Press release
Liquefied Natural Gas Compressor Market 2024-2033: Growth Trends & Competitive Landscape
The liquefied natural gas compressor market size is expected to see strong growth in the next few years. It will grow to $5.26 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to investments in lng infrastructure, operational efficiency and cost reduction, market expansion in emerging economies, transition to cleaner energy sources, rising lng demand and trade.. Major trends in the forecast period include growing lng demand and production, expansion of lng infrastructure, energy transition and cleaner fuels adoption, global market expansion, focus on operational efficiency..
Market Overview -
The liquefied natural gas compressor refers to the compressor that is used in the liquefaction of natural gas. Gas pressure is mechanically increased by natural gas compressors in stages (or steps) until it reaches the required delivery threshold. A compressor's number of stages will depend on the initial pressure and the intended finishing pressure.
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Surging Shale Gas Production Ignites Growth In The Liquefied Natural Gas Compressor Market
The increased production of natural gas from shale reserves is expected to propel the growth of the liquefied natural gas compressor market going forward. Shale reserves are a kind of sedimentary rock deposit that may be utilized to generate oil and gas. The heightened production of natural gas expands the liquefied natural gas compressor market as they are used in the liquefaction of natural gas, which is essential for transportation. For instance, in October 2022, according to the Energy Information Administration, a US-based primary federal statistical system organization in charge of gathering, evaluating, and distributing data on energy, 79% of the natural gas produced in the United States came from shale deposits. The increase in dry natural gas output was complemented by an approximately 4% increase in Natural Gas Pipeline Company of America production in 2021, which has increased every year for the last 15 years. Therefore, increased production of natural gas from shale reserves is driving the liquefied natural gas compressor market.
Competitive Landscape -
Major companies operating in the liquefied natural gas compressor market report are EagleBurgmann, General Electric Company, Siemens AG, Mitsubishi Heavy Industries Ltd., Elliott Group, Kobelco Compressors America Inc., IMW Industries Ltd., Sundyne, IHI Rotating Machinery Engineering Co Ltd., NEUMAN & ESSER GROUP, Atlas Copco AB, Burckhardt Compression AG, MOLGAS ENERGY SAU, Howden Group, Sulzer Ltd., Ariel Corporation, Bauer Compressor Inc., Ingersoll Rand Inc., HYDRAULIC MACHINES & SYSTEMS GROUP PLC. , Clean Energy Fuels Corp, Kobe Steel Ltd., Ebara Corporation, Hitachi Ltd., Gardner Denver Holdings Inc., Sullair LLC, Quincy Compressor LLC, Kaeser Kompressoren SE, Corken Inc., Baker Hughes Company, MAN Energy Solutions SE, Mitsui Seiki Kogyo Co Ltd., Rolls-Royce Holdings plc, Worthington Industries Inc.
Innovative Technologies Revolutionize The Liquefied Natural Gas Compressor Market
Technological innovation is the key trend gaining popularity in the liquefied natural gas compressor market. Major companies operating in the liquefied natural gas compressor market are focused on developing innovative technologies to strengthen their position in the market. For instance, ConocoPhillips, a US-based oil and natural gas producer and owner of exploration leases, launched The Traditional OCP Configuration - OCP Pro Technology. The Traditional OCP Configuration - OCP Pro technology increases turndown capabilities and yearly availability while retaining good thermal efficiency across a broad operating range for compressor trains. The other technology is the Latest OCP Configuration - OCP Compass technology reduces overall installed cost by decreasing the liquefaction train's equipment count and size, as well as considerably simplifying modularization. OCP Compass facilities will provide the same industry-leading efficiency and low emissions of greenhouse gases as OCP Pro facilities.
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Key Segments -
The liquefied natural gas compressor market covered in this report is segmented -
1) By Design: Vertically-Split Barrel, Horizontally-Split Barrel, Axial Compressors
2) By Application: Low Pressure Application, Medium Pressure Application
3) By End User: Vehicles, Electrical, Industrial, Residential, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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