Gas Compressors Market Size to grow by USD 2.86 billion between 2024-2028
According to a research report “ Gas Compressors Market” by Product (PD compressors, Roller crushers) End-user (Oil and gas, Power generation, Chemicals and petrochemicals, Mining, Others) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 2.86 billion, at a CAGR of 5.41% during the forecast period. In the oil and gas sector, there is a growing emphasis on energy efficiency and emissions reduction. Complying with these criteria not only makes businesses more eco-friendly but also helps them meet regional regulations, particularly in Europe and North America. New compressors, which consume significantly less electricity than older models, are being adopted to lower operational costs. With nearly 8:1 energy ratio, compressors account for a substantial portion of electricity consumption, amounting to approximately 70% of their total lifetime costs. Thus, investing in energy-efficient compressors is a strategic move for businesses seeking to minimize energy consumption and comply with evolving regulatory requirements.
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By Product, the PD compressors segment is projected to dominate the market size in 2024
In the oil and gas sector, gas compressors play a pivotal role in upstream, midstream, and downstream processes. In petroleum refining, compressors are utilized for desulfurization and reforming. Conversely, in natural gas plants, they are indispensable for pressurized gas transportation and gas injection. Pressure instability in oil and gas facilities can result in catastrophic explosions, endangering personnel and equipment. To mitigate this risk, vendors provide gas compressors equipped with multivariable transmitters to the oil and gas industry, ensuring consistent pressure levels in processing plants. Gas compressors are essential for optimal pressure management during natural gas transportation and storage, particularly during the discharge and filling of underground storage caverns.
By End-user, Oil and gas segment is expected to hold the largest market size for the year 2024
In the gas compressors market, positive displacement (PD) compressors hold the largest market share in 2023 and are projected to remain dominant throughout the forecast period. PD compressors, including reciprocating piston compressors, rotary screw compressors, and rotary vane compressors, function by capturing a fixed volume of gas in a chamber and reducing the chamber's size to compress the gas. Among PD compressors, reciprocating piston compressors, which draw in gas on one side of the piston and compress it as the other side creates a vacuum, are a significant contributor to this market segment.
APAC is forecasted to hold the largest market size by region in 2024
The Asia Pacific (APAC) region emerged as the largest geographical segment of the global gas compressors market in 2023, accounting for a significant market share. China, being the major contributor to the APAC gas compressors market, is driven by the expansion of natural gas infrastructure and the presence of substantial shale gas reserves. With over 31 tcm of technically recoverable shale gas resources, China is the world's largest reservoir of shale gas. The country's investment in shale oil development is projected to reach USD160 billion during the forecast period, making it an attractive investment destination for both domestic and foreign investors. The Chinese energy sector is poised for growth, with USD33 billion earmarked for future projects, providing ample opportunities for gas compressor manufacturers and service providers.
The Gas Compressors Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Gas Compressors Market plays a crucial role in industrial processes and activities, particularly in gas production, storage, and transportation. With the increasing demand for cleaner energy sources and the expansion of gas infrastructure, the market for gas compressors is experiencing significant growth. Gas storage projects require advanced compressor units to maintain optimal pressure and temperature levels. Improved materials and control systems enable more efficient and reliable compressor deployment. Gas compressors are essential for various industrial applications, including the production and storage of CO2 for industrial use and as a cleaner energy source. Customer relationships and a strong customer base are essential for gas compressor manufacturers. After-sales services, including maintenance and repair, are critical to maintaining customer satisfaction and ensuring the longevity of compressor units. Carrier gas compressors are a key component of many industrial processes, including chemical manufacturing and pharmaceuticals. Reducing carbon emissions is a priority for many industries, making energy-efficient compressor types increasingly popular. The Gas Compressors Market is expected to continue growing as demand for gas infrastructure and clean energy sources increases.
Market Research Overview
The Gas Compressors Market is experiencing significant growth due to the increasing demand for natural gas transportation and the expanding industrial activities in untapped regions. Technological innovations and advancements, such as variable speed drives and IoT integration, are improving the performance, reliability, and operational efficiency of compressor units. The midstream sector is witnessing a surge in infrastructure investments, with a focus on LNG projects, pipeline network expansion, and storage capacity additions. Stringent environmental regulations and the energy sector's Energy Transition Plan are driving the deployment of sustainable products, such as renewable energy and net-zero emissions compressors. Companies are forming strategic partnerships and supply contracts to enhance their product quality, production, and product diversification. The oil and gas industry, including offshore gas fields and refining processes, relies heavily on compressors for production and transportation. Pressure losses and efficiency concerns are being addressed through technological advancements and improved materials. In the mining industry, compressors are used in pneumatic tools and other mechanical devices. The market is also witnessing the deployment of dynamic compressors for improved control systems and data analytics to enhance customer relationships and expand the customer base. The market for gas compressors is expected to grow further due to rising infrastructure investments, exploration efforts, and the need for energy efficiency and energy mix diversification. The market is also witnessing the deployment of carrier gas compressors in industrial processes and power generation, including coal-based electricity generation reduction. After-sales services and regulatory standards are becoming increasingly important for maintaining compressor efficiency and ensuring reliability.
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