The global booster compressor market is expected to reach US$ 3.48 Bn in 2027, registering a CAGR of 4.9% during the forecast period 2019-2027.
The evolving living standards amid the rapidly expanding population worldwide is expected to increase their dependency on energy resources, and owing to this the global energy demand in coming 10 years is projected to increase by approximately 15-18%. This explosion in the energy demand is also expected to bring several fundamental transformations, where alterations related to decarbonization targets, regulatory landscape, low commodity prices, uptick in industrial consolidation and generation of affordable and more competitive renewables would procure the chief attention. The rapid and continued growth in the oil extraction activities has serious economic and environmental consequences. As booster compressors provide higher energy and cost efficiencies to the compressor systems, these products are being increasingly adopted in various regions of the world.
With increasing focus of various countries on reducing carbon emissions and pollution, the demand for clean energy fuels and renewables is growing at an unprecedented rate. Favorable government policies worldwide and falling costs of clean energy sources, it is expected that the global natural gas capacity is set to surge during the forecast period of 2019 to 2027. The surging growth in the production of natural gas, majorly due to shale reserves in the US as well as due to rise in liquefied natural gas (LNG) is expected to boost the gas capacity worldwide. In the past few years, government policy efforts to fight increasing carbon emissions and air pollution have been one of the major factors driving the demand for natural gas worldwide. The trend for natural gas as a clean energy fuel source is predicted to pitch over the period leading to a huge opportunity for the booster compressor players.
The booster compressor market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, MEA, and SAM. The Asia Pacific region holds the highest market share, and is projected to be the fastest-growing region as well in the coming years. The APAC region consists of many developing countries which are experiencing continuous growth in the oil & gas, electronics industry. The region is expected to grow at ~5–6% this year and accounts for the two-thirds of global growth. Rapid urbanization and industrialization is leading to the increase in oil and gas, energy, and other commodity demands in the region. Oil and gas consumption in APAC amounts to close to 25% of the global supply, whereas 45% of the coal and 10% of the global natural gas in consumed in APAC. Above-mentioned growing industries has a potential to boost the business of booster compressor market.
The booster compressor market by compression stages is segmented into single, double, and multi. The double compression stage holds a significant share in the market, and is expected to be the fastest-growing compression stage during the forecast period. The two-stage booster compressors manage larger loads and are capable of longer hours of operations. The two-staged booster compressor come in both variants that is water-cooled as well as air-cooled. On the other hand, costs of a two stage booster compressor is higher as compared to the single stage booster compressor which makes them useful for industrial operations. On the basis of type of cooling, the booster compressor market is segmented into water and air. The air type of cooling led the market with a highest market share. The air-cooled booster compressors typically characterize of quick and easy installation as well as lesser maintenance as compared to the water-cooled compressors.
The major players operating in the market for booster compressor market are Atlas Copco AB, Baker Huges (General Electric), BAUER COMP Holding GmbH, Boge Kompressoren, Corken, Inc., Gardner Denver, Inc., Hitachi Ltd., Ingersoll-Rand PLC, Kaeser Kompressoren, and Sauer Compressors USA, Inc., among others.
Booster Compressor Market — Geographic Breakdown, 2018