Compressor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The global compressor market is expected to witness a CAGR of about 4.15% over the period of 2020-2025. Factors such as growing demand for natural gas, which, in turn, is leading to a 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 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 compressors during the forecast period. However, consumers opt to service and continue usage of existing compressors instead of investing in new installations to reduce capital expenditure, since the cost of a new compressor is significantly high. This, along with the emission of methane in the atmosphere from the compressors, leading to environmental issues, is the restraining factor during the forecast period.

• Oil and gas end-user segment is likely to dominate the compressor market owing to the increased use of different types of compressors in upstream, midstream and downstream sectors for several distinctly different applications, such as transmission, storage, gas gathering, gas lift, gas injection, flash gas compression, refrigeration, etc.
• The coal consumption in Europe has been on a decline since 2013, from 377 million tonnes to 307 million tonnes in 2018. This has led to increased dependence on gas for power as a substitute for coal and create a huge opportunity for the compressor market.
• Asia-Pacific is the largest market and is also expected to dominate the market during the forecast period. It is driven by China and India, due to the growing natural gas infrastructure in these countries.