Market Size of Axial Compressor Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Axial Compressor Market Analysis
The axial compressor market is expected to grow at a CAGR of more than 5% during the period of 2020-2025. Factors such as growing demand for natural gas which, in turn, is leading to growing gas pipeline network is expected to be one of the most significant drivers for the compressor market during the forecast period. Apart from that, the emerging countries, such as India, Vietnam, and Malaysia are encouraging the foreign investments in the manufacturing industry through several government programs, which, in turn, is expected to drive the manufacturing sector, in turn, supporting the demand for axial compressors during the forecast period. However, consumers opt to service and continue usage of existing compressors as opposed to investing in new installations, in order to reduce capital expenditure, since the cost of new compressor is significantly high. This along with emission of methane in the atmosphere from the compressors, leading to environmental issues are the restraining factors for the market studied.
- Oil and gas end-user segment is likely to dominate the axial compressor market owing to the increased use of axial compressors in upstream, midstream and downstream sectors for a number of distinctly different applications, such as transmission, storage, gas gathering, gas lift, gas injection, flash gas compression, refrigeration, etc.
- Rising electricity demand in emerging markets, such as India, China, Brazil, and Mexico are expected to drive the natural gas demand in power generation sector, which in turn is expected to create a significant opportunities for axial compressors manufacturers and suppliers in the near future.
- Asia Pacific has dominated the market in 2018 and is expected to show substantial market growth owing to the increase in gas demand and rise in manufacturing industry in countries such as India, China, Australia, etc.
