Market Size of Centrifugal Compressor Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.26 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Centrifugal Compressor Market Analysis
The centrifugal compressor system market is expected to register a CAGR of over 4.26% during the forecast period.
Though COVID-19 negatively impacted the market in 2020, it has reached pre-pandemic levels.
- Over the medium term, natural gas is increasingly replacing oil and coal as an energy source in the power generation and transportation sectors. To fulfill the increasing demand for gas, governments worldwide are planning to invest in expanding the infrastructure. This is likely to boost the demand for centrifugal compressors during the forecast period.
- Declining costs and increasing investments in renewable power generation hamper the demand for natural gas-fired power generation, negatively impacting the demand for centrifugal compressors in the power generation industry.
- Nevertheless, several centrifugal compressor manufacturers strive to develop more energy-efficient products during rising end-user demands and changing energy efficiency standards. This factor is expected to create several opportunities for the market during the forecast period.
- The Asia-Pacific dominated the global market, with China and India accounting for a significant share, mainly driven by the increasing demand for electricity.
