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Liquefied Natural Gas Compressor Global Market Insights: Growth Drivers, Size & Forecasts to 2029
Liquefied natural gas
What Is the Forecasted Market Growth Rate of the Liquefied Natural Gas Compressor Industry?
The market size of the liquefied natural gas compressor has been expanding progressively over recent years. There is a predicted increase from $4.25 billion in 2024 to $4.41 billion in 2025, with a compound annual growth rate (CAGR) of 3.9%. The growth witnessed in the historic period is credited to the global rise in LNG demand, the need for operational efficiency, adherence to regulatory and environmental standards, and worldwide market permeation.
How Will the Liquefied Natural Gas Compressor Market Size Evolve From 2025 to 2029?
In the coming years, the market size for liquefied natural gas compressors is projected to experience substantial growth, predicted to reach $5.44 billion in 2029 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth during the forecast period can be ascribed to various factors such as investment in LNG infrastructure, improved operational efficiency, cost-cutting measures, market development in developing countries, transition towards more eco-friendly energy sources, and increasing demand and commerce for LNG. Key trends for the forecast period encompass the rising demand and production of LNG, broadening of LNG infrastructure, shift towards more sustainable energy and adoption of cleaner fuels, global market development, along with emphasis on operational efficiency.
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What Are the Main Growth Drivers in the Liquefied Natural Gas Compressor Market Today?
The upswing in natural gas production from shale reserves is anticipated to drive the expansion of the liquefied natural gas compressor market. Shale reserves, a type of sedimentary rock deposit, contain potential sources for oil and gas extraction. The surge in natural gas production intensifies the liquefied natural gas compressor market due to their essential role in liquefying natural gas for transportation purposes. The Energy Information Administration, a government agency based in the US, revealed in April 2024 that there was a significant increase of 7% (2.2 Bcf/d) in natural gas consumption in the electric power sector from 33.2 Bcf/d in 2022 to an unprecedented high of 35.4 Bcf/d in 2023. This marked the greatest increase among U.S. economic sectors. Hence, the escalated production of natural gas from shale reserves is fueling the growth of the liquefied natural gas compressor market.
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Which Liquefied Natural Gas Compressor Market Segment Is Expected to Lead Through 2029?
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
Subsegments:
1) By Vertically-Split Barrel: Single-Stage Compressors, Multi-Stage Compressors
2) By Horizontally-Split Barrel: Single-Stage Compressors, Multi-Stage Compressors
3) By Axial Compressors: Single-Stage Axial Compressors, Multi-Stage Axial Compressors
Which Market Trends Are Expected to Dominate Liquefied Natural Gas Compressor Industry Growth?
The primary trend gaining traction in the liquefied natural gas compressor market is technological innovation. The significant corporations involved in this market are concentrated on introducing advanced technologies in order to solidify their market standing. Take for example, ConocoPhillips, an oil and natural gas producer based in the US with exploration leases, it unveiled The Traditional OCP Configuration - OCP Pro technology. The implication of this technology is that it amplifies turndown abilities and annual availability, all while maintaining satisfactory thermal efficiency across an extensive operating range for compressor trains. Additionally, The New OCP Configuration - OCP Compass technology helps in curtailing the total installed expenses by reducing the equipment count and size of the liquefaction train, alongside significantly easing modularization. This OCP Compass facilities are set to deliver the equivalent top-tier efficiency and reduced greenhouse gases emissions as offered by OCP Pro facilities.
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Which Companies Hold the Largest Market Share in the Liquefied Natural Gas Compressor Sector?
Major companies operating in the liquefied natural gas compressor market include 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.
Where Is the Liquefied Natural Gas Compressor Market Experiencing the Highest Growth?
North America was the largest region in the liquefied natural gas compressor market in 2024. The regions covered in the liquefied natural gas compressor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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