Market Size of Gas Compressors Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Gas Compressors Market Analysis
The gas compressors market is expected to register a CAGR of about 3% during the forecast period, 2022-2027. In 2020, as international oil prices declined due to reduced consumption of oil and gas, the demand for gas compressors also witnessed a significant decline during the COVID-19 pandemic. Factors such as the growing demand for natural gas for power generation and the increasing demand for compressors from the pharmaceutical industry are expected to drive the gas compressors market during the forecast period. However, the growing share of renewable energy in the total volume of energy consumption is expected to restrain the growth of the market during the forecast period.
- The oil and gas industry has dominated the gas compressor market in the past and is expected to follow a similar trend during the forecast period.
- Gas compressor manufacturers are making strides to become more energy-efficient amidst rising end-user demands and changing energy efficiency standards in several nations, which is likely to create several opportunities for the market in the future.
- Asia-Pacific is expected to dominate the market, with most of the demand generated from China and India.
Gas Compressors Industry Segmentation
The gas compressors market report includes:
| Type | |
| Positive Displacement | |
| Dynamic Displacement |
| End-user Industries | |
| Oil and Gas | |
| Power Sector | |
| Petrochemical and Chemical Industries | |
| Industrial Gases | |
| Other End-user Industries |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Gas Compressors Market Size Summary
The gas compressors market is poised for steady growth, driven by increasing demand for natural gas in power generation and the pharmaceutical industry. Despite the challenges posed by the COVID-19 pandemic and the shift towards renewable energy sources, the market is expected to benefit from the oil and gas sector's continued reliance on gas compressors. Manufacturers are focusing on enhancing energy efficiency to meet evolving standards, which presents opportunities for market expansion. The Asia-Pacific region, particularly China and India, is anticipated to lead the market due to rapid industrial development and increased natural gas consumption. These countries are investing significantly in gas infrastructure, which is expected to bolster the demand for gas compressors.
The oil and gas industry remains a dominant force in the gas compressors market, with the sector's growth supporting the demand for these compressors. The global increase in natural gas production and consumption, particularly for electricity generation, is a key factor driving market growth. Projects like Qatar's North Field East Project and India's extensive investment in gas infrastructure are indicative of the sector's expansion. The Asia-Pacific region's strategic focus on reducing coal dependency by increasing natural gas usage further underscores the region's importance in the market. Key players in the moderately fragmented market, such as Ariel Corporation and Atlas Copco AB, continue to secure significant contracts, reinforcing their positions and contributing to the market's development.
Gas Compressors 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 2027
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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 Substitutes 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 Type
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2.1.1 Positive Displacement
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2.1.2 Dynamic Displacement
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2.2 End-user Industries
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2.2.1 Oil and Gas
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2.2.2 Power Sector
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2.2.3 Petrochemical and Chemical Industries
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2.2.4 Industrial Gases
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2.2.5 Other End-user Industries
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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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Gas Compressors Market Size FAQs
What is the current Gas Compressors Market size?
The Gas Compressors Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Gas Compressors Market?
Ariel Corporation , Atlas Copco AB, Bauer Compressors Inc., Burckhardt Compression Holding AG and Ingersoll Rand Inc are the major companies operating in the Gas Compressors Market.
