Market Size of Axial Compressor Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Axial Compressor Market Analysis
The axial compressor market is expected to grow at a CAGR of more than 5% during the period of 2020-2025. Factors such as growing demand for natural gas which, in turn, is leading to growing gas pipeline network is expected to be one of the most significant drivers for the compressor market during the forecast period. Apart from that, the emerging countries, such as India, Vietnam, and Malaysia are encouraging the foreign investments in the manufacturing industry through several government programs, which, in turn, is expected to drive the manufacturing sector, in turn, supporting the demand for axial compressors during the forecast period. However, consumers opt to service and continue usage of existing compressors as opposed to investing in new installations, in order to reduce capital expenditure, since the cost of new compressor is significantly high. This along with emission of methane in the atmosphere from the compressors, leading to environmental issues are the restraining factors for the market studied.
- Oil and gas end-user segment is likely to dominate the axial compressor market owing to the increased use of axial compressors in upstream, midstream and downstream sectors for a number of distinctly different applications, such as transmission, storage, gas gathering, gas lift, gas injection, flash gas compression, refrigeration, etc.
- Rising electricity demand in emerging markets, such as India, China, Brazil, and Mexico are expected to drive the natural gas demand in power generation sector, which in turn is expected to create a significant opportunities for axial compressors manufacturers and suppliers in the near future.
- Asia Pacific has dominated the market in 2018 and is expected to show substantial market growth owing to the increase in gas demand and rise in manufacturing industry in countries such as India, China, Australia, etc.
Axial Compressor Industry Segmentation
The axial compressor market report include:
| Stage | |
| Single Stage | |
| Multi Stage |
| End-User | |
| Oil & Gas | |
| Chemical | |
| Steel | |
| Others |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Axial Compressor Market Size Summary
The axial compressor market is poised for significant growth, driven by the increasing demand for natural gas and the expansion of gas pipeline networks. Emerging economies like India, Vietnam, and Malaysia are attracting foreign investments in the manufacturing sector, which is expected to bolster the demand for axial compressors. However, the high cost of new installations and environmental concerns related to methane emissions pose challenges to market growth. The oil and gas sector is anticipated to be the dominant end-user, with axial compressors being utilized across various applications in upstream, midstream, and downstream operations. The rising electricity demand in countries such as India, China, Brazil, and Mexico is expected to further fuel the demand for natural gas in power generation, creating substantial opportunities for manufacturers and suppliers of axial compressors.
The Asia-Pacific region has been a leader in the axial compressor market, with substantial growth anticipated due to increased gas demand and a burgeoning manufacturing industry in countries like India, China, and Australia. The midstream oil and gas industry is also expected to see growth, driven by increased exports and imports between gas-producing and consuming nations. The global shift from coal to gas for energy production, particularly in the United States and developing countries, is expected to support the market's expansion. India's investments in refining and petrochemicals, along with China's efforts to reduce pollution by increasing gas consumption, are likely to further drive market growth. The global axial compressor market is characterized by fragmentation, with major players including Siemens AG, Mitsui Engineering & Shipbuilding Co Ltd, MAN SE, Baker Hughes Company, and Ingersoll Rand actively participating in the market.
Axial Compressor Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast, till 2025
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Industry Attractiveness: Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION AND ANALYSIS
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2.1 Stage
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2.1.1 Single Stage
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2.1.2 Multi Stage
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2.2 End-User
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2.2.1 Oil & Gas
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2.2.2 Chemical
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2.2.3 Steel
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2.2.4 Others
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South America
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2.3.5 Middle-East and Africa
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Axial Compressor Market Size FAQs
What is the current Axial Compressor Market size?
The Axial Compressor Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Axial Compressor Market?
Siemens AG , Mitsui Engineering & Shipbuilding Co Ltd , MAN SE , Baker Hughes Company and Elliott Group Ltd. are the major companies operating in the Axial Compressor Market.
