Dublin, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The "Liquefied Natural Gas Compressor Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This comprehensive report provides insights into the global liquefied natural gas compressor market, covering market size, growth trends, key players, and growth opportunities.
Market Overview:
The global liquefied natural gas compressor market is projected to grow from $3.80 billion in 2022 to $4.04 billion in 2023, with a compound annual growth rate (CAGR) of 6.4%. Despite the challenges posed by the Russia-Ukraine war and the lingering impact of COVID-19, the market is expected to continue its growth trajectory, reaching an estimated value of $4.97 billion by 2027, with a CAGR of 5.3% during the forecast period.
Technological Innovation:
A key trend gaining popularity in the liquefied natural gas compressor market is technological innovation. Major companies in the industry are focused on developing innovative technologies to strengthen their market position. For example, in November 2020, ConocoPhillips introduced the Traditional OCP Configuration - OCP Pro Technology, which increases turndown capabilities and yearly availability while retaining good thermal efficiency across a broad operating range for compressor trains. Another technology, the Latest OCP Configuration - OCP Compass Technology, reduces overall installed costs by decreasing the liquefaction train's equipment count and size while significantly simplifying modularization. Both technologies offer high efficiency and low emissions of greenhouse gases.
Acquisition News:
In October 2022, Enerflex Ltd., a Canada-based manufacturer of LNG compressors, acquired Exterran Corporation for an undisclosed amount. Through this acquisition, Enerflex is well-positioned to capitalize on global trends and meet the rising demand for natural gas and energy assurance worldwide. Exterran Corporation, a US-based company involved in natural gas processing and treatment and compression products and services, complements Enerflex's business model and enhances its global platform.
Regional Insights:
North America emerged as the largest region in the liquefied natural gas compressor market in 2022. The report also covers other regions, including Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
Key Players:
The liquefied natural gas compressor market includes major players such as EagleBurgmann, General Electric, Siemens AG, Mitsubishi Heavy Industries. Ltd., Elliott Group, Kobelco Compressors America Inc., IMW Industries Ltd., Sundyne., IHI Rotating Machinery Engineering Co. Ltd., NEUMAN & ESSER GROUP, Atlas Copco AB, Burckhardt Compression AG, MOLGAS ENERGY S.A.U, Howden Group, and Sulzer Ltd.
Reasons to Purchase:
- Gain a global perspective with the most comprehensive report available, covering 50+ geographies.
- Understand the impact of COVID-19 on the market and its response as the situation improves.
- Assess the influence of the Russia-Ukraine war on agriculture, energy, mineral commodity supply, and its implications for the liquefied natural gas compressor market.
- Measure the market's response to high global inflation.
- Create regional and country strategies based on local data and analysis.
- Identify investment opportunities in growth segments.
- Outperform competitors using forecast data and market trends.
- Understand customer preferences based on the latest market shares.
- Benchmark performance against key competitors.
- Utilize reliable high-quality data and analysis for internal and external presentations.
Key Questions Answered:
- Where is the largest and fastest-growing market for liquefied natural gas compressor?
- How does the market relate to the overall economy, demography, and other similar markets?
- What forces will shape the market going forward?
The "Liquefied Natural Gas Compressor Global Market Report 2023" offers comprehensive insights and a complete perspective on the liquefied natural gas compressor market, empowering businesses to make informed decisions and capitalize on growth opportunities.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $4.04 billion |
| Forecasted Market Value (USD) by 2027 | $4.97 billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/qstmnq
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