Market Size of Europe Centrifugal Compressor Industry
| 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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Europe Centrifugal Compressor Market Analysis
The centrifugal compressor market in Europe is expected to grow at a CAGR of more than 3% in the forecast period of 2020-2025. The rapidly increasing production of natural gas in Russia is one of the major driving factors for the growth of the centrifugal compressor market. With growing power demand and the application of centrifugal compressors in the power sector is likely to increase the demand 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 applicants of a centrifugal compressor, have shown a slow growth due to the COVID-19 pandemic in 2020, which can restrain the growth of the centrifugal compressor market considerably.
- In the end-user, the oil and gas industry is the major applicant for the centrifugal compressor. The growing demand for compressor stations for gas transmission is expected to drive the market in the future.
- Russia is planning to grow its chemical sector with Chemical Industry Vision 2030. The growing chemical industry is expected to create significant opportunities for market players in the future.
- Russia is anticipated to dominate the market in the forecast period. The growth in the chemical, oil, and gas refining and processing industries are expected to create a significant market.
Europe Centrifugal Compressor Industry Segmentation
The Europe centrifugal compressor market report includes:
| End-User | |
| Oil and Gas | |
| Power Generation | |
| Chemical | |
| Others |
| Geogrpahy | |
| Russia | |
| Norway | |
| The United Kingdom | |
| Rest of Europe |
Europe Centrifugal Compressor Market Size Summary
The centrifugal compressor market in Europe is poised for growth, driven by the increasing production of natural gas in Russia and the rising demand for power. Centrifugal compressors play a crucial role in natural gas-fired power plants, which require high-pressure gas supply. Despite the slow growth in the oil and gas and manufacturing sectors due to the COVID-19 pandemic, the market is expected to benefit from the expanding chemical industry in Russia, as outlined in its Chemical Industry Vision 2030. The oil and gas industry remains the primary end-user, with a growing need for compressor stations for gas transmission anticipated to propel market expansion. Additionally, international pipeline projects, such as the Baltic Pipeline, are expected to further stimulate demand for centrifugal compressors.
The industrial sector, encompassing mining, manufacturing, agriculture, and construction, represents a significant portion of energy consumption, thereby creating a substantial market for centrifugal compressors. Russia's increasing electricity generation and refining capacity are expected to lead the market, supported by government initiatives to expand the industrial sector and the oil and gas industry. The development of new chemical clusters as part of Russia's chemical strategy is likely to drive further demand for compressors. The market is characterized by fragmentation, with key players including Ingersoll-Rand plc, Atlas Copco Ltd, Hitachi Ltd., BAUER Compressors Inc, and Gardner Denver, Inc., all contributing to the competitive landscape.
Europe Centrifugal 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 in USD billion, 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 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 Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 End-User
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2.1.1 Oil and Gas
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2.1.2 Power Generation
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2.1.3 Chemical
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2.1.4 Others
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2.2 Geogrpahy
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2.2.1 Russia
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2.2.2 Norway
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2.2.3 The United Kingdom
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2.2.4 Rest of Europe
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Europe Centrifugal Compressor Market Size FAQs
What is the current Europe Centrifugal Compressor Market size?
The Europe 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 Europe Centrifugal Compressor Market?
Atlas Copco Ltd , Gardner Denver Holdings Inc. , Ingersoll-Rand plc , BAUER Compressors Inc and Hitachi Ltd. are the major companies operating in the Europe Centrifugal Compressor Market.
