LNG Compressor Market Trends, Analysis, Application & Type Forecast to 2024

Global LNG Compressor Market: Overview

The pressing demand for LNG worldwide has brought about the development of various equipment in the value chain for LNG. One of them is the LNG compressor which are used to liquefy LNG. These systems precede the refrigeration process in the LNG plant and are also referred to as refrigeration compressors. The LPG compressors can be classified broadly on the basis of their design into vertically-split barrel compressors, horizontally-split compressors, and axial compressors. Horizontally-split compressors are used mainly for low and medium pressure applications; axial compressors for high flow and low pressure applications, and vertically-split compressors for high pressure applications.

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The horizontally-split compressors are slated to hold a sway over the market due to their effective designs and ease in maintenance. Axial and vertical-split compressors, however, will likely provide stiff competition to it on account of their increasing use in upcoming projects. A report by Transparency Market Research offers essential information about the global LNG compressor market. It presents a granular analysis of the factors promoting or hindering it. It also profiles leading companies in the market and leverages market-leading analytical tools to gauge the threats and opportunities.

Global LNG Compressor Market: Trends and Opportunities

At the forefront of driving growth in the global LNG compressor market is the massive production of natural gas. For example, the boom in natural gas production from the U.S. shale reserves and myriad offshore locations in Africa, has majorly boosted the LNG trade worldwide. This has spurred demand for LNG compressors that are used in their liquefaction. Going forward, the market for LNG compressors is predicted to expand at a healthy clip on the back of further upswing in natural gas production from unconventional sources and offshore locations and because of the opening up of the expanded Panama Canal.

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With a copious number of LNG contracts, LNG operators are compelled to reduce delivery costs by attaining larger economies of scale. This resulted is development of cutting-edge machines having more effective techniques and capacity that brings down the time for liquefaction. Sensing opportunity and profit in the industry more and more companies are investing in the LNG compressor market these days.

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