Gas Compressor Market Estimated to Record Highest CAGR by 2025
Posted by priyanka25 on January 15th, 2020
Gas compressor is a mechanical device that reduces the volume of a gas by pressurizing it. A compressor and a pump are similar; they can apply the pressure on fluid and transport it through a pipe. Gas compressor is employed when there is a need of high pressure or lower volume of gas. Various gases such as air, nitrogen, ethylene, carbon dioxide, helium, and natural gas are used in gas compressors.
There are two types of gas compressors: positive displacement compressors and dynamic compressors. Positive displacement compressors are further distinguished as reciprocating and rotary compressors. Dynamic compressors can also be categorized into centrifugal compressors and axial compressors. Depending upon the type, gas compressors are employed in a wide range of applications in various industries such as steel, automobile, chemicals, electronics, pharmaceutical, and petroleum & petrochemical refining. However, the basic application area of pressurizing the gas and reducing its volume remains the same.
Demand for energy has increased over the last two decades due to the rise in population across the globe. In the midst of higher fuel consumption, natural gas is emerging as the preferred fuel owing to its clean energy output compared to its counterparts (i.e. oil). Thus, demand for gas compressors is expected to increase in the near future, thereby indicating enhanced opportunities for the gas compressor market.
Apart from natural gas, the usage of LNG, CNG, and LPG has been rising. This acts as a driver of the gas compressor market. Stringent emission norms and regulations is one of the key drivers of the gas compressor market. Awareness about global warming and greenhouse gas emission has boosted the efforts to find substitute for coal and oil dependent energy consumption. Natural gas is a clean source of energy vis-à-vis coal and oil. It can also replace coal and oil in various applications, primarily in power generation and vehicles. Most countries across the world prefer LNG and CNG in vehicles. Thus, LNG and CNG act as substitutes for gasoline and diesel.
North America is anticipated to dominate the gas compressor market during the forecast period. Technologically, the region is well developed and experiences significant energy consumption. Furthermore, the demand for energy is estimated to shift from oil to gas due to the recent discovery of shale gas in the region. Asia Pacific is also a lucrative region of the gas compressor market. It has the highest population in the world and countries such as China, India, Malaysia, and Indonesia are experiencing strong economic growth. The region is developing rapidly. The need for energy is also likely to rise in the near future. Middle East & Africa is well known for its oil and gas deposits. Natural gas deposits in the region may transform the energy scenario. This is expected to positively affect the gas compressor market.
Key players operating in the gas compressor market are Sauer Compressors USA, AMERICAN JEREH, Hitachi, Ltd., BAUER COMPRESSORS, INC., Ariel Corporation, KOHO compressor systems, Kobelco, Atlas Copco, Exterran Corporation, Sundyne, PDC Machines Inc., and RIX Industries.Also See: Gas Compressor, Compressor Market, Natural Gas, Gas Compressors, Market, Gas, Compressors
Wall Street Window
Stock Market Financial and Global Geopolitical News