North America Centrifugal Compressor Market Size
| 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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North America Centrifugal Compressor Market Analysis
The centrifugal compressor market in North America is expected to grow at a CAGR of more than 3% during the forecast period of 2020-2025. The rapidly increasing production of natural gas in the United States is one of the major driving factors for the growth of the centrifugal compressor market. With growing power demand, the application of centrifugal compressors, and it demand in the power sector is likely to increase 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 end-users of centrifugal compressors, have shown a slow growth due to the COVID-19 pandemic in 2020, which can restrain the growth of the booster compressor considerably.
- In the end-user, the oil and gas industry is the primary applicant for the centrifugal compressor. The growing demand for compressor stations for gas transmission is expected to drive the market in the future.
- North America is shifting towards natural gas-based energy and replacing coal-based plants. The growing gas consumption in the future is expected to create significant opportunities for market players.
- The United States is expected to dominate the market during the forecast period. The growth in the chemical, oil, and gas refining and processing industries are expected to create a significant demand.
North America Centrifugal Compressor Market Trends
This section covers the major market trends shaping the North America Centrifugal Compressor Market according to our research experts:
Oil and Gas Sector to Dominate the Market
- Compressors are used in different applications in the oil & gas industry, such as hydrocarbon blanketing, nitrogen compression, and a compression station. Multiple applications in the industry are creating considerable demand in the future.
- In 2019, the United States International Development Finance Corporation planned to finance a USD 632 million natural gas pipeline in southern Mexico. The project is expected to drive the need for centrifugal compressors in the forecast period.
- The production of natural gas increased to 1128 bcm in 2019. With upcoming exploration activities, the production is likely to grow and drive the market of centrifugal compressors.
- Moreover, in Mexico, the construction of the Dos Bocas 340,000-bpd refinery commenced in mid-2019 and is expected to be completed by 2022. The refinery is expected to drive the need for centrifugal compressors in the forecast period.
- The growing oil and gas midstream market especially developing city gas distribution projects, is expected to drive the demand of centrifugal compressors in the oil and gas industry
The United States to Dominate the Market
- The industrial sector, which includes mining, manufacturing, agriculture, and construction, accounts for the largest share of energy consumption of any end-use sector and creates a considerable market for centrifugal compressors.
- In 2019, the United States generated 1700 TWh of electricity from natural gas plants, which is a significant applicant of centrifugal compressors.
- In 2019, the United States had more than 134 active gas pipeline projects. Most of the projects are expected to be operational in the forecast period, driving the centrifugal compressor market considerably.
- Government initiatives to expand the industrial sector, especially in the United States, are expected to boost the demand for centrifugal compressors over the forecast period.
North America Centrifugal Compressor Industry Overview
The North America centrifugal compressor market is fragmented. Some of the major companies include Ingersoll-Rand plc, Atlas Copco Ltd, Hitachi Ltd., Campbell Hausfeld LLC, and Gardner Denver, Inc.
North America Centrifugal Compressor Market Leaders
Atlas Copco Ltd
Gardner Denver Holdings Inc.
Ingersoll-Rand plc
Campbell Hausfeld LLC
Hitachi Ltd
*Disclaimer: Major Players sorted in no particular order
North America Centrifugal Compressor Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of Study
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1.2 Market Definiton
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1.3 Study Assumptions
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET OVERVIEW
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4.1 Introduction
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4.2 Market Size and Demand Forecast in USD billion, till 2025
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4.3 Recent Trends and Developments
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4.4 Government Policies and Regulations
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4.5 Market Dynamics
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4.5.1 Drivers
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4.5.2 Restraints
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4.6 Supply Chain Analysis
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4.7 Porter's Five Forces Analysis
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4.7.1 Bargaining Power of Suppliers
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4.7.2 Bargaining Power of Consumers
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4.7.3 Threat of New Entrants
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4.7.4 Threat of Substitute Products and Services
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4.7.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 End-User
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5.1.1 Oil and Gas
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5.1.2 Power Generation
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5.1.3 Chemical
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5.1.4 Others
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5.2 Geogrpahy
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5.2.1 The United States
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5.2.2 Canada
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5.2.3 Rest of North America
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
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6.3.1 General Electric Company
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6.3.2 Atlas Copco Ltd
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6.3.3 Campbell Hausfeld LLC
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6.3.4 Hitachi, Ltd.,
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6.3.5 Ingersoll-Rand plc,
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6.3.6 Gardner Denver, Inc
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6.3.7 Kaeser Compressors Inc
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6.3.8 Bauer Compressors Inc
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6.3.9 Boge Compressors Ltd
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
North America Centrifugal Compressor Industry Segmentation
The North America centrifugal compressor market report includes:
| End-User | |
| Oil and Gas | |
| Power Generation | |
| Chemical | |
| Others |
| Geogrpahy | |
| The United States | |
| Canada | |
| Rest of North America |
North America Centrifugal Compressor Market Research FAQs
What is the current North America Centrifugal Compressor Market size?
The North America Centrifugal Compressor Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in North America Centrifugal Compressor Market?
Atlas Copco Ltd , Gardner Denver Holdings Inc. , Ingersoll-Rand plc , Campbell Hausfeld LLC and Hitachi Ltd are the major companies operating in the North America Centrifugal Compressor Market.
What years does this North America Centrifugal Compressor Market cover?
The report covers the North America Centrifugal Compressor Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the North America Centrifugal Compressor Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Centrifugal Compressor Industry Report
Statistics for the 2024 North America Centrifugal Compressor market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Centrifugal Compressor analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
