The global gas compressor market is expected to display higher growth rate over the upcoming years. Rapid surge in the market is credited to the rapid advancement in oil & gas industry and shifting trend towards replacement of coal with gas for power generation across the globe. Increasing energy demand from developing economies such as India, China, Brazil and South Africa is expected to drive the growth of gas compressors market over the forecast period. Globally, market is predicted to generate massive revenue over the forecast period, providing numerous opportunities for industry participants to invest in research and development of gas compressors.
Rising investment for natural gas-based power generation owing to the implementation of several environmental policies and energy diversification efforts is expected to fuel market demand for gas compressors over the coming years. Furthermore, increasing oil exploration activities in North America and Middle-East region is predicted to open up additional avenues for industry participants in the upcoming years. Growing preference towards power generation from eco-friendly fuel by developed and developing economies across the globe is projected to favor the market growth over the forthcoming years.
A gas compressor is typically adopted for increasing the pressure of a gas by reducing its volume. Compression of gas causes temperature changes. Different types of gas compressors include positive displacement compressors and dynamic compressors. Positive displacement compressors are also sub-categorized between reciprocating and rotary compressors. While, dynamic compressors are divided among centrifugal compressors and axial compressors based axis of rotation.
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The gas compressors market is broadly categorized into major segments based on the application type such as oil & gas sector, steel industry, automobile sector, chemical industry, electronics sector, pharmaceutical industry, and petroleum & petrochemical refining sector. Oil & gas segment is growing rapidly in the market with substantial revenue generation in the last few years. Growing popularity of gas compressors in oil & gas segment is attributed to the rising oil exploration activities across the North America and Middle-East region, and growing use of natural gas across industries such as the chemical, fertilizers and petrochemical industry.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in oil & gas industry, surge in number of research & development activities and existence of well-established industrial infrastructure in the region. In European region, Germany, France, and United Kingdom are projected to witness steady growth.
Asia-Pacific region is estimated to hold a major share in the gas compressors industry with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth, growing preference towards eco-friendly fuel for power generation purposes, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the gas compressors market are Sauer Compressors, Inc., American Jereh International Corp., Hitachi Ltd., BAUER Compressors, Inc., Ariel Corp., KOHO Compressor Systems Co., Kobe Steel, Ltd., Atlas Copco Co., Exterran Corp., Sundyne LLC, General Electric Company Co., Ingersoll Rand, Inc., Siemens AG, Sulzer Ltd., PDC Machines Inc., and RIX Industries, Inc.
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