Gas Compressor Market To Reach Valuation Of US$ 24 Bn By 2031
Transparency Market Research delivers key insights on the global gas compressor market. In terms of revenue, the global gas compressor market is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global gas compressor.
The global gas compressor market is broadly affected by several factors, including expansion of chemical industry and ongoing investment in construction of oil gas pipeline. Furthermore, growth in deployment of energy-efficient gas compressor is also a key factor anticipated to propel the global gas compressor market.
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Gas Compressor Market: Dynamics
Governments around the world are increasingly taking initiatives to reduce emissions and meet anti-pollution norms by promoting the usage of compressed natural gas (CNG) fuels and natural gas vehicles (NGVs). Enhanced performance, reduced maintenance cost, low fuel cost, and strong storage tanks are propelling the popularity of CNG as a fuel source. As a result, the demand for CNG refueling stations has increased. This, in turn, is boosting the gas compressor market.
The available CNG station infrastructure is inadequate to meet the growing demand for CNG fuel. This is anticipated to drive the need for the installation of new CNG refueling stations, thus accelerating the adoption of gas compressors.
According to the European Alternative Fuels Observatory, the number of CNG cars in Europe reached ~1.2 million in 2020. This rise in the number of CNG vehicles is anticipated to increase in the next few years, thus driving the need for a CNG fueling infrastructure.
In India, there has been a vast growth in the adoption of CNG vehicles across the country. Currently, the penetration of CNG vehicles in India is around 30 cars per 1,000 people. This is likely to increase over the next few years, as EVs are still not affordable for people in India. The Government of India is focused on converting the country to a gas-based economy. It is pushing for an increase of CNG stations to 10,000 countrywide by 2030.
In terms of type, the oil injected segment dominated the global gas compressor market in 2020. The segment is expected to expand at a CAGR of 3.78% between 2021 and 2031. An oil injected compressor uses oil to lubricate the compression chamber and parts.
In terms of compressor, the positive displacement compressor constituted key share of the global gas compressor market in 2020. The positive displacement compressor includes piston compressor and rotary screw compressor. The rise in the demand for rotary screw compressor in end-use industries is anticipated to propel the demand for positive displacement compressors.
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Gas Compressor Market: Prominent Regions
The gas compressor market in Asia Pacific is projected to expand considerably during the forecast period. China dominated the gas compressor market in Asia Pacific in 2020. Rise in FDI investment in exploration and production of oil and gas; and ongoing investment in pipeline infrastructure are key factors driving the gas compressor market in Asia Pacific.
The gas compressor market in Europe is expected to expand significantly during the forecast period, owing to the expansion of the chemical industry in the region. According to Germany Trade Invest, the country constituted 27% of the total chemical industry revenue generated in European Union countries in 2019.
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Gas Compressor Market: Key Players
Major players operating in the global gas compressor market are Atlas Copco AB, Ingersoll Rand, General Electric, Siemens, Mitsui ES Holdings Co., Ltd., KAESER KOMPRESSOREN, Hitachi Ltd., BAUER COMP Holding GmbH, Howden Group, Kobe Steel, Ltd., J.P. Sauer Sohn Maschinenbau GmbH, and Ariel Corporation.
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