Compressor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The global compressor market is expected to witness a CAGR of about 4. 15% over the period of 2020-2025. Factors such as growing demand for natural gas, which, in turn, is leading to a growing gas pipeline network, is expected to be one of the most significant drivers for the compressor market during the forecast period.

New York, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Compressor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06187411/?utm_source=GNW
Apart from that, the emerging countries, such as India, Vietnam, and Malaysia, are encouraging foreign investments in the manufacturing industry through several government programs, which, in turn, is expected to drive the manufacturing sector, in turn, supporting the demand for compressors during the forecast period. However, consumers opt to service and continue usage of existing compressors instead of investing in new installations to reduce capital expenditure, since the cost of a new compressor is significantly high. This, along with the emission of methane in the atmosphere from the compressors, leading to environmental issues, is the restraining factor during the forecast period.

Key Highlights
Oil and gas end-user segment is likely to dominate the compressor market owing to the increased use of different types of compressors in upstream, midstream and downstream sectors for several distinctly different applications, such as transmission, storage, gas gathering, gas lift, gas injection, flash gas compression, refrigeration, etc.
The coal consumption in Europe has been on a decline since 2013, from 377 million tonnes to 307 million tonnes in 2018. This has led to increased dependence on gas for power as a substitute for coal and create a huge opportunity for the compressor market.
Asia-Pacific is the largest market and is also expected to dominate the market during the forecast period. It is driven by China and India, due to the growing natural gas infrastructure in these countries.

Key Market Trends

Oil and Gas Segment to Dominate the Market

The global demand for natural gas is expected to increase by 1.6%, y-o-y, for the next five years, with the consumption reaching almost 4,200 billion cubic meter (bcm) by 2025, up from 3,800 bcm in 2018.
The consumption of natural gas is expected to witness the fastest growth among all fuel types. The lower cost, in comparison with other fossil fuel types, is expected to supplement the demand for natural gas, during the forecast period.
The LNG trade is expected to witness a significant increase across the world, resulting in increased demand for natural gas pipeline network, which, in turn, is an upcoming opportunity for the compressor market.
Driven by a determined policy effort to improve air quality, China contributed significantly to the increase in natural gas demand in 2018, which led to an unprecedented surge in LNG imports, placing China the world’s second-largest LNG importer, after Japan.
There is a global trend toward cleaner fuel consumption due to the growing concerns about air pollution and global warming. The growing share of gas-based power generation is expected to help drive the gas compressor demand in the oil and gas industry during the forecast period, driving the global compressor market.
In order to fulfill the growing gas demand, the large investments to build the gas pipeline network are expected across the world. The compressors are an integral part of gas transportation infrastructure. Hence, a growing gas pipeline network is expected to be one of the most significant drivers for the compressor market during the forecast period.

Asia-Pacific to Dominate the Market

Asia-Pacific is home to some of the largest consumer and largest importer countries of natural gas in the world. This region is still primarily dependent on oil and coal for its energy needs. But the recent trend is toward increasing the use of natural gas owing to growing concerns over air pollution.
The power generation and manufacturing industries are the biggest consumers of natural gas in this region. Increasing demand for electricity in countries, such as India and China is expected to drive natural gas demand.
Urbanization and increasing middle class in countries in the Asia-Pacific region are expected to drive the growth of residential gas consumption. The growing gas consumption is expected to help drive the gas compressor demand in the midstream gas industry, as well as the power and manufacturing industry.
Apart from that, India is focusing on increasing the share of the manufacturing sector in its GDP. India aims to increase the share of the industrial sector from 16% to 25% during 2016-25. The growth of the manufacturing sector in the country is expected to help drive the demand for the compressors, in turn, supporting the market growth during the forecast period.
Thus, rising power demands in emerging markets, such as India, China, etc., are expected to drive the natural gas market, which, in turn, driving the compressor market.

Competitive Landscape

The compressor market is fragmented. Some of the key players in this market are Atlas Copco AB, Baker Hughes Co., Ingersoll-Rand PLC, Siemens AG and Sulzer AG.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06187411/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

__________________________

CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001