Global Process Gas Compressor Market Size By Compressor Type, By Application, By End-User Industry, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Download Sample Ask for Discount Request CustomizationGlobal Process Gas Compressor Market Size By Compressor Type, By Application, By End-User Industry, By Geographic Scope And Forecast
Process Gas Compressor Market Size And Forecast
The global Process Gas Compressor Market size is valued at USD 24 Billion in 2023 and is projected to reach USD 30 Billion by 2030, growing at a CAGR of 4.32% during the forecast period 2024-2030.
Global Process Gas Compressor Market Drivers
The market drivers for the Process Gas Compressor Market can be influenced by various factors. These may include
- Oil and gas industry demand is risingProcess gas compressors are crucial for the transportation, processing, and storage of gas in the oil and gas industry, including the upstream, midstream, and downstream sectors. The requirement for these compressors is driven by the ongoing demand for oil and gas products.
- Increasing the Chemical and Petrochemical SectorsProcess gas compressors are necessary in the chemical and petrochemical industries for a number of tasks, such as gas separation, refining, and chemical manufacturing. Compressor demand is fueled by the expansion of these sectors.
- Exploration and production of natural gasProcess gas compressors are needed for the compression and transportation of natural gas in the natural gas exploration and production industry, particularly in shale gas and LNG (liquefied natural gas) projects.
- Growth in Industry and ManufacturingProcess gas compressors are employed in a number of commercial processes, including air separation, refrigeration, and gas recycling. The market is driven by the rise of industrial sectors.
- Environmental issues and energy efficiencyIn order to comply with environmental requirements and sustainability objectives, manufacturers are creating energy-efficient process gas compressors that reduce energy consumption and greenhouse gas emissions.
- Compressor technology advancesTheir performance and dependability are improved by technological developments, such as the creation of high-efficiency and low-maintenance compressors.
- Upgrade ageing infrastructure as a priorityAgeing process gas compressors are being replaced and upgraded by businesses in an effort to increase productivity, safety, and efficiency.
- Energy Demand Worldwide Process gas compressors are needed for gas turbines and power production applications due to the rising global need for energy, including the generation of electricity.
- Facilities for storing LNG and gasProcess gas compressors are required for the building of LNG facilities and gas storage facilities in order to maintain gas pressure and facilitate storage.
- Economic Development in Developing NationsProcess gas compressors are in high demand due to the quick industrialization and economic expansion of developing nations for a variety of uses, including infrastructure development.
- Expansion in Petrochemical and Oil RefiningProcess gas compressors are needed for oil refinery and petrochemical plant improvements and expansions in order to effectively handle gases and byproducts.
- Pipeline Infrastructure for GasProcess gas compressors are required in the construction of gas pipeline infrastructure in order to maintain pressure and flow during the transportation of natural gas and other gases.
- Processing of Gas and ChemicalsCompressors are necessary for the purification, separation, and treatment of gas in a variety of chemical processes in the chemical and gas processing industries.
- Security and dependabilityIndustries place a high value on reliability and safety in their daily operations, which has led to the adoption of dependable process gas compressors to guarantee the uninterrupted flow of gases.
- Regulatory ConformityIndustries are driven to invest in complying process gas compressors by regulatory obligations relating to emissions, safety standards, and quality control.
- Adaptability in Difficult EnvironmentsProcess gas compressors are widely used in the oil and gas sector because they are built to function in difficult settings like offshore platforms and remote areas.
Global Process Gas Compressor Market Restraints
Several factors can act as restraints or challenges for the Process Gas Compressor Market. These may include
- High initial outlay Process gas compressors, particularly those made for particular uses and industries, can need a substantial initial outlay of cash, which could put off potential purchasers.
- Operational and upkeep expensesOver the course of the equipment’s life, process gas compressors can have significant operational and maintenance expenditures, including energy use, regular maintenance, and spare components.
- Energy efficiency difficultiesOlder compressors might not be as energy-efficient, which would raise energy prices and have a negative impact on the environment. It can be expensive to upgrade to more efficient models.
- Environment-Related RulesThe need for modern, compatible compressors is driven by strict environmental laws on emissions and energy efficiency, which might be more expensive.
- Market rivalryThe Process Gas Compressor Market is cutthroat, and manufacturers must provide affordable solutions while upholding product performance and quality.
- Technical DifficultyIn order to operate and maintain advanced compressors, trained manpower is frequently needed. Finding skilled specialists may be difficult due to the intricacy of these systems.
- Continuity with Industry CyclesProcess gas compressor demand is highly correlated with the cyclical nature of industries like oil and gas, chemicals, and manufacturing, making it susceptible to downturns in the economy.
- Different TechnologiesAlternative methods, including membrane separation or mechanical refrigeration, may be investigated by some businesses to accomplish comparable objectives without the need of compressors.
- Extended lead timesProject delays may result from the lengthy lead times for production and delivery of customised or specialised process gas compressors.
