Market Size of Gas Compressors Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Gas Compressors Market Analysis
The gas compressors market is expected to register a CAGR of about 3% during the forecast period, 2022-2027. In 2020, as international oil prices declined due to reduced consumption of oil and gas, the demand for gas compressors also witnessed a significant decline during the COVID-19 pandemic. Factors such as the growing demand for natural gas for power generation and the increasing demand for compressors from the pharmaceutical industry are expected to drive the gas compressors market during the forecast period. However, the growing share of renewable energy in the total volume of energy consumption is expected to restrain the growth of the market during the forecast period.
- The oil and gas industry has dominated the gas compressor market in the past and is expected to follow a similar trend during the forecast period.
- Gas compressor manufacturers are making strides to become more energy-efficient amidst rising end-user demands and changing energy efficiency standards in several nations, which is likely to create several opportunities for the market in the future.
- Asia-Pacific is expected to dominate the market, with most of the demand generated from China and India.
