Global Process Gas Compressors Market is valued approximately USD 6.45 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 3.71% over the forecast period 2021-2027. Technological advancements in compression techniques have a significant impact on the equipment’s compression capabilities, which is likely to fuel the process gas compressor market growth throughout the forecast period. Furthermore, the industry’s need for air compressors is projected to be fueled by the increased use of durable and energy-efficient equipment. Also, creating high-power rated and efficient air compression equipment necessitates the use of advanced technology and a high level of technical competence. As a result, the process gas compressor market’s expansion is anticipated to be hampered in the future years by the high cost of installation and maintenance. During the forecast period, however, the growth in manufacturing activities in Asia-Pacific and LAMEA is necessary to introduce manufacturers with significant revenue opportunities. With increased exports and imports by gas producing nations such as The United and Russia, as well as gas-consuming countries including China and the European Union, demand for process gas compressors in the midstream oil and gas sector is expected to rise. For instance, according to the U.S. Energy Information Administration, the natural gas pipeline network in the United States is a highly interconnected system that transports natural gas throughout the continent. About 3 million miles of mainline and other pipes connect natural gas producing locations and storage facilities with customers in the pipeline network. This natural gas transportation network provided around 28.3 trillion cubic feet (Tcf) of natural gas to over 76.9 million consumers in 2019. Also, The Interstate Natural Gas Association of America (INGAA) said pipeline and collecting CAPEX’s economic consequences The anticipated pipeline and gathering line CAPEX of $22 billion per year is expected to generate approximately 325,000 employment per year in the United States. Over the 2018-2035 projection period, this investment is anticipated to contribute $565 billion to US GDP, $106 billion in Federal taxes, and $91 billion in state and local taxes, equating to average annual values of $31 billion, $6 billion, and $5 billion, respectively. Global oil and gas trunk pipes are anticipated to increase by 13.4% from 1.9 million kilometers in 2019 to 2.2 million kilometers in 2023. According to announced and planned projects, Asia and North America lead in pipeline length expansion, with a total of approximately 0.14 million km. This trend is expected to show good signals for the process gas compressor industry in the future years. In the United States, coal-fired energy output has declined significantly, with gas-fired energy production progressively taking its place. The percentage of energy produced from gas increased from 27.5 percent in 2014 to 35.1 percent in 2018, indicating that the market for process gas compressors in the Oil and Gas Industry is growing.
The main regions of Asia Pacific, North America, Europe, Latin America, and the Rest of the World are included in the geographical analysis of the worldwide Process Gas Compressors market. The Asia Pacific region has had the quickest growth, owing to India’s and China’s expanding industrial and consumer markets, as well as increased gas consumption from established nations such as Australia. India’s recent advancements in the sector of pipeline and city gas distribution are likely to play a significant role in the Asia-Pacific region’s process gas compressor market growth. India is anticipated to have 34,384 kilometers of new pipelines online. The process gas compressor market in India is projected to benefit from India’s investment in the refining and petrochemicals industries. India’s refining capacity increased by 6.51 percent to 22495.43 TMT in March 2019, compared to March 2018. China’s aim to lowering pollution by replacing coal-fired energy production with renewable energy and gas-fired energy production has resulted in a steady increase in gas demand over the years, making it the world’s third-largest gas consumer.
Major market player included in this report are:
Atlas Copco Ab
Mitsui E&S Holdings Co. Ltd.
BAUER Comp Holding GmbH
Kobe Steel Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Oil & Gas
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027
Target Audience of the Global Process Gas Compressors Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers