Booster Compressor Market Worth 2.39 Billion USD by 2023
PUNE, India, June 6, 2018 /PRNewswire/ --
According to a new market research report "Booster Compressor Market by Cooling Type (Air, Water), Stage (Single, Double, Multi), Pressure Rating (14-40 bar, 41-100, 101-350, >350), End use Industry (oil & gas, process, chemicals, power) and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from an estimated USD 1.92 Billion in 2018 to USD 2.39 Billion by 2023, at a CAGR of 4.50% during the forecast period. The Booster Compressor Market is primarily driven by the growing investments in oil & gas exploration and increasing industrialization in developing economies. In addition, the modular design and the lower cost of booster compressors will drive the demand of the Booster Compressor Market.
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Browse 72 market data Tables and 36 Figures spread through 127 Pages and in-depth TOC on "Booster Compressor Market"
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The oil & gas segment is expected to hold the largest share of the Booster Compressor Market, by end-user, during the forecast period
The oil & gas segment led the Booster Compressor Market in 2017 and is projected to dominate the market during the forecast period. The Booster Compressor Market for the oil & gas industry is driven by the growing investments in the industry. The investments are made in both upstream and midstream markets. The investment is driven by the growing demand for oil & gas in countries such as India and China. Booster compressors are used in different applications in the upstream and midstream industries such as hydrocarbon blanketing and gas boosting in the compression station. Thus, growing investments in the oil & gas sector create demand for booster compressors.
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Air-cooled segment is expected to be the fastest growing cooling type market
The air-cooled segment is expected to be the fastest growing cooling type market during the forecast period. The market for air-cooled booster compressors is primarily driven by the technical advancements in the cooling technology. The new air-cooled booster compressors are available in forced ventilation package. Due to the forced ventilation system, the energy loss from the motor is less, which increases the efficiency of the compressor even at high pressure. The air-cooled booster compressor is more cost-effective than the water-cooled booster compressor. These factors are driving the growth of the air-cooled Booster Compressor Market, during forecasted period.
Asia Pacific: The leading market for booster compressors
Asia Pacific is projected to be the largest market for booster compressors during the forecast period. The major economies in the region such as China, India, and Australia are investing in the oil & gas industry in order to reduce their imports and meet their growing demand for oil & gas. The rising demand for oil & gas is attributed to the rapid industrialization in the region. The demand for natural gas in the region is increasing as countries such as China are diversifying their energy mix and moving toward natural gas to be used as a source for power generation. In addition, the petrochemical market in the region is rising driven by the growing oil & gas investments in the region. Booster compressors are used for different applications in this industry such as drilling activities in the oil & gas industry and air separation in the petrochemical industry. The growing investments in this industry is driving the Booster Compressor Market in the region.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Booster Compressor Market. These players include Atlas Copco (Sweden), Ingersoll Rand (Republic of Ireland), Kaeser Kompressoren (Germany), SAUER Compressor (Germany) and BAUER Kompressoren (Germany). The leading players are trying to make inroads in the market in the developed economies and are adopting various strategies to increase their market shares.
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