Pune, India, Aug. 30, 2021 (GLOBE NEWSWIRE) -- According to the collective views of expert analysts and forecasters, worldwide process gas compressors market size was appraised USD 6.45 billion in 2020 and is estimated to reach USD 8.32 billion by the end of the forecast period 2021-2027, exhibiting a CAGR of 3.71% throughout.
To help readers attain a truly global perspective, the geographical analysis section deciphers the size and scope of each regional market at country-level. Moreover, the report also incorporates in-depth studies on other sub-markets, including product type and end-use spectrum. Proceeding further, it sheds light on the major players in terms of the product portfolio, financials, and strategic undertakings to help stakeholders in making beneficial decisions for the future.
Technological innovations in compression techniques along with escalating demand for durable and energy-efficient equipment are fostering the market growth. Shifting focus from coal-derived energy to other sources is also rendering a positive impact on the industry. Further, rise in manufacturing activities in APAC and LAMEA will unlock new opportunities for businesses in the forthcoming years. On the contrary, high installation cost and maintenance continue to prove as challenges for industry.
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End-use spectrum outline:
Chemical, oil & gas, power generation, and industrial gases industries are major end-users in global gas compressors industry. Among these, oil & gas segment is slated to garner strong returns in the forthcoming years, creditable to increasing import-export activities by gas producing nations like United States and Russia, as well as high demand from gas-consuming economies like European Union and China. Moreover, global oil and gas trunk pipes are expected to increase by 13.4% from 1.9 million kilometers in 2019 to 2.2 million kilometers in 2023, with Asia and North America leading in pipeline length expansion.
Geographical analysis overview:
North America, Latin America, Asia Pacific, and Europe are the key contributors to the global process gas compressors market remuneration. Experts state that Asia Pacific market will grow tremendously in the upcoming years, largely creditable to rapidly progressing industrial and consumer sectors in India and China, as well as accelerated gas consumption in developed economies like Australia.
India’s recent progress in pipeline and city gas distribution will contribute immensely to the regional market development as the petroleum regulator in the country has authorized the deployment of around 33,700 kilometers of new natural gas pipelines. Besides, large-scale investments in refining and petrochemicals industries across the country is enhancing the remuneration potential.
China’s continued efforts to reduce carbon footprint by substituting coal-fired energy with renewable energy and gas-fired energy has led steady rise in gas demand over the years, making it the world's third-largest gas consumer and a lucrative avenue for businesses in process gas compressors industry.
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Global Process Gas Compressors Market Type Landscape (Revenue, USD Billion, 2018-2027)
- Oil Free
- Oil Injected
Global Process Gas Compressors Market End-use Spectrum (Revenue, USD Billion, 2018-2027)
- Chemicals
- Oil & Gas
- Power Generation
- Industrial Gases
- Others
Global Process Gas Compressors Market Geographical Bifurcation (Revenue, USD Billion, 2018-2027)
North America
- United States
- Canada
Europe
- United Kingdom
- France
- Germany
- Italy
- Spain
- Rest of Europe
Asia Pacific
- India
- Australia
- South Korea
- Japan
- China
- Rest of Asia Pacific
Latin America
- Mexico
- Brazil
Rest of the World
Global Process Gas Compressors Market Competitive Dashboard (Revenue, USD Billion, 2018-2027)
- Kobe Steel Ltd.
- Howden Group
- Bauer Comp Holding GmbH
- Hitachi Ltd.
- Kaeser Kompressoren SE
- Mitsui E&S Group
- Siemens AG
- General Electric Co.
- Ingersoll Rand Inc.
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. Process Gas Compressors Market, by Region, 2019-2027 (USD Billion)
1.2.2. Process Gas Compressors Market, by Type, 2019-2027 (USD Billion)
1.2.3. Process Gas Compressors Market, by End-use, 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Process Gas Compressors Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Process Gas Compressors Market Dynamics
3.1. Process Gas Compressors Market Impact Analysis (2019-2027)
3.1.1. Market Drivers
3.1.1.1. Technological advancements in compression techniques
3.1.1.2. The rise in the adoption of robust and energy-efficient equipment
3.1.2. Market Challenges
3.1.2.1. High cost of installation and maintenance for the equipment
3.1.3. Market Opportunities
3.1.3.1. Increase in production activities from APAC
Chapter 4. Global Process Gas Compressors Market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2018-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Process Gas Compressors Market, by Type
5.1. Market Snapshot
5.2. Global Process Gas Compressors Market by Type, Performance - Potential Analysis
5.3. Global Process Gas Compressors Market Estimates & Forecasts by Type 2018-2027 (USD Billion)
5.4. Process Gas Compressors Market, Sub Segment Analysis
5.4.1. Oil Injected
5.4.2. Oil Free
Chapter 6. Global Process Gas Compressors Market, by End-use
6.1. Market Snapshot
6.2. Global Process Gas Compressors Market by End-use, Performance - Potential Analysis
6.3. Global Process Gas Compressors Market Estimates & Forecasts by End-use 2018-2027 (USD Billion)
6.4. Process Gas Compressors Market, Sub Segment Analysis
6.4.1. Oil & Gas
6.4.2. Chemicals
6.4.3. Power Generation
6.4.4. Industrial Gases
6.4.5. Others
Chapter 7. Global Process Gas Compressors Market, Regional Analysis
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The industrial air compressor market is estimated to exhibit sizable growth by 2027 owing to increasing demand for air compression systems across several applications for optimal manufacturing efficiency. The industrial air compressor market has been bifurcated based on product, technology, lubrication, power capacity, application, and region. In terms of power capacity, the market has further been segmented into up to 15 kW, 16 - 75 kW, 75 - 500 kW, and more than 500 kW. The up to 15 kW sub-segment is expected to see substantial growth by 2027 recording a CAGR of 6% through the analysis period. The more than 500 kW sub-segment held a share of over 25% in the overall industrial air compressor market landscape in 2020. On the basis of application, the market has been divided into food & beverage, energy & mining, oil & gas, semiconductor & electronics, construction & municipal, manufacturing, pharma, agriculture/farming, and others. In 2020, the food & beverage sector garnered a share of around 5% in terms of market revenue and is projected to see sizable growth by 2027. Increasing usage of industrial air compressors in the food & beverage sector for various applications, including product handling, packaging, food filling, and nitrogen generation, is anticipated to propel market growth in the following years.
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