- Supply Chain BreakdownsDisruptions in the global supply chain, such as those that occurred during the COVID-19 epidemic, can have an effect on the supply of raw materials and parts required for the production of compressors.
- Downtime for maintenanceIndustrial processes may have downtime due to scheduled or unforeseen maintenance and repair work, which can have an impact on profitability and productivity.
- Compressor Failure RiskIndustries that largely rely on continuous operations may experience production halts and financial losses as a result of compressor breakdowns.
- Safety IssuesProcess gas compressor operation entails safety issues. Accidents and disasters can have serious repercussions for the environment and the people involved.
- Regulatory ConformityIt can be difficult and expensive to comply with regulatory requirements, especially for companies that must adhere to strict safety and pollution regulations.
- Change in Favour of Renewable EnergySpecific industries may become less dependent on conventional energy generation as the globe shifts to renewable energy sources, which will have an effect on the need for gas compressors in specific applications.
- Uncertainties in the world economy Investment choices in sectors that utilize process gas compressors can be impacted by economic uncertainty, such as recessions and geopolitical conflicts.
Global Process Gas Compressor Market Segmentation Analysis
The Global Process Gas Compressor Market is segmented based on Compressor Type, Application, End-User Industry, and Geography.
Process Gas Compressor Market, By Compressor Type
- Positive Displacement CompressorsIncludes reciprocating compressors and rotary screw compressors, suitable for high-pressure and low-flow applications.
- Dynamic CompressorsIncludes centrifugal compressors and axial flow compressors, ideal for high-flow and moderate-pressure applications.
Process Gas Compressor Market, By Application
- Gas Transmission and DistributionCompressors used in natural gas transmission pipelines and distribution networks.
- Oil RefiningCompressors for various processes in oil refineries, such as hydrocracking and catalytic reforming.
- PetrochemicalCompressors used in petrochemical plants for ethylene production, hydrogen compression, and other processes.
- Chemical ProcessingCompressors employed in the chemical industry for gas separation, synthesis, and reactions.
- Industrial Gas ManufacturingCompressors used in the production of industrial gases like nitrogen, oxygen, and hydrogen.
- Power GenerationCompressors for power plants, including gas turbines and combined-cycle power plants.
- Steel and MetalsCompressors used in steel and metal manufacturing processes, including blast furnaces.
- Mining and MineralsCompressors for mining operations, including ore processing and material handling.
- Food and BeverageCompressors used in the food and beverage industry for applications like bottling and packaging.
- PharmaceuticalCompressors for pharmaceutical manufacturing and packaging.
- OthersAdditional applications, including pulp and paper, textiles, and wastewater treatment.
Process Gas Compressor Market, By End-User Industry
- Oil and GasCompressors used extensively in upstream, midstream, and downstream operations in the oil and gas industry.
- Chemical and PetrochemicalCompressors for chemical and petrochemical manufacturing and processing.
- Power GenerationCompressors for power plants, including natural gas-fired and combined-cycle plants.
- ManufacturingCompressors used in various manufacturing processes across industries.
- Mining and MetalsCompressors for mining and metals extraction and processing.
- Food and BeverageCompressors for food and beverage production and packaging.
- PharmaceuticalCompressors for pharmaceutical manufacturing and research.
- Aerospace and DefenseCompressors for aerospace applications, including aircraft engines.
- Water and WastewaterCompressors for water treatment and wastewater management.
- OthersAdditional industries where process gas compressors find applications, including automotive and construction.
Process Gas Compressor Market, By Geography
- North AmericaMarket conditions and demand in the United States, Canada, and Mexico.
- EuropeAnalysis of the Process Gas Compressor Market in European Countries.
- Asia-PacificFocusing on countries like China, India, Japan, South Korea, and others.
- Middle East and AfricaExamining market dynamics in the Middle East and African regions.
- Latin AmericaCovering market trends and developments in countries across Latin America.
Key Players
The major players in the global Process Gas Compressor Market are
- Atlas Copco
- Siemens Energy
- Ingersoll Rand
- MAN Energy Solutions
- Ariel Corporation
- Baker Hughes
- Ebara Corporation
- Hitachi Corporation
- Mitsubishi Heavy Industries
- Nuovo Pignone
- Sulzer Ltd.
- Borsig ZM GmbH
- Howden Group
- Dresser-Rand
- Gardner Denver Inc.
- Kobelco Compressors Ltd.
- Burckhardt Compression AG
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2020-2030 |
| BASE YEAR | 2023 |
| FORECAST PERIOD | 2024-2030 |
| HISTORICAL PERIOD | 2020-2022 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Atlas Copco, Siemens Energy, Ingersoll Rand, MAN Energy Solutions, Ariel Corporation, Baker Hughes, Ebara Corporation, Hitachi Corporation, Mitsubishi Heavy Industries |
| SEGMENTS COVERED | By Compressor Type, By Application, By End-User Industry, and By Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope. |
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