According to TechSci Research report, “Global Centrifugal Compressor Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Centrifugal Compressor is anticipated to project robust growth in the forecast period with a CAGR of 4.95% through 2028, Over the medium term, natural gas is increasingly replacing oil and coal as an energy source in the power generation and transportation sectors. To fulfill the increasing demand for gas, governments worldwide are planning to invest in expanding the infrastructure.
This is likely to boost the demand for centrifugal compressors during the forecast period. Nevertheless, several centrifugal compressor manufacturers strive to develop more energy-efficient products during rising end-user demands and changing energy efficiency standards. This factor is expected to create several opportunities for the market during the forecast period.
Based on End User , Oil and Gas segment is expected to dominate the market during the forecast period. The oil and gas industry offers widespread applications for centrifugal compressors across the upstream, midstream, and downstream sectors. Centrifugal compressors serve various purposes across the oil and gas industry, such as gas transportation, compression for gas injection, gas gathering, gas lift, etc. In oil and gas upstream operations, gas lifts are used, in which low-pressure gas (3 to 7 bar) is compressed to a higher pressure and recycled down the well casing-tubing annulus through a gas lift valve at a predetermined depth that enables lightening the liquid column in the tubing.
Centrifugal compressors are used in later phases to maintain or increase gas flow into the pipeline systems in gas fields, as the reservoir pressure tends to decrease over time. The gas reinjection is used for enhanced oil recovery (EOR) to compensate for the natural decline in production from the oil fields.
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Furthermore, in February 2021, Qatar reached FID on the North Field East Project (NFE), comprising of four mega LNG trains of 8 MTPA each, at an estimated cost of USD 28.75 billion. The 33 MTPA project is expected to start production in Q4 2025 and will raise Qatar’s LNG production to approximately 110 MTPA by late-2026 or early 2027. With the growing demand for LNG, similar projects are expected to support the growth of centrifugal compressors in the oil and gas sector. Therefore, owing to the abovementioned factors, the oil and gas segment is expected to dominate the centrifugal compressor market during the forecast period.
Based on Region, Asia Pacific is Expected to dominate the market. The Asia-Pacific dominated the global market share in 2021. The oil and gas and power industries remain the largest end users of these compressors in the region. Several floating production storage and offloading (FPSOs) projects in the Asia-Pacific are expected to begin operations over the next four years. Increasing FPSO projects are expected to create tremendous opportunities in the market studied.
The Asia-Pacific is witnessing a widespread development of industrial infrastructure, leading to a surge in demand for power. New power plants need to be developed as the requirement of continuous power supply is imperative for industrial operations. Therefore, the increase in the development of power generation plants, particularly gas-fired generation plants, is expected to drive the demand for centrifugal compressors during the forecast period.
Further, in India, under the Make in India program, the government plans to place the country on the world map as a manufacturing hub. According to the Indian Brand Equity Foundation, the manufacturing sector in the country has the potential to reach USD 1 trillion by 2025. It is likely to increase the demand for centrifugal compressors during the study period.
Therefore, owing to the abovementioned factors, the Asia-Pacific is expected to dominate the centrifugal compressor market during the forecast period.
Key market players in the Global Centrifugal Compressor Market are following:-
- Atlas Copco AB
- Ingersoll Rand Inc.
- Baker Hughes Company
- Sundyne
- Elliott Group
- Howden Group
- Mitsubishi Heavy Industries Ltd
- HMS Group
- Borsig GmbH
- Kobe Steel Ltd
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“Key drivers of the global centrifugal compressor market include increasing industrial growth across sectors like oil and gas, power generation, and manufacturing. The pursuit of energy efficiency and sustainability is pushing demand for high-efficiency compressors. Infrastructure development and urbanization are creating a need for HVAC systems, while advancements in technology, such as digital controls and materials, improve compressor performance.
Additionally, environmental regulations and the globalization of trade and supply chains influence the market's growth. Overall, the centrifugal compressor market thrives on industrial expansion, energy concerns, and technological innovations.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Centrifugal Compressor Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by End User (Oil and Gas, Power Sector, Petrochemical and Chemical Industries, Other), By Region, Competition 2018-2028 has evaluated the future growth potential of Global Centrifugal Compressor Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Centrifugal Compressor Market.
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