|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
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The Process Gas Compressors market was valued at USD 6.45 billion in 2020 and is expected to reach USD 7.85 billion by 2026, at a CAGR of 3.71% over the forecast period. Due to the COVID-19, core sectors utilizing process gas compressors, such as the oil and gas, and the manufacturing sector were severely affected which led to the restrained growth of the market. However, factors such as increasing natural gas consumption in the power generation sector, increased demand for LNG in bunkering, road transportation, and off-grid power sectors, and rising demand for industrial gases, are expected to drive demand in the global process gas compressor.
- The oil-injected segment held the major share in the market in 2020, and it is likely to dominate the market during the forecast period.
- Moreover, increasing natural gas consumption and increasing demand for energy-efficient process gas compressors are expected to create immense opportunities for the market.
- Asia-Pacific is expected to be the largest and fastest growing market, mainly on the account of rapidly-increasing natural gas and LNG consumption in the region, and a rapidly-expanding manufacturing sector in China, India, and the Southeast Asian countries.
Scope of the Report
The process gas compressors market report include:
|Oil & Gas|
|Others (Manufacturing, Healthcare, etc.)|
|Middle East & Africa|
Key Market Trends
Oil-injected Compressors to Dominate the Market
- Oil-injected compressors are anticipated to hold a major share owing to the higher efficiency, lower costs and longer operational life of this type of compressors in most applications where oil contamination is not an operational issue.
- The oil-injected process gas compressors are used in hydrogen plants for Pressure Swing Adsorption (PSA) and Steam-Methane Reforming (SMR) processes. According to an estimation, the global consumption of hydrogen is expected to increase dramatically from 56 metric tons/year (Mt/y) in 2017 to 108 metric tons/year in 2050.
- In addition, the oil-injected process gas compressor is also an important component of petroleum refinery, as it is used in a wide array of processes, including hydrotreating, desulphurization of gasoline/diesel, Continuous Catalytic Reforming process because cooling through lubricants provides longer continuous operation and high reliability. Hence, with increasing oil refining capacity it can be anticipated that the demand for oil-injected compressors is likely to increase as well.
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Asia-Pacific to Witness Fastest Growth
- The Asia-Pacific has shown the fastest growth rate corresponding to the industrial and consumer market growth of India and China and also the gas demand growth from developed countries such as Australia.
- Recent developments in the end-user industry are expected to be a major driver for the process gas compressor market's growth in the region. End users like oil and gas, power generation, and manufacturing industry, all are anticipated to witness significant growth which will further aid the growth of the process gas compressors.
- Since 2015, the region’s natural gas consumption has increased steadily. With consumption of 716.4 bcm in 2015 to 861.6 bcm in 2020, natural gas consumption increased at a modest CAGR of 3.76%, which further indicates the growth in the oil and gas industry, especially natural gas.
- Moreover, supporting government initiatives and increasing investments in the region also foreshadow the growth of the manufacturing industry, especially in China and India. For instance, in India, the Make In India and Production Linked Incentive (PLI) schemes gave the manufacturing industry a substantial boost in various verticals. In addition, according to the India Brand Equity Foundation, by 2025, the Indian manufacturing sector has the potential to reach USD 1 trillion.
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The market is moderately fragmented. Some of the key players in the market include Atlas Copco Group, Ingersoll Rand Inc., Sundyne, Siemens Energy AG, Howden Group among others.
- In August 2020, Vericor power systems announced a strategic partnership with Atlas Copco Gas and process to power integrally geared centrifugal compressors and companders with Vericor gas-driven turbines.
- In February 2020, Burckhardt Compression signed a JV agreement with GRZ Technologies, a spin-off of Laboratory of Materials for Renewable Energy from EPFL Lausanne, Switzerland for the development of a new hydrogen compression technology for hydrogen fuel stations, hydrogen energy storage systems, and other applications
Table of Contents
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2026
4.3 Recent Trends and Developments
4.4 Market Dynamics
4.5 Supply Chain Analysis
4.6 Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION AND ANALYSIS
5.1.1 Oil Injected
5.1.2 Oil Free
5.2 End User
5.2.1 Oil & Gas
5.2.3 Power Generation
5.2.4 Industrial Gases
5.2.5 Others (Manufacturing, Healthcare, etc.)
5.3.1 North America
5.3.4 South America
5.3.5 Middle East & Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Atlas Copco Group
6.3.2 Ingersoll Rand Inc
6.3.3 Sundyne LLC
6.3.4 Siemens Energy AG
6.3.5 Buckhardt Compression AG
6.3.6 Borsig ZM GmbH
6.3.7 Howden Group
6.3.8 Bauer Kompressoren GmbH
6.3.9 Sullair LLC
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Process Gas Compressors Market market is studied from 2018 - 2026.
What is the growth rate of Process Gas Compressors Market?
The Process Gas Compressors Market is growing at a CAGR of 3.71% over the next 5 years.
What is Process Gas Compressors Market size in 2018?
The Process Gas Compressors Market is valued at 6 Billion USD in 2018.
What is Process Gas Compressors Market size in 2026?
The Process Gas Compressors Market is valued at 7 Billion USD in 2026.
Which region has highest growth rate in Process Gas Compressors Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Process Gas Compressors Market?
Asia-Pacific holds highest share in 2020.
Who are the key players in Process Gas Compressors Market?
Atlas Copco Group, Ingersoll Rand Inc., Sundyne LLC, Siemens Energy AG, Howden Group are the major companies operating in Process Gas Compressors Market.