Market Size of Europe Centrifugal Compressor Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Centrifugal Compressor Market Analysis
The centrifugal compressor market in Europe is expected to grow at a CAGR of more than 3% in the forecast period of 2020-2025. The rapidly increasing production of natural gas in Russia is one of the major driving factors for the growth of the centrifugal compressor market. With growing power demand and the application of centrifugal compressors in the power sector is likely to increase the demand further. Natural gas-fired power plants are increasing significantly, which requires gas at high pressure using compressors. On the other hand, the oil and gas industry and manufacturing industry, which are significant applicants of a centrifugal compressor, have shown a slow growth due to the COVID-19 pandemic in 2020, which can restrain the growth of the centrifugal compressor market considerably.
- In the end-user, the oil and gas industry is the major applicant for the centrifugal compressor. The growing demand for compressor stations for gas transmission is expected to drive the market in the future.
- Russia is planning to grow its chemical sector with Chemical Industry Vision 2030. The growing chemical industry is expected to create significant opportunities for market players in the future.
- Russia is anticipated to dominate the market in the forecast period. The growth in the chemical, oil, and gas refining and processing industries are expected to create a significant market.
