Wilmington, Delaware, United States, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The industrial gas compressor industry was worth US$ 16.7 billion in 2022. A CAGR of 4.3% is expected to be achieved between 2023 and 2031. The market is expected to reach US$ 23.4 billion by 2031. Digital technology and Industry 4.0 principles will become increasingly important as industrial gas compressors develop. Monitoring and maintaining systems can be improved by using data analytics and smart sensors.
Energy-saving compressors will become increasingly important as sustainability and energy efficiency become more prominent. Regulatory requirements and corporate sustainability goals could impact the project's success. The future of the industry is likely to be driven by continued advancements in compressor technology.
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Increasing energy efficiency, reliability, and cleaner operation are all possible features of manufacturers developing compressors. Innovative materials, designs, and control techniques are being developed that may lead to improved performance.
Key Findings of the Market Report
- Based on compressors, dynamic compressors are expected to gain traction over the next few years.
- Based on type, the oil free segment is expected to dominate the global industrial gas compressor market over the forecast period.
- Global industrial gas compressor demand is expected to dominate Asia Pacific over the forecast period.
- Rising oil & gas industries are expected to be one of the key factors driving the market for industrial gas compressors.
Global Industrial Gas Compressor Market: Growth Drivers
- The industrialization of emerging economies is driving global demand for industrial gas compressors. Several industries, such as the oil and gas, manufacturing, petrochemical, and power generation industries, use compressors. Efficiencies in energy use and environmental sustainability have grown in importance. Industrial gas compressors that reduce pollution and are more efficient are in demand.
- Regulations and corporate sustainability goals often drive these efforts. Oil and gas sector activities significantly influence industrial gas compressor demand. Compressors are necessary for various processes, such as gas injection, transportation, and storage, as exploration and production activities increase. Advancements in reliability, efficiency, smart controls, and condition monitoring systems are driving compressor technology advancements.
- Innovative solutions offered by manufacturers will likely give them an edge over their competitors. The demand for industrial gas compressors is largely driven by infrastructure projects like power plants, refineries, and pipelines. In order to complete these projects, compressors were often needed for various applications, resulting in the growth of the compressor market.
- As natural gas is becoming recognized as a cleaner option than fossil fuels, more investments are being made in its infrastructure. Thus, compressors, used in the distribution, storage, and transportation of gas, became necessary. Food and beverages are packaged and processed with compressed gases in the industrial gas compressor market. The global demand for packaged and processed foods has led to a surge in demand for food processors and packagers.
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Global Industrial Gas Compressor Market: Regional Landscape
- Gas compressors are expected to grow significantly in the Asia Pacific region in the coming years. Energy-efficient air compressors and expanding pipeline networks are among the factors contributing to this region's rapid development. Oil and gas are fundamental to the development of the Asia Pacific region, which is one of the fastest-growing regions in the world.
- The market in this region is also driven by the use of gas compressors in this industry. Process gas compressor demand in the region has grown significantly due to the presence of a wide spectrum of end-use industries.
- A growing gas and petrochemical industry will also drive the Asia-Pacific region's air compressor market. In addition, Asia Pacific is expected to experience growth for oil-free air compressors, particularly rotary compressors. A strong growth in the Asia-Pacific industrial gas compressor market is attributed to increasing demand for energy-efficient compressors, expansion of gas pipelines, and rapid economic growth.
Global Industrial Gas Compressor Market: Key Players
Industrial gas compressors are segmented globally, with large-scale manufacturers and local fabricators. These companies control a substantial market share. Technology advancements allow the leading players to strengthen their product portfolios by adding innovative products. There has been an increase in the demand for industrial gas compressors, which has contributed to the market's growth.
- Atlas Copco Ab
- Ingersoll Rand
- General Electric
- Siemens Energy AG
- Mitsui E&S Holdings Co. Ltd.
- KAESER KOMPRESSOREN
- HITACHI Ltd.
- Bauer Comp Holding Gmbh
- Howden Group
- Kobe Steel, Ltd
- J.P Sauer & Sohn Maschinenbau Gmbh
- Ariel Corporation
Key Developments
- In December 2023, Upwing Energy succeeded in 3D printing its compressor module for the Subsurface Compressor System (SCS) using technology from metal 3D printer maker Velo3D.
Global Industrial Gas Compressor Market: Segmentation
By Type
- Oil Injected
- Oil Free
By Compressor
- Dynamic Compressor
- Positive Displacement Compressor
- Piston Compressor
- Rotary Screw Compressor
- Others (including Tooth Compressor and Scroll Compressor)
By End User
- Construction
- Oil & Gas
- Mining
- Power Generation
- Others (Including Pharmaceutical and Food & Beverage)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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