Market Size of Centrifugal Compressor Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.26 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Centrifugal Compressor Market Analysis
The centrifugal compressor system market is expected to register a CAGR of over 4.26% during the forecast period.
Though COVID-19 negatively impacted the market in 2020, it has reached pre-pandemic levels.
- Over the medium term, natural gas is increasingly replacing oil and coal as an energy source in the power generation and transportation sectors. To fulfill the increasing demand for gas, governments worldwide are planning to invest in expanding the infrastructure. This is likely to boost the demand for centrifugal compressors during the forecast period.
- Declining costs and increasing investments in renewable power generation hamper the demand for natural gas-fired power generation, negatively impacting the demand for centrifugal compressors in the power generation industry.
- Nevertheless, several centrifugal compressor manufacturers strive to develop more energy-efficient products during rising end-user demands and changing energy efficiency standards. This factor is expected to create several opportunities for the market during the forecast period.
- The Asia-Pacific dominated the global market, with China and India accounting for a significant share, mainly driven by the increasing demand for electricity.
Centrifugal Compressor Industry Segmentation
A centrifugal compressor is a type of dynamic compressor, or turbo compressor, with a radial design. They achieve pressure rise by adding energy to the continuous flow of fluid through the rotor/impeller. The following equation shows this specific energy input.
The global centrifugal compressor market is segmented by end user and geography. By end-user, the market is segmented into the oil and gas industry, power sector, chemical and petrochemical industries, and other end users. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The report also covers the market size and forecasts for the centrifugal compressors market across major regions. The report offers the market size and forecasts in terms of revenue in USD billion for all the above segments.
| By End User | |
| Oil and Gas | |
| Power Sector | |
| Petrochemical and Chemical Industries | |
| Other End Users |
| By Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Middle East & Africa | |
| South America |
Centrifugal Compressor Market Size Summary
The centrifugal compressor market is poised for growth, driven by the increasing demand for natural gas as a primary energy source in power generation and transportation sectors. This shift is prompting global investments in infrastructure expansion, which is expected to bolster the demand for centrifugal compressors. Despite the challenges posed by declining costs and investments in renewable energy, manufacturers are focusing on developing energy-efficient products to meet evolving standards and end-user demands. The Asia-Pacific region, particularly China and India, is a dominant force in the market, fueled by rising electricity demand and industrial infrastructure development. The oil and gas industry remains a significant application area for centrifugal compressors, with their use spanning upstream, midstream, and downstream operations, particularly in gas transportation and enhanced oil recovery processes.
The Asia-Pacific region is anticipated to maintain its dominance in the centrifugal compressor market, supported by extensive development in industrial infrastructure and power generation facilities. The region's commitment to expanding natural gas pipeline networks, particularly in China, is expected to drive demand for these compressors. Additionally, India's manufacturing sector growth under the Make in India initiative is likely to contribute to market expansion. The oil and gas sector's ongoing projects, such as LNG terminals and pipeline developments, further underscore the market's potential. The market is characterized by fragmentation, with key players like Ingersoll Rand Inc., Baker Hughes Company, and Siemens Energy AG actively participating in various projects to enhance their market presence.
Centrifugal Compressor Market Size - Table of Contents
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1. MARKET DYNAMICS
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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 Market Dynamics
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1.4.1 Drivers
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1.4.2 Restraints
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1.5 Supply Chain Analysis
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1.6 Porter's Five Forces Analysis
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1.6.1 Bargaining Power of Suppliers
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1.6.2 Bargaining Power of Consumers
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1.6.3 Threat of New Entrants
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1.6.4 Threat of Substitute Products and Services
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1.6.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By End User
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2.1.1 Oil and Gas
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2.1.2 Power Sector
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2.1.3 Petrochemical and Chemical Industries
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2.1.4 Other End Users
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2.2 By Geography
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia-Pacific
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2.2.4 Middle East & Africa
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2.2.5 South America
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Centrifugal Compressor Market Size FAQs
What is the current Centrifugal Compressor Market size?
The Centrifugal Compressor Market is projected to register a CAGR of 4.26% during the forecast period (2024-2029)
Who are the key players in Centrifugal Compressor Market?
Ingersoll Rand Inc., Baker Hughes Company, Siemens Energy AG, Mitsubishi Heavy Industries Ltd and Atlas Copco AB are the major companies operating in the Centrifugal Compressor Market.
