New York, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Liquefied Natural Gas Compressor Global Market Report 2023" - https://www.reportlinker.com/p06479942/?utm_source=GNW
, Sundyne., IHI Rotating Machinery Engineering Co. Ltd., NEUMAN & ESSER GROUP, Atlas Copco AB, Burckhardt Compression AG, MOLGAS ENERGY S.A.U, Howden Group, and Sulzer Ltd.
The global liquefied natural gas compressor market is expected to grow from $3.80 billion in 2022 to $4.04 billion in 2023 at a compound annual growth rate (CAGR) of 6.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The liquefied natural gas compressor market is expected to reach $4.97 billion in 2027 at a CAGR of 5.3%.
The liquefied natural gas compressor market consists of sales of LNG centrifugal compressors, off-gas compressors, regeneration gas compressors, refrigerant compressors, boil-off gas compressors, and end flash gas compressors.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
North America was the largest region in the liquefied natural gas compressor market in 2022. The regions covered in liquefied natural gas compressor report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main design types of the liquefied natural gas compressor are vertically-split barrels, horizontally-split barrels, and axial compressors.Axial compressors are similar to centrifugal compressors in size and performance, however, they are smaller as well as somewhat more efficient.
They are used in various applications such as low-pressure applications, and medium-pressure applications, and used in various end users industries such as vehicles, electrical, industrial, residential, and others.
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.
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, in November 2020, 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.
In October 2022, Enerflex Ltd., a Canada-based manufacturer of LNG compressors and other products relating to gas production, acquired Exterran Corporation for an undisclosed amount. Through the acquisition, Enerflex is in a prime position to take advantage of macrotrends and use its top global platform, varied services, and cash-flow-generating business model to fulfill the rising demand for natural gas and energy assurance throughout the world and to weather all commodity cycles. Exterran Corporation is a US-based company involved in natural gas processing and treatment and compression products and services.
The countries covered in the liquefied natural gas compressor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The liquefied natural gas compressor(LNG Compressor) market research report is one of a series of new reports that provides liquefied natural gas compressor(LNG Compressor) market statistics, including liquefied natural gas compressor(LNG Compressor) industry global market size, regional shares, competitors with a liquefied natural gas compressor(LNG Compressor) market share, detailed liquefied natural gas compressor(LNG Compressor) market segments, market trends, and opportunities, and any further data you may need to thrive in the liquefied natural gas compressor(LNG Compressor) industry. This liquefied natural gas compressor(LNG Compressor) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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