Gas Compressors Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Gas Compressors Market Analysis
The gas compressors market is expected to register a CAGR of about 3% during the forecast period, 2022-2027. In 2020, as international oil prices declined due to reduced consumption of oil and gas, the demand for gas compressors also witnessed a significant decline during the COVID-19 pandemic. Factors such as 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. However, the growing share of renewable energy in the total volume of energy consumption is expected to restrain the growth of the market during the forecast period.
- The oil and gas industry has dominated the gas compressor market in the past and is expected to follow a similar trend during the forecast period.
- Gas compressor manufacturers are making strides to become more energy-efficient amidst rising end-user demands and changing energy efficiency standards in several nations, which is likely to create several opportunities for the market in the future.
- Asia-Pacific is expected to dominate the market, with most of the demand generated from China and India.
Gas Compressors Market Trends
This section covers the major market trends shaping the Gas Compressors Market according to our research experts:
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 application for gas compressors during the forecast period.
- On a similar note, the Chinese government has set a target to achieve net-zero emissions by 2060. Under the country's energy transition plan, natural gas is expected to play a crucial role in reducing CO2 emissions, and it is expected to be the country's largest energy source in the next decade.
- With the increase in gas consumption worldwide, the international trading of gas in the form of LNG has increased. At the end of 2020, the total global liquefaction capacity reached around 452.9 MTPA in 22 countries, adding approximately 20 MTPA in 2020, and as of February 2021, 139.1 MTPA of liquefaction capacity was under construction or sanctioned for development.
- Moreover, in February 2021, Qatar reached FID on the North Field East Project (NFE), comprising 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 gas compressors in the oil and gas sector.
- Therefore, owing to the above points, the oil and gas segment is expected to dominate the gas compressors market during the forecast period.
Asia-Pacific to Dominate the Market
- 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.
Gas Compressors Industry Overview
The gas compressors market is moderately fragmented. Some of the key players in this market include Ariel Corporation, Atlas Copco AB, Bauer Compressors Inc., Burckhardt Compression Holding AG, and Ingersoll Rand Inc.
Gas Compressors Market Leaders
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Ariel Corporation
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Atlas Copco AB
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Bauer Compressors Inc.
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Burckhardt Compression Holding AG
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Ingersoll Rand Inc
*Disclaimer: Major Players sorted in no particular order
Gas Compressors Market News
- In January 2022, Burckhardt Compression was awarded a supply contract by TECNIMONT SpA and Tecnimont Private Ltd to provide solutions to India Oil Corporation's polypropylene plant in Bihar, India. The agreement will see Burckhardt supplying the carrier gas compressor and nitrogen gas compressor packages for the plant's refining complex.
- In April 2021, Siemens Energy AG supplied 20 centrifugal compression systems for one of Saudi Aramco's gas storage projects. The Hawiyah UnayzahGas Reservoir Storage facility is located 260 km east of Riyadh. The scope of the contract includes the supply of 20 compressor trains which will strengthen the company's market position.
Gas Compressors Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Positive Displacement
5.1.2 Dynamic Displacement
5.2 End-user Industries
5.2.1 Oil and Gas
5.2.2 Power Sector
5.2.3 Petrochemical and Chemical Industries
5.2.4 Industrial Gases
5.2.5 Other End-user Industries
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Ariel Corporation
6.3.2 Atlas Copco AB
6.3.3 Bauer Compressors Inc.
6.3.4 Burckhardt Compression Holding AG
6.3.5 General Electric Company
6.3.6 HMS Group
6.3.7 Howden Group Ltd
6.3.8 Ingersoll Rand Inc.
6.3.9 Siemens Energy AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Gas Compressors Industry Segmentation
The gas compressors market report includes:
| Type | |
| Positive Displacement | |
| Dynamic Displacement |
| End-user Industries | |
| Oil and Gas | |
| Power Sector | |
| Petrochemical and Chemical Industries | |
| Industrial Gases | |
| Other End-user Industries |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Gas Compressors Market Research FAQs
What is the current Gas Compressors Market size?
The Gas Compressors Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Gas Compressors Market?
Ariel Corporation , Atlas Copco AB, Bauer Compressors Inc., Burckhardt Compression Holding AG and Ingersoll Rand Inc are the major companies operating in the Gas Compressors Market.
Which is the fastest growing region in Gas Compressors Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Gas Compressors Market?
In 2024, the Asia-Pacific accounts for the largest market share in Gas Compressors Market.
What years does this Gas Compressors Market cover?
The report covers the Gas Compressors Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Gas Compressors Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Gas Compressors Industry Report
The report covers Gas Compression Companies and it is 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), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). Statistics for the Gas Compressors market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Gas Compressors analysis includes a market forecast outlook and historical overview.
The industry report provides comprehensive industry analysis and industry information, covering various aspects of the global market. It includes detailed market segmentation and market value assessments, which are essential for understanding market trends and market growth. The report also includes market data and market forecast, offering insights into the market outlook and market predictions.
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In summary, the Gas Compressors market report is a detailed industry report that covers all aspects of the market, including market data, market trends, and market growth. The report provides valuable industry information and industry analysis, essential for understanding the market outlook and market predictions. The report is a must-read for anyone interested in the Gas Compression Companies market.
