Oil And Gas Industry Gas Compressor Market Size (2024 - 2029)

The oil and gas compressor market is projected to experience growth over the forecast period, driven by increased natural gas consumption and production projects. This expansion is supported by reasonable natural gas prices, which positively influence the upstream sector. However, the market faces challenges due to the rising competition from renewable energy sources, which can hinder the deployment of gas compressors. Despite these challenges, the discovery of new offshore gas fields presents significant opportunities for market growth, as these developments are expected to lead to greater demand for gas compressors in gathering lines.

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Market Size of Oil And Gas Industry Gas Compressor Industry

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Oil And Gas Industry Gas Compressor Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 1.86 Billion
Market Size (2029) USD 2.17 Billion
CAGR (2024 - 2029) 3.13 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Oil And Gas Industry Gas Compressor Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Oil and Gas Compressor Market Analysis

The Oil And Gas Industry Gas Compressor Market size is estimated at USD 1.86 billion in 2024, and is expected to reach USD 2.17 billion by 2029, growing at a CAGR of 3.13% during the forecast period (2024-2029).

  • Over the long term, the market is largely driven by the growth in natural gas consumption for various applications, which has led to more gas production and transmission projects and reasonable natural gas prices in the current scenario, which has a positive impact on the upstream sector.
  • On the other hand, the growing penetration of renewables in the energy sector offers stiff competition to natural gas consumption and thus impedes the growth of gas compressor deployment in numerous applications.
  • Nevertheless, the increase in natural gas proved reserves, particularly offshore gas fields in the recent picture, places a tremendous opportunity for the gas compressor market. The very recent Russian group's Lukoil's oil and gas field discovery off the coast of Mexico is an example of the same. The new upcoming producing fields will lead to a greater deployment of gas compressors for gathering lines.

Oil and Gas Compressor Industry Segmentation

A substance (usually a gas) is compressed by reducing its volume and increasing its pressure in a compressor. It is possible to use compressors in various applications that involve increasing the pressure within the gas storage container, such as compressing gases in petroleum refineries and chemical plants.

The oil and gas industry gas compressor market report is segmented by type, application, and geography (North America, Europe, Asia-Pacific, South America, the Middle East, and Africa). By type, the market is segmented into reciprocating and screw. By application, the market is segmented into upstream, downstream, and midstream. The report also covers the market size and forecasts for the oil and gas industry gas compressor market across the major countries in the region. For each segment, the market size and forecasts have been done based on revenue (USD).

Type
Reciprocating
Screw
Application
Upstream
Downstream
Midstream
Geography
North America
United States
Canada
Mexico
Europe
Germany
France
Spain
United Kingdom
Rest of Europe
Asia-Pacific
China
India
Malaysia
Indonesia
Rest of Asia-Pacifc
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East & Africa
Saudi Arabia
United Arab Emirated
Nigeria
South Africa
Rest of Middle East & Africa
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Oil And Gas Industry Gas Compressor Market Size Summary

The oil and gas compressor market is poised for growth, driven by the increasing demand for natural gas across various applications. This demand has spurred numerous gas production and transmission projects, positively impacting the upstream sector. However, the market faces challenges from the growing penetration of renewable energy sources, which compete with natural gas consumption. Despite these challenges, the discovery of new offshore gas fields, such as Lukoil's recent find off the coast of Mexico, presents significant opportunities for the gas compressor market. These developments are expected to lead to greater deployment of gas compressors, particularly in gathering lines, as new producing fields come online.

In the midstream sector, gas compressors play a crucial role in maintaining pressure within gas transmission pipelines, necessitating compressor stations every 50 to 100 miles. The demand for natural gas is anticipated to rise, supported by government initiatives promoting cleaner energy generation. This trend is evident in projects like the Adelphia Gateway Project in the United States and the pipeline replacement project by Oil and Natural Gas Corporation in India, both of which underscore the importance of compressors in ensuring stable gas supply. The Asia-Pacific region is expected to see significant growth in the gas compressor market, driven by increased natural gas consumption in transport and industrial sectors, along with the expansion of pipeline networks in countries like China and India. Major companies in the semi-consolidated market, such as Atlas Copco AB and Ariel Corporation, are focusing on technological innovations and strategic partnerships to enhance their market presence and cater to the evolving needs of the industry.

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Oil And Gas Industry Gas Compressor Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Growth in Natural Gas Consumption for Various Applications

      2. 1.5.2 Restraints

        1. 1.5.2.1 Growing Penetration of Renewables in the Energy Sector

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Reciprocating

      2. 2.1.2 Screw

    2. 2.2 Application

      1. 2.2.1 Upstream

      2. 2.2.2 Downstream

      3. 2.2.3 Midstream

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Mexico

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 France

        3. 2.3.2.3 Spain

        4. 2.3.2.4 United Kingdom

        5. 2.3.2.5 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 India

        3. 2.3.3.3 Malaysia

        4. 2.3.3.4 Indonesia

        5. 2.3.3.5 Rest of Asia-Pacifc

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Colombia

        4. 2.3.4.4 Rest of South America

      5. 2.3.5 Middle East & Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 United Arab Emirated

        3. 2.3.5.3 Nigeria

        4. 2.3.5.4 South Africa

        5. 2.3.5.5 Rest of Middle East & Africa

Oil And Gas Industry Gas Compressor Market Size FAQs

The Oil And Gas Industry Gas Compressor Market size is expected to reach USD 1.86 billion in 2024 and grow at a CAGR of 3.13% to reach USD 2.17 billion by 2029.

In 2024, the Oil And Gas Industry Gas Compressor Market size is expected to reach USD 1.86 billion.

Oil and Gas Compressor Market Report Snapshots

Oil and Gas Compressor Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)