The Gas Compressors Market is estimated at USD 8,539 Million in 2023. Further, the market is expected to grow from USD 8,948 Million in 2024 to USD 13,080 Million in 2031 at a CAGR of 4.86%.
A gas compressor is a device that reduces gas volume by mechanically increasing the pressure surrounding it. Gas compressors pressurize and circulate gas through a process, enhance conditions for chemical reactions, provide inert gas for safety or control systems, recover and recompress process gas, and maintain correct pressure levels. Gas compressors are available in various designs based on their various uses in different environments.
Gas compressors are used in pipeline transport of purified natural gas, petroleum refineries, refrigeration & air conditioner equipment, gas turbine systems, and other applications. The most common designs are positive displacement compressors, which include reciprocating and rotary variants. Gas compressors utilize the thrust of a crankshaft-driven piston moving within a cylinder to create the motive pressure. Rotary compressors move gas through the system by the motion of rotating lobes, screws, or vanes. The dynamic compressor consists of an axial and centrifugal compressor that compresses the gas through the mechanical action of rotating vanes or impellers. The other compressors include diaphragm, scroll, axial-flow, diagonal and semi-hermetic.
Technological Advancements & Growing Investments:
New product innovations and technological advancements in gas compressors are prominent trends in the market. The companies in the gas compressor market are building an advanced portfolio of screw compressors optimized for compressing natural and industrial gases for system solution planners. Equipment manufacturers are investing in R&D to design compressors that deliver long operating life and can adhere to international standards. Companies in the gas compressor market are increasing their production capabilities in reciprocating gas compressors.
In 2020, the Indian government revealed its plan to invest around $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 of gas compressors during the forecast period.
In February 2021, Qatar reached FID on the North Field East Project (NFE), comprising four mega LNG trains of 8 MTPA each. The 33 MTPA project is expected to start production in 2025 and raise Qatar's LNG production to approximately 110 MTPA by 2026. With the growing demand for LNG, similar projects are expected to support the growth of gas compressors in the oil and gas sector.
In March 2022, Canada-based Frontera Energy Corporation announced that it discovered 27.2-degree light crude oil at the Tui-1 exploration well on the Perico block in Ecuador.
In February 2022, the UAE-based Dragon Oil PLC, a state-owned Emirates National Oil Company subsidiary, announced that it had made its first oil discovery in the Gulf of Suez.
Growth in the oil & gas industry across the globe:
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.
Investment in the development of natural gas pipelines has been increasing significantly due to the demand for natural gas in end-use industries. Growth in awareness about global warming and greenhouse gas emission has boosted the demand for natural gas. The main types are oil & gas upstream activities; oil downstream products. Oil and gas upstream activities include exploration activities, such as creating geological surveys and obtaining land rights and production activities, such as onshore and offshore drilling. The various drilling types include offshore, and onshore used for residential, commercial, institutions, and other applications.
Fluctuating Raw Material Prices:
The volatility in the raw material prices used in compressors is one of the major limitations hampering the gas compressor market growth. The major raw materials used to manufacture compressors are castings, aluminum and steel. The major finished and semi-finished components used are bearings, crankshafts, switches, gauges, rotors, and housings. The major bought-out items are motors, starters, control panels, inter and after coolers and filters.
However, the cost of these materials does not remain the same but fluctuates regularly due to various macro and microeconomic factors. Furthermore, the fluctuating prices of raw materials create uncertainty for the pricing of the gas compressor market. Industrial manufacturers depend on servicing and constantly using the existing compressors rather than investing in new compressors to reduce spending due to the high cost of compressors, which is expected to hamper the market growth.
Atlas Copco
Hitachi Ltd.
Kobe Steel, Ltd.
Bauer Comp Holding Gmbh
Ingersoll-Rand, Inc
General Electric Company
Siemens Ag
Mitsubishi Hitachi Power Systems, Ltd.
