Market Size of Process Gas Compressors Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.71 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Process Gas Compressors Market Analysis
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.
