure of natural gas constant while moving it from one location to another, gas compressors are an essential component of the natural gas pipeline network. As a result, it is predicted that increased investment in the building of pipeline networks will increase demand for gas compressors.
The companies that have a majority of the market share in the gas compressor sector are GE, ARIEL, Dresser-Rand, Atlas Copco, and Burckhardt.
With a 36% market share, North America is the largest region in the global market.
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Key Companies:
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SIMILAR REPORTS:
- Rotary Screw Gas Compressors Market
- Coal Chemical Products Market
- Reciprocating Natural Gas Compressor Market
- Process Gas Screw Compressors Market
- Process Gas Reciprocating Compressors Market
- Reciprocating Gas Compressor Market
- Boil-Off Gas Compressors Market
- Liquefied Natural Gas (LNG) Compressor Market
- Tandem Piston Compressors Market
- Fuel Gas Booster Compressor Market
- Oil-Less Air Compressors Market
- Process Gas Compressor market size is estimated to be worth USD 5065.2 million in 2022 and is forecast to a readjusted size of USD 6190.5 million by 2028 with a CAGR of 3.4% during the review period.
- CNG Compressors market was valued at USD 4028 million in 2020 and it is expected to reach USD 5500.2 million by the end of 2027, growing at a CAGR of 3.2% during 2021-2027.
- Natural Gas Compressor market size was USD 882.9 million and it is expected to reach USD 1035.2 million by the end of 2027, with a CAGR of 2.3% during 2021-2027.
- Small-Scale LNG (SSLNG) market size is projected to reach USD 67 Million by 2027, from USD 48 Million in 2020, at a CAGR of 5.6% during 2021-2027.
- Sustainability and Energy Management Software market size is projected to reach USD 1557.3 Million by 2028, from USD 846 Million in 2021, at a CAGR of 8.6% during 2022-2028.
- LNG bunkering market size was valued at USD 0.38 Billion in 2019, and is projected to reach USD 5.14 Billion by 2027, growing at a CAGR of 45.2% from 2020 to 2027.
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