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1. GLOBAL GAS COMPRESSORS INDUSTRY
1.1. Market Scope and Definition
1.2. Study Assumptions
2. GAS COMPRESSORS MARKET LATEST TRENDS, DRIVERS AND CHALLENGES, 2023-2031
2.1. Gas Compressors Market Latest Trends
2.1.1. Technological advancements & Growing Investments:
2.1.2. Demand from the emerging economies to reduce carbon emissions:
2.1.3. Increasing need for energy-efficient compressor systems:
2.2. Gas Compressors Market Insights, 2023-2031
2.2.1. Leading Gas Compressors Compressor Type, 2023-2031
2.2.2. Leading Gas Compressors End-Use Industry, 2023-2031
2.2.3. Dominant Gas Compressors Operation, 2023-2031
2.2.4. Fast-Growing Geographies for Gas Compressors, 2023-2031
2.3. Gas Compressors Market Drivers to 2031
2.3.1. Growth in the oil & gas industry across the globe:
2.3.2. The rise in usage of gas compressors in different applications:
2.3.3. Rapid industrialization along with rising natural gas production & reserves:
2.3.4. Growing demand for different types of gas compressors:
2.4. Gas Compressors Market Restraints to 2031
2.4.1. Fluctuating Raw Material Prices:
2.4.2. High Competition & Increased maintenance costs:
2.5. Gas Compressors Market-Five Forces Analysis
3. GLOBAL GAS COMPRESSORS MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
3.1. Global Gas Compressors Market Overview, 2023
3.2. Global Gas Compressors Market Size and Share Outlook, By Compressor Type, 2023-2031
3.2.1. Positive Displacement Compressor
3.2.2. Dynamic Compressor
3.3. Global Gas Compressors Market Size and Share Outlook, By End-Use Industry, 2023-2031
3.3.1. General Manufacturing
3.3.2. Industrial Gases
3.3.3. Oil and Gas
3.3.4. Mining
3.3.5. Chemicals and Petrochemicals
3.3.6. Power Generation
3.3.7. Other End-Use Industry
3.4. Global Gas Compressors Market Size and Share Outlook, By Operation, 2023-2031
3.4.1. Oil-Injected Compressors
3.4.2. Oil-Free Compressors
3.5. Global Gas Compressors Market Size and Share Outlook by Region, 2023-2031
4. NORTH AMERICA GAS COMPRESSORS MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
4.1. North America Gas Compressors Market Overview, 2023
4.2. North America Gas Compressors Market Size and Share Outlook, By Compressor Type, 2023-2031
4.3. North America Gas Compressors Market Size and Share Outlook by End-Use Industry, 2023-2031
4.4. North America Gas Compressors Market Size and Share Outlook, By Operation, 2023-2031
4.5. North America Gas Compressors Market Size and Share Outlook by Country, 2023-2031
4.5.1. United States
4.5.2. Canada
4.5.3. Mexico
5. EUROPE GAS COMPRESSORS MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
5.1. Europe Gas Compressors Market Overview, 2023
5.2. Europe Gas Compressors Market Size and Share Outlook, By Compressor Type, 2023-2031
5.3. Europe Gas Compressors Market Size and Share Outlook by End-Use Industry, 2023-2031
5.4. Europe Gas Compressors Market Size and Share Outlook, By Operation, 2023-2031
5.5. Europe Gas Compressors Market Size and Share Outlook by Country, 2023-2031
5.5.1. Germany
5.5.2. The UK
5.5.3. Italy
5.5.4. France
5.5.5. Spain
5.5.6. Rest of Europe
6. ASIA PACIFIC GAS COMPRESSORS MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
6.1. Asia Pacific Gas Compressors Market Overview, 2023
6.2. Asia Pacific Gas Compressors Market Size and Share Outlook, By Compressor Type, 2023-2031
6.3. Asia Pacific Gas Compressors Market Size and Share Outlook by End-Use Industry, 2023-2031
6.4. Asia Pacific Gas Compressors Market Size and Share Outlook, By Operation, 2023-2031
6.5. Asia Pacific Gas Compressors Market Size and Share Outlook by Country, 2023-2031
6.5.1. China
6.5.2. Japan
6.5.3. India
6.5.4. Rest of Asia Pacific
7. SOUTH AND CENTRAL AMERICA GAS COMPRESSORS MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
7.1. South and Central America Gas Compressors Market Overview, 2023
7.2. South and Central America Gas Compressors Market Size and Share Outlook, By Compressor Type, 2023-2031
7.3. South and Central America Gas Compressors Market Size and Share Outlook by End-Use Industry, 2023-2031
7.4. South and Central America Gas Compressors Market Size and Share Outlook, By Operation, 2023-2031
7.5. South and Central America Gas Compressors Market Size and Share Outlook by Country, 2023-2031
7.5.1. Brazil
7.5.2. Argentina
7.5.3. Rest of South and Central America
8. MIDDLE EAST AFRICA GAS COMPRESSORS MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
8.1. Middle East Africa Gas Compressors Market Overview, 2023
8.2. Middle East Africa Gas Compressors Market Size and Share Outlook, By Compressor Type, 2023-2031
8.3. Middle East Africa Gas Compressors Market Size and Share Outlook by End-Use Industry, 2023-2031
8.4. Middle East Africa Gas Compressors Market Size and Share Outlook, By Operation, 2023-2031
8.5. Middle East Africa Gas Compressors Market Size and Share Outlook by Country, 2023-2031
8.5.1. Middle East
8.5.2. Africa
9. GAS COMPRESSORS MARKET STRUCTURE
9.1. ATLAS COPCO
9.2. HITACHI LTD.
9.3. KOBE STEEL, LTD.
9.4. BAUER COMP Holding GmbH
9.5. Ingersoll-Rand, Inc
9.6. General Electric Company
9.7. Siemens AG
9.8. Mitsubishi Hitachi Power Systems, Ltd.
10. APPENDIX
10.1. Relavant Trade Data
10.2. About Us
10.3. Sources
10.4. Research Methodology
10.5. Contact Information
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