Los Angeles, United States, October 15, 2019 :QY Research has released a latest report, titled, “Global Natural Gas Compressor Market Insights, Forecast to 2025”, which provides information about the elements that are impacting the growth of the market. The report also includes various macroeconomic factors such as gross domestic product (GDP) and inflation rate, which is likely to affect the development of the market directly or indirectly. The report also states that the global natural gas compressor market will rise above US$950 mn by 2025 from about US$800 mn in 2017. The market is expected to register a CAGR of 2.3% during the forecast period.
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Growing Awareness about Greenhouse Gas Emissions Boosts Demand for Natural Gas Compressors
The global gas compressor market has been witnessing significant growth due to the growing adoption of natural gas compressors in downstream, midstream, and upstream applications like enhanced oil recovery, natural gas extraction, transportation through pipelines, and city gas distribution. The demand for energy has increased in the past few years due to the increasing population across the globe. Natural gas has emerged as a preferred choice of fuel due to its clean energy output as compared to any other form.
In addition, the rising awareness about greenhouse gas emissions and global warming has boosted the efforts to find an alternative for oil and coal-dependent energy consumption demand. The low cost and high efficiency of natural gas as compared to fossil fuels have increased the adoption of natural gas compressors. Moreover, eco-friendly gas has been set up by many countries, which has also helped to increase the utilization of natural gas. The natural gas compressors are mainly used in the petroleum refineries, industrial manufacturing, and CNG filling station for the extraction of oil.
On the flip side, fluctuation in the prices of crude oil and the increasing adoption of renewable sources such as biogas, solar energy, wind energy are expected to restrain the growth of the global natural gas compressor market in the coming years.
Processing/Chemical Plants Segment to Lead Market
The global natural gas compressor market is segmented into product types and applications. The application segment includes industrial manufacturing, CNG filling station, processing/chemical plants, petroleum refineries factory, and others. The processing/chemical plants segment is expected to be the largest segment in the natural gas compressor market for the extraction of crude oil and natural gas liquids. The product type segment includes screw type, centrifugal type, and reciprocating type.
North America Expands the Natural Gas Compressor Market
Based on regions, North America will grab the largest market share in the global natural gas compressor market because of high demand for energy consumption. The region is also witnessing a shift from oil to natural gas, which has played a positive role on the growth of the regional market. Asia Pacific is also a lucrative region for natural gas compressors due to the growing population and government initiatives to reduce carbon emission. The ongoing activities are also driving the implementation of natural gas compressors in chemical/processing plants and refineries in the Middle East and Africa.
Global Natural Gas Compressor Market: Top Players
Sichuan Jinxing, Ariel Corporation, Xi’an Shaangu Power, Ingersoll Rand, Shenyang Blower, Ingersoll Rand, Kaishan Group, Bauer Compressors, Jereh, Atlas Copco, Kerui, Siemens, Tianyi, General Electric, Ebara Corporation, Fornovo Gas, Man Diesel & Turbo, Quincy, and Aerotecnica Coltri are the key players that are operating in the global natural gas compressor market.
● Increasing adoption of a natural gas compressor in the downstream, midstream, and upstream applications
● North America will witness the largest market share
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