Market Size of Oil And Gas Industry Gas Compressor Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.86 Billion |
| Market Size (2029) | USD 2.17 Billion |
| CAGR (2024 - 2029) | 3.13 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oil and Gas Compressor Market Analysis
The Oil And Gas Industry Gas Compressor Market size is estimated at USD 1.86 billion in 2024, and is expected to reach USD 2.17 billion by 2029, growing at a CAGR of 3.13% during the forecast period (2024-2029).
- Over the long term, the market is largely driven by the growth in natural gas consumption for various applications, which has led to more gas production and transmission projects and reasonable natural gas prices in the current scenario, which has a positive impact on the upstream sector.
- On the other hand, the growing penetration of renewables in the energy sector offers stiff competition to natural gas consumption and thus impedes the growth of gas compressor deployment in numerous applications.
- Nevertheless, the increase in natural gas proved reserves, particularly offshore gas fields in the recent picture, places a tremendous opportunity for the gas compressor market. The very recent Russian group's Lukoil's oil and gas field discovery off the coast of Mexico is an example of the same. The new upcoming producing fields will lead to a greater deployment of gas compressors for gathering lines.
