Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Liquefied Natural Gas Compressor Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The latest market research on the liquefied natural gas compressor (LNG Compressor) industry has been released, providing an in-depth analysis that projects a robust growth trajectory. Indicating a promising future for the sector, the report forecasts a remarkable increase from the current market size of USD 4.04 billion in 2023 to an estimated USD 5.26 billion by 2028. This signifies a steady compound annual growth rate (CAGR) of 5.3%.
Fueled by the growing global demand for liquefied natural gas, increased focus on operational efficiency, and the pressing need for adherence to environmental standards, the LNG compressor market is positioned for substantial expansion over the next few years. The report identifies multiple drivers behind this anticipated growth, including substantial investments in LNG infrastructure and the global transition to cleaner energy resources.
Key Trends and Market Dynamics
- Growth in natural gas production, with a notable increase in shale gas output.
- A surge in industrialization, leading to heightened energy demand, particularly within emerging economies.
- Technological advances by leading companies to improve efficiency and reduce greenhouse gas emissions.
- Strategic acquisitions by major players focused on enhancing their service capabilities and market outreach.
- Product innovations, like FH LNG trucks, aimed at promoting sustainable energy transportation.
In alignment with these trends, North America has emerged as the largest region in the LNG compressor market in 2023. However, significant developments and market penetration have also been observed across other regions, including the Asia-Pacific, Western Europe, Eastern Europe, South America, as well as the Middle East and Africa.
The analysis delves into various design types of LNG compressors, such as vertically-split barrels, horizontally-split barrels, and axial compressors, with a focus on their applications across multiple industries. These insights provide a robust understanding of the diverse uses of LNG compressors and the associated demand drivers within different sectors.
The report's comprehensive scope encompasses detailed market segments, offering incisive insights into industry trends, growth opportunities, and competitive dynamics. It provides a granular view of the market's intricacies, including a clear definition of market values and the implications of consumption patterns across geographic markets.
A selection of companies mentioned in this report includes
- EagleBurgmann
- General Electric Company
- 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 SAU
- Howden Group
- Sulzer Ltd.
- Ariel Corporation
- Bauer Compressor Inc.
- Ingersoll Rand Inc.
- HYDRAULIC MACHINES & SYSTEMS GROUP PLC.
- Clean Energy Fuels Corp
- Kobe Steel Ltd.
- Ebara Corporation
- Hitachi Ltd.
- Gardner Denver Holdings Inc.
- Sullair LLC
- Quincy Compressor LLC
- Kaeser Kompressoren SE
- Corken Inc.
- Baker Hughes Company
- MAN Energy Solutions SE
- Mitsui Seiki Kogyo Co Ltd.
- Rolls-Royce Holdings plc
- Worthington Industries Inc.
For more information about this report visit https://www.researchandmarkets.com/r/gl0047
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