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Monday, August 30, 2021
Pune, India, Aug. 30, 2021 (GLOBE NEWSWIRE) — According to the collective views of expert analysts and forecasters, worldwide process gas compressors market size was appraised USD 6.45 billion in 2020 and is estimated to reach USD 8.32 billion by the end of the forecast period 2021-2027, exhibiting a CAGR of 3.71% throughout.
To help readers attain a truly global perspective, the geographical analysis section deciphers the size and scope of each regional market at country-level. Moreover, the report also incorporates in-depth studies on other sub-markets, including product type and end-use spectrum. Proceeding further, it sheds light on the major players in terms of the product portfolio, financials, and strategic undertakings to help stakeholders in making beneficial decisions for the future.
Technological innovations in compression techniques along with escalating demand for durable and energy-efficient equipment are fostering the market growth. Shifting focus from coal-derived energy to other sources is also rendering a positive impact on the industry. Further, rise in manufacturing activities in APAC and LAMEA will unlock new opportunities for businesses in the forthcoming years. On the contrary, high installation cost and maintenance continue to prove as challenges for industry.
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End-use spectrum outline:
Chemical, oil & gas, power generation, and industrial gases industries are major end-users in global gas compressors industry. Among these, oil & gas segment is slated to garner strong returns in the forthcoming years, creditable to increasing import-export activities by gas producing nations like United States and Russia, as well as high demand from gas-consuming economies like European Union and China. Moreover, global oil and gas trunk pipes are expected to increase by 13.4% from 1.9 million kilometers in 2019 to 2.2 million kilometers in 2023, with Asia and North America leading in pipeline length expansion.
Geographical analysis overview:
North America, Latin America, Asia Pacific, and Europe are the key contributors to the global process gas compressors market remuneration. Experts state that Asia Pacific market will grow tremendously in the upcoming years, largely creditable to rapidly progressing industrial and consumer sectors in India and China, as well as accelerated gas consumption in developed economies like Australia.
India’s recent progress in pipeline and city gas distribution will contribute immensely to the regional market development as the petroleum regulator in the country has authorized the deployment of around 33,700 kilometers of new natural gas pipelines. Besides, large-scale investments in refining and petrochemicals industries across the country is enhancing the remuneration potential.
China’s continued efforts to reduce carbon footprint by substituting coal-fired energy with renewable energy and gas-fired energy has led steady rise in gas demand over the years, making it the world’s third-largest gas consumer and a lucrative avenue for businesses in process gas compressors industry.
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