Market Size of North America 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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North America Centrifugal Compressor Market Analysis
The centrifugal compressor market in North America is expected to grow at a CAGR of more than 3% during the forecast period of 2020-2025. The rapidly increasing production of natural gas in the United States is one of the major driving factors for the growth of the centrifugal compressor market. With growing power demand, the application of centrifugal compressors, and it demand in the power sector is likely to increase 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 end-users of centrifugal compressors, have shown a slow growth due to the COVID-19 pandemic in 2020, which can restrain the growth of the booster compressor considerably.
- In the end-user, the oil and gas industry is the primary applicant for the centrifugal compressor. The growing demand for compressor stations for gas transmission is expected to drive the market in the future.
- North America is shifting towards natural gas-based energy and replacing coal-based plants. The growing gas consumption in the future is expected to create significant opportunities for market players.
- The United States is expected to dominate the market during the forecast period. The growth in the chemical, oil, and gas refining and processing industries are expected to create a significant demand.
North America Centrifugal Compressor Industry Segmentation
The North America centrifugal compressor market report includes:
| End-User | |
| Oil and Gas | |
| Power Generation | |
| Chemical | |
| Others |
| Geogrpahy | |
| The United States | |
| Canada | |
| Rest of North America |
North America Centrifugal Compressor Market Size Summary
The North America centrifugal compressor market is poised for growth, driven primarily by the increasing production of natural gas in the United States. This surge in natural gas production is closely linked to the rising demand for power, particularly from natural gas-fired power plants, which require high-pressure gas supplied by compressors. The oil and gas industry, a significant end-user of centrifugal compressors, is expected to see increased demand for compressor stations to facilitate gas transmission. However, the market's growth has faced challenges due to the slow recovery of the oil and gas and manufacturing sectors following the COVID-19 pandemic. Despite these challenges, the shift towards natural gas-based energy and the replacement of coal-based plants in North America are anticipated to create substantial opportunities for market players.
The United States is expected to lead the North American centrifugal compressor market, supported by growth in the chemical, oil, and gas refining and processing industries. The industrial sector, encompassing mining, manufacturing, agriculture, and construction, also represents a significant portion of energy consumption, further driving the demand for centrifugal compressors. Government initiatives aimed at expanding the industrial sector, particularly in the United States, are likely to bolster market demand. The market is characterized by fragmentation, with key players including Ingersoll-Rand plc, Atlas Copco Ltd, Hitachi Ltd., Campbell Hausfeld LLC, and Gardner Denver, Inc. These companies are well-positioned to capitalize on the anticipated growth in the market over the forecast period.
North America 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 The United States
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2.2.2 Canada
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2.2.3 Rest of North America
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North America Centrifugal Compressor Market Size FAQs
What is the current North America Centrifugal Compressor Market size?
The North America 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 North America Centrifugal Compressor Market?
Atlas Copco Ltd , Gardner Denver Holdings Inc. , Ingersoll-Rand plc , Campbell Hausfeld LLC and Hitachi Ltd are the major companies operating in the North America Centrifugal Compressor Market.
