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The gas compressors market is estimated to grow at a CAGR of 4.93% between 2022 and 2027. The size of the market is forecasted to increase by USD 2,506.92 million. The growth of the market depends on several factors, including the need for energy-efficient compressor systems, the growing use of CNG as fuel, and competitive and stable prices of CNG.
This report extensively covers market segmentation by product (PD compressors and roller crushers), end-user (oil and gas, power generation, chemicals and petrochemicals, mining, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The reports categorize the global gas compressors market as a part of the global industrial machinery market. The parent, the global industrial machinery market, covers companies engaged in manufacturing industrial machinery and components covering presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The need for energy-efficient compressor systems is notably driving the gas compressors market growth, although factors such as increasing strategic alliances among vendors may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Gas Compressors Market Driver
One of the key factors driving the gas compressor market is the need for energy-efficient compressor systems. In the oil and gas industry, there is a growing need to adhere to energy efficiency guidelines and reduce emissions. One of the main goals of increasing energy efficiency is to lower carbon emissions and make the industry more environmentally friendly. Regional government authorities are taking steps to ensure that various types of industrial equipment, such as compressors, motors, pumps, and fans, comply with regional regulations, particularly in Europe and North America.
Furthermore, adopting compressors with efficient and reliable controls is the most important requirement for industrial end-users in order to improve overall energy efficiency. As a result, the oil and gas industry has been encouraged to reduce its energy consumption by replacing old gas compressors with new energy-efficient gas compressors. Furthermore, compressor manufacturers should adhere to the ISO 8573 group of standards, which will increase demand for these types of gas compressors and propel the overall market forward.
Significant Gas Compressors Market Trend
Technological development is another factor supporting the gas compressors market growth in the forecast period. In an industrial compressor, about 94% of the electrical energy that is consumed is ultimately dissipated as heat energy. One way to make better use of this dissipating heat energy is to reuse this heat for other purposes, such as water heating in plant operations. Earlier, the dissipated heat was released into the surrounding atmosphere. However, with technological developments, this heat can be retrieved and reused. This reduces the cost of electric energy consumption to a great extent.
Furthermore, compressed air is critical to a wide range of end-user segments, such as the oil and gas industry. If compressors are poorly designed and maintained, they can lead to significant energy losses and waste every year. In addition, developments in system controllers have permitted industrial compressed air users to gain the benefits of compressed air savings by increasing the overall efficiency of the system through load sharing and leveling the running hours.
Major Gas Compressors Market Challenge
The volatility in oil and gas prices has affected the global gas compressors market. The recent fall in crude oil prices will upset NGV sales worldwide, thereby affecting the setting up of CNG refueling stations. This is expected to hinder the demand for gas compressors in refueling stations. Shale gas exploration in the US is rising and has reached record levels. The Middle East countries, on the other hand, have not reduced their output as they fear losing market shares. These two factors have led to a continuous fall in oil and gas prices.
Oil prices, which were nearly $63.96 per barrel in February 2019, declined to $56.21 per barrel in February 2020. The global average price of natural gas in 2019 was $2.37 per million British thermal units (BTUs). One of the primary reasons for the plunge in global oil and gas prices in February and March 2020 was the outbreak of the COVID-19 pandemic. In March 2020, global oil prices witnessed an average of $43.30 per barrel, while global natural gas prices averaged $1.91 per million BTUs. The plunge in oil prices has affected the sales of NGVs.
Key Gas Compressors Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Gas Compressors Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Atlas Copco AB - The company offers gas and process compressors such as single-stage and multi-stage centrifugal, or turbo compressors, which are complemented by turboexpanders.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the PD compressors segment will be significant during the forecast period. PD compressors such as reciprocating piston compressors, rotary screw compressors, and rotary vane compressors capture a certain volume of air in a chamber and then shrink the chamber to compress the air. The size of rotary screw compressors ranges from about 25-300 Hp. They are rapidly penetrating both smaller and larger markets, thereby driving the demand for this segment.
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The PD compressors segment was valued at USD 5,254.23 million in 2017 and continued to grow until 2021. Rotary vane compressors work like an air motor with an open rotor that turns the vanes. The air is compressed when the blades reach an area where the distance between the rotor and the housing is less. Except for geometry, rotary vane compressors are similar to screw compressors. Thus, the aforementioned advantages of PD compressors will drive the growth of the gas compressor market with PD compressors during the forecast period.
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APAC is estimated to contribute 52% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
APAC is the largest geographic segment in the global gas compressor market and will continue to be the largest segment during the forecast period. In APAC, the growth potential of gas compressors is high, especially in developing countries such as India and China. China is the largest contributor to the APAC gas compressor market due to the country's growing natural gas infrastructure. China is the largest oil shale gas reservoir, with more than 31 tcm of technically usable oil shale gas reserves.
During the forecast period, the country will invest approximately USD 160 billion in shale oil development. With promising opportunities from both the prominent end-user sectors, compressor manufacturers are expected to witness a steady increase in market demand and growth during the forecast period.
In 2020, the COVID-19 pandemic affected major producers in the chemical, mining, and oil and gas industries. However, the governments of various countries in the region have announced various initiatives to strengthen their economies. Such initiatives will drive growth in many industries, including end users of gas compressors. The region also includes countries such as India, which is a major consumer of fertilizers due to its extensive agricultural activities. As gas compressors are used in fertilizer factories, the increase in agricultural activities will support the growth of the focus market. Thus, the focus area market is expected to grow significantly during the forecast period.
The report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Product (PD compressors and Roller crushers), End-user (Oil and gas, Power generation, Chemicals and petrochemicals, Mining, and Others), and Geography (APAC, North America, Europe, Middle East and Africa, and South America).
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Gas Compressors Market Scope |
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Report Coverage |
Details |
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Page number |
176 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.93% |
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Market growth 2023-2027 |
USD 2,506.92 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.04 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 52% |
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Key countries |
US, China, India, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Accudyne Systems Inc., Aerzener Maschinenfabrik GmbH, Ariel Corp, Atlas Copco AB, BAUER COMPRESSORS INC, BOGE KOMPRESSOREN GmbH and Co. KG, Burckhardt Compression Holding AG, Ebara Corp., Elgi Equipments Ltd, General Electric Co., Hitachi Ltd., IDEX Corp., Ingersoll Rand Inc., J.P Sauer and Sohn Maschinenbau GmbH, KAESER KOMPRESSOREN SE, Kobe Steel Ltd., Mitsubishi Heavy Industries Ltd., Siemens Energy AG, and Sulzer Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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