The market for centrifugal compressors is expected to grow at a CAGR of 4.23% during the forecast period of 2019
NEW YORK, June 26, 2019 /PRNewswire/ -- Market Overview
The market for centrifugal compressors is expected to grow at a CAGR of 4.23% during the forecast period of 2019 – 2024. Major factors driving the market studied are the expected increase in the uptake of newer oil & gas projects in the coming years and the growing need to expand natural gas pipeline infrastructure. The declining cost of and increasing investments in renewable power generation are hampering the demand for natural gas-fired power generation, in turn, negatively impacting the demand for centrifugal compressors in the power generation industry.
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- Oil & Gas industry dominated the market in 2018 and is expected to be the fastest growing segment during the forecast period owing to the increasing oil and gas activities across the world.
- Manufacturers are making strides to become more energy-efficient, amidst rising end-user demands and changing energy efficiency standards, in several nations. If the manufacturers manage to increase the efficiency of centrifugal compressors at significant levels, the centrifugal compressors can become the preferred choice in a wider range of applications, in turn, driving the market.
- Asia-Pacific dominated the market across the globe with China and India accounting for a major share.
Key Market Trends
Increasing Demand for Cost-Optimized Solutions
- Budgetary restrictions across several end-user industries have resulted in companies looking for standardized solutions, instead of customized units. The customers are increasingly looking for centrifugal compressor products that minimize the overall operating costs, while providing the high flow that is necessary for their applications, with minimal maintenance cost.
- In a bid to cater to such demands, major industry players are designing and offering new products. In July 2018, Atlas Copco launched a new oil-free H 1000-3150 centrifugal compressor, which allows a turndown of over 25% before blow-off, maximizing the energy savings and minimizing the operating costs.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share in 2018. The oil and gas and power industries remain the largest end users of these compressors in the region, accounting for more than 65% of the total market for centrifugal compressors. There are a number of floating production storage and offloading (FPSOs) projects in the Asia-Pacific region, which is expected to begin operations over the next four years. The increasing FPSO projects are expected to create tremendous opportunities in the market studied.
- China is also committed to strengthen its oil and natural gas pipeline network in the next 10 years, in an attempt to further boost the clean fuel's share in the country's energy mix. According to the National Development and Reform Commission, the country's natural gas pipelines is expected to reach 123,000 km by 2025. As centrifugal compressors are one of the most commonly used equipment powering the long distance natural gas pipeline, the growth in the pipeline network is expected to drive the demand for the centrifugal compressors during the forecast period.
- Asia-Pacific region is witnessing widespread development of industrial infrastructure, which leads to surge in demand for power. As the requirement of continuous power supply is imperative for industrial operations, new power plants need to be developed. Therefore, the increase in development of power generation plants, particularly the gas-fired generation plants, is expected to drive the demand for centrifugal compressors during the forecast period.
- The aforementioned factors, are therefore, expected to contribute to the increasing demand for centrifugal compressors in the region during the forecast period.
Competitive Landscape
- The global centrifugal compressor market has been fragmented in nature, with the presence of a large number of manufacturers. Atlas Copco, Ingersoll Rand, and Gardner Denver were among the top providers of the centrifugal compressors across the world. Other prominent companies include Baker Hughes (a GE Company), Dresser Rand (Siemens), and Mitsubishi Heavy Industries.
- The centrifugal compressor market has witnessed a declining number of manufacturers, due to merger and acquisition of smaller manufacturers by the big organizations.
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