Centrifugal Compressor Market Size & Share to Exceed USD 23.4 Billion by 2034, at CAGR of 4.90%. Overview, Analysis, Dynamics, Report, Trend/Opportunities, Segmentation, Players, Growth Rate/Value - By PMI

Covina, Feb. 01, 2024 (GLOBE NEWSWIRE) -- “According to the recent research study, the Centrifugal Compressor Market size was valued at about USD 15.7 million in 2024 and expected to grow at CAGR of 4.90% to extend a value of USD 23.4 million by 2034.”

What is Centrifugal Compressor?                                                                                      

• Market Overview:

Centrifugal Compressor is a type of dynamic compressor widely used in various industries for gas compression. It operates by converting kinetic energy into potential energy, resulting in the compression of gases. Centrifugal compressors are crucial components in many applications, including oil and gas, petrochemical, power generation, and manufacturing processes.
Centrifugal compressors use rotating impellers to accelerate the gas, creating a high-velocity stream that is then decelerated in a diffuser, converting kinetic energy into pressure. They are known for their ability to handle large volumes of gas and provide higher efficiencies, making them suitable for applications where significant compression ratios are required. These compressors find applications in various industries, such as natural gas processing, air separation units, refrigeration, chemical, and petrochemical processing, and power generation.

• Market Dynamics:

Driving Factors:

• Ongoing advancements in compressor technology, materials, and design contribute to improved performance, reliability, and maintenance of centrifugal compressors.
• As industries expand and new infrastructure projects emerge, the demand for centrifugal compressors for various applications also tends to increase.
• The globalization of industries and the need for efficient transportation of natural gas have led to increased demand for compressors in LNG (liquefied natural gas) and other gas-related applications.
• Centrifugal compressors find applications in diverse industries, including oil and gas, petrochemical, chemical processing, power generation, air separation, and refrigeration. Their versatility and ability to handle various gases and flow rates contribute to their widespread adoption.

Restrain Factors:

• High initial investment.
• Limited application in low-flow conditions.
• Operational limitations in turndown ratios.
• Complexity in integration with existing systems.
• Technological transition challenges.

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*Note: PMI Sample Report includes,

• Overview & introduction of market study
• Revenue and CAGR of market 
• Drivers & Restrains factors of market 
• Major key players in market 
• Regional analysis of the market with a detailed graph
• Detailed segmentation in tabular form of market 
• Recent development/news of market 
• Opportunities & Challenges of Market 

Report Scope:

Top Leading Players in Centrifugal Compressor Market:

• Dresser-Rand
• Atlas Copco.
• IHI
• Kobelco
• Hitachi
• Ingersoll Rand
• Gardener Denver
• Baker Hughes
• Mitsubishi Heavy Industries
• Elliott

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Emerging Trends and Opportunities in Centrifugal Compressor Market:

• With a growing emphasis on sustainability and energy efficiency, there is an increasing demand for centrifugal compressors that offer higher efficiency and lower energy consumption.
• The integration of digital technologies, including sensors, data analytics, and connectivity, into centrifugal compressor systems is an emerging trend. This facilitates real-time monitoring, predictive maintenance, and overall system optimization, enhancing efficiency and reducing downtime.
• Smart control systems that utilize advanced algorithms and artificial intelligence for optimizing compressor performance are gaining traction. These systems can adapt to varying operational conditions, improving efficiency and reducing energy consumption.
• Advances in materials and coatings contribute to improved durability, reliability, and efficiency of centrifugal compressors. Manufacturers are exploring innovative materials that can withstand harsh operating conditions and extend the lifespan of compressor components.
• The expansion of hybrid and combined cycle power generation plants creates opportunities for centrifugal compressors, especially in applications like gas turbine air compression and power augmentation.

Challenges of Centrifugal Compressor Market:

• Cost sensitivity.
• Technological complexity.
• Oil-free compression challenges.
• Energy efficiency regulations.
• Supply chain disruptions.
• Global economic uncertainties.
• Adaptation of industry trends.

Recent Development:

• In September 2021, FS-Curtis launched new air/water cooled centrifugal compressor “ECO-Turbo”. The oil-free, Class 0 compressor uses the FS-Elliot engineered airend & suitable for use in industrial applications where 100% of oil-free compressed air is required with higher demand. The “ECO-Turbo” design fully encapsulates the compressor’s air, cooling, lubrication, and control systems.

Detailed Segmentation:

Centrifugal Compressor Market, By End User:

• Oil and Gas
• Power Sector
• Petrochemical and Chemical Industries
• Other End Users

Centrifugal Compressor Market, By Region:

• North America
  • North America Centrifugal Compressor Market, By End User
  • North America Centrifugal Compressor Market, By Country
    • U.S.
    • Canada
  • Europe
    • Europe Centrifugal Compressor Market, By End User
    • Europe Centrifugal Compressor Market, By Country
      • Germany
      • UK
      • France
      • Russia
      • Italy
      • Rest of Europe
  • Asia Pacific
    • Asia Pacific Centrifugal Compressor Market, By End User
    • Asia Pacific Centrifugal Compressor Market, By Country
      • China
      • India
      • Japan
      • South Korea
      • Rest of Asia Pacific
  • Latin America
    • Latin America Centrifugal Compressor Market, By End User
    • Latin America Centrifugal Compressor Market, By Country
      • Brazil
      • Mexico
      • Rest of Latin America
  • Middle East & Africa
    • Middle East & Africa Centrifugal Compressor Market, By End User
    • Middle East & Africa Centrifugal Compressor Market, By Country
      • GCC
      • Israel
      • South Africa
      • Rest of Middle East & Africa

• Key highlights of the Centrifugal Compressor Market:

• Advancement in technology drive the continuous innovation in the industry.
• The growth of industries globally, particularly in sectors such as oil and gas, petrochemicals, and power generation, drives the demand for centrifugal compressors.
• As energy efficiency becomes a significant concern for industries, the relatively high efficiency of centrifugal compressors makes them an attractive choice. Their design contributes to lower energy consumption, reducing operational costs over time.
• Efficiency and performance allows for relatively smooth and continuous compression, making them suitable for applications with varying capacity requirements.
• Some centrifugal compressors are designed for oil-free operation, which is crucial in industries where the presence of oil contaminants can be detrimental, such as in food and pharmaceutical manufacturing. This feature enhances the suitability of centrifugal compressors in specific applications.
• Asia Pacific accounts highest revenue share to the global centrifugal compressor market. There are several floating production storage and offloading (FPSOs) projects in the Asia-Pacific region, which is expected to begin operations over the next four years.

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