Market Size of Asia-Pacific Centrifugal Compressor Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Centrifugal Compressor Market Analysis
The centrifugal compressor market in Asia-Pacific is expected to grow at a CAGR of more than 4.5% during the forecast period of 2020-2025. Oil and gas is the major end-user industry for centrifugal compressors which is likely to drive the market in the forecast period. With growing power demand, the application of centrifugal compressors, and their demand in the power sector is likely to increase further. Natural gas-fired power plants are growing significantly, which requires gas at high pressure using compressors. On the other hand, the oil and gas industry, which is a significant applicant of a centrifugal compressor, has shown a slow growth due to the COVID-19 pandemic in 2020, which can restrain the growth of the centrifugal compressor considerably.
- In the end-user segment, the oil and gas industry is the major end-user for the centrifugal compressor. The growing demand for compressor stations for gas transmission is expected to drive the market in the future.
- Different nations are replacing coal-based power plants to natural gas-based, which is expected to create significant opportunities for compressors for both in transportation and power generation sectors in the future.
- China is expected to dominate the market during the forecast period. The growth in the chemical, oil, and gas refining and processing industries are expected to create a significant market.
