Wilmington, Delaware, , March 14, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Gas Compressors Market by Technology (Positive Displacement and Dynamic Displacement), Lubrication Type (Oil-Based and Oil-free), and End-User Industry (Oil & Gas, Chemical, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global gas compressors market was valued at $5.9 billion in 2022, and is projected to reach $9.4 billion by 2032, registering a CAGR of 4.8% from 2023 to 2032.
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Prime determinants of growth
Gas compressor helps lower the volume of gas and raise the pressure. Since gas compressors are widely used in business, implementing the most energy-efficient gas compressor is critical. Utilizing energy-efficient gas compressors helps to conserve energy and greatly reduces electricity expenses. In addition, the implementation of the oil-free and oil-filled compressor segments in accordance with operational needs for the sector is anticipated to create new market potential prospects. In turn, this is anticipated to support the growth of the gas compressors market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $5.9 Billion |
| Market Size In 2032 | $9.4 Billion |
| CAGR | 4.8% |
| No. Of Pages In Report | 220 |
| Segments Covered | Technology, Lubrication Type, End-User Industry, and Region. |
| Drivers | Energy Efficient Compressors. Rise In Demand For Gas Compressors In Different Industries |
| Opportunities | Upcoming Technologies And Innovative Manufacturing Infrastructure Growth In Oil And Gas, Mining, Construction And Other Industries |
| Restraint | High Installation Costs Of Modern Compressors Would Restrict Market Growth |
COVID-19 Scenario
- Owing to the COVID-19 pandemic and the subsequent global lockdowns, the gas compressors market faced a downturn.
- However, as the global situation started ameliorating, the demand for gas compressor was restored back. This, in turn, presented various growth opportunities for companies operating in the gas compressors market.
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The positive displacement segment dominated the market in 2022.
By technology, the positive displacement segment held the highest market share in 2022, accounting for more than three-fifths of the global gas compressors market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to rising demand for the different sector such as chemical, industrial and others. However, the dynamic displacement segment is projected to manifest the highest CAGR of 5% from 2023 to 2032, owing to the rising requirement for centrifugal gas compressors in oil refineries, and natural gas processing plants.
The oiled segment to maintain its lead position during the forecast period.
By lubrication type, the oil-free segment accounted for the largest share in 2022, contributing to nearly three-fourths of the global gas compressors market revenue, and is expected to portray the largest CAGR of 5.2% from 2023 to 2032. This is owing to the ease of availability of different capacity products, and clean & pure compressed gas requirement.
The oil and gas segment to maintain its leadership status throughout the forecast period.
By end-user industry, the oil and gas segment held the highest market share in 2022, accounting for nearly half of the global gas compressors market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to rising population and industrial development is creating demand for compressed gas for oil and gas sector. However, the automotive segment is projected to manifest the highest CAGR of 5.6% from 2023 to 2032, owing to increasing demand for compressed gas for vehicles using LPG or CNG gas as fuel.
Asia-Pacific to maintain its dominance by 2032.
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global gas compressors market revenue, owing to rise in automation and industrialization in developing countries such as India, Japan, and China. However, Middle East and Africa segment is expected to witness the fastest CAGR of 5.2% from 2023 to 2032, owing to rising industrial growth in different sector of manufacturing, and other industries in the region.
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Leading Market Players: -
- HAUG Sauer Kompressoren AG
- IDEX CORPORATION
- Siemens Energy
- KAESER KOMPRESSOREN
- Atlas Copco AB
- Ingersoll Rand Inc.
- Burckhardt Compression Holding AG
- Hitachi Ltd.
- BAUER COMPRESSORS, INC.
- ARIEL CORPORATION
The report provides a detailed analysis of these key players of the global gas compressors market. These players have adopted different strategies such as new product launches, collaborations, expansion, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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