Booster Compressor Market Size

Booster Compressor Market Analysis

The booster compressor market is expected to register a CAGR of around 3.5% during the forecast period. The COVID-19 pandemic had an impact on the compressors market in the form of suspensions and halts in industrial projects. The compressor companies envisaged degrowth in their revenues during the outbreak. For example, companies like Atlas Copco AB recorded SEK 47.3 billion in FY 2020-21 from its Compressor Technique segment, which decreased from SEK 48.2 million in FY 2019-20. The booster compressor market is expected to have an accelerated growth in the near future ascribed to the factors like the growth in industrial projects across the globe and escalating natural gas demand for various applications, leading to more gas pipeline projects in place. However, the use of existing compression systems to avoid high expenditure on new installations is likely to constrain the market growth, as the technology involves high installation costs.

• The oil and gas segment is likely to be at the forefront in the coming years due to the proliferation in the number of gas pipeline projects planned recently.
• The rapid expansion in the power generation industry, particularly the gas-fired power generation, places ample opportunities for the booster compressor market. The technology can witness an elevation in its deployment due to the global shift toward clean fuel-based power generation methods like natural gas. The natural gas-based power generation was recorded as 6268 TWh in 2020, a steady growth in the last ten years.
• The Asia-Pacific region is expected to ace the market during the forecast period due to the increase in energy consumption in developing economies.