Worldwide Gas Compressors Market to reach USD 8.42 Bn by 2029 - Comprehensive Research Report by Exactitude Consultancy

According to Exactitude Consultancy the Global Gas Compressors Market value is expected to reach USD 8.42 billion by 2029, growing at a 3% CAGR of Between Forecast Period 2023 and 2029.

PUNE, India, April 12, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Gas Compressors Market.

The global gas compressors market size is expected to grow at 3% CAGR from 2022 to 2029. It is expected to reach above USD 8.42 billion by 2029 from USD 6.45 billion in 2020. A gas compressor is a mechanical device that is designed to increase the pressure of a gas by reducing its volume. Gas compressors are used to compress a variety of gases, including natural gas, air, and hydrogen. They are widely used in various industrial applications, including oil and gas production, chemical manufacturing, and power generation.

Gas compressors work by using a piston or rotating blades to draw gas into a chamber, then reducing the volume of the chamber to compress the gas. This increases the pressure of the gas, making it easier to transport and use in various applications. The compressed gas is then released from the chamber through an outlet valve.

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Gas Compressors Market Overview

The gas compressor market refers to the industry that produces and sells machines designed to compress and transport gases. These compressors are used in a variety of applications, including oil and gas production, petrochemical refining, natural gas processing, and power generation.

The global gas compressor market is expected to grow at a compound annual growth rate (CAGR) of around 3% between 2022 and 2029. Factors driving this growth include increasing demand for natural gas, the growth of the oil and gas industry, and the expansion of the chemical and petrochemical industries.

The market is highly competitive, with major players including Atlas Copco, GE Oil & Gas, Siemens AG, and Dresser-Rand. The industry is also highly regulated, with strict safety and environmental standards in place to ensure the safe operation of gas compressors.

There are several different types of gas compressors available, including reciprocating compressors, centrifugal compressors, and rotary screw compressors. Each type has its own advantages and disadvantages, and the choice of compressor depends on the specific application.

In addition to traditional gas compressors, there is a growing market for electric compressors that use renewable energy sources such as solar and wind power. These types of compressors are expected to become increasingly popular in the coming years as companies seek to reduce their carbon footprint and move towards more sustainable energy sources.

Overall, the gas compressor market is expected to continue to grow in the coming years as demand for natural gas and other gases increases and companies invest in new technologies and more efficient equipment.

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Gas Compressors Market Driving Factor

There are several driving factors behind the growth of the gas compressor market. Some of the key factors include:

1. Growing demand for natural gas: The demand for natural gas is increasing around the world due to its lower emissions and higher efficiency compared to other fossil fuels. Gas compressors are used extensively in the production, transportation, and distribution of natural gas, which is driving the demand for gas compressors.
2. Expansion of the oil and gas industry: The oil and gas industry is a major user of gas compressors, and as the industry expands, the demand for gas compressors is also increasing.
3. Increasing demand from the chemical and petrochemical industries: Gas compressors are widely used in the chemical and petrochemical industries for the production and transportation of gases. As these industries continue to grow, the demand for gas compressors is also increasing.
4. Advancements in technology: There have been significant advancements in gas compressor technology in recent years, resulting in more efficient and reliable compressors that require less maintenance. This has made gas compressors more attractive to companies, leading to increased demand.
5. Government regulations: Governments around the world are implementing strict regulations on emissions and safety in industries that use gas compressors. This has led to the replacement of older, less efficient compressors with newer, more efficient models that meet the latest regulatory requirements.

Key Question Answered

• What are the growth opportunities related to the adoption of gas compressors market across major regions in the future?
• What are the new trends and advancements in the gas compressors market?
• Which product categories are expected to have highest growth rate in the gas compressors market?
• Which are the key factors driving the gas compressors market?
• What will the market growth rate, growth momentum or acceleration the market carries during the forecast period?

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Gas Compressors Market Trends:

Significant growing in the oil and gas industry across the globe represents one of the key factors creating a positive outlook for the gas compressors market. Additionally, the widespread adoption of gas compressors for the processing and transportation of renewable energy resources, such as natural gas, over long distances, is also driving the market growth. In line with this, they are also used in hospitals during surgical procedures and in air filtration duct systems for maintaining the air quality and preventing contaminations and infections.

Additionally, various product innovations, such as the development of energy-efficient portable compressors for automation in industrial plants, are acting as other growth-inducing factors. Product manufacturers are also developing variants with improved storage tanks, enhanced performance capabilities, minimal maintenance requirements and fuel consumption, which, in turn, is favoring the market growth. Other factors, including rapid industrialization, along with extensive research and development (R&D) activities, are anticipated to drive the market further. 

Gas Compressors Market News

• In January 2022, Burckhardt Compression was awarded a supply contract by TECNIMONT SpA and Tecnimont Private Ltd to provide solutions to India Oil Corporation's polypropylene plant in Bihar, India. The agreement will see Burckhardt supplying the carrier gas compressor and nitrogen gas compressor packages for the plant's refining complex.
• In April 2021, Siemens Energy AG supplied 20 centrifugal compression systems for one of Saudi Aramco's gas storage projects. The Hawiyah UnayzahGas Reservoir Storage facility is located 260 km east of Riyadh. The scope of the contract includes the supply of 20 compressor trains which will strengthen the company's market position.

Key Market Segments: Global Gas Compressors Market

Global Gas Compressors Market by Type, 2020-2029, (USD Million)

• Positive Displacement
• Dynamic Displacement
• Lithium-Based Battery

Global Gas Compressors Market by End Use Industry, 2020-2029, (USD Million)

• Oil and Gas
• Power Sector
• Petrochemical and Chemical Industries
• Other End-User Industries

Global Gas Compressors Market by Region, 2020-2029, (USD Million)

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

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