Europe Centrifugal Compressor Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Centrifugal Compressor Market Analysis
The centrifugal compressor market in Europe is expected to grow at a CAGR of more than 3% in the forecast period of 2020-2025. The rapidly increasing production of natural gas in Russia is one of the major driving factors for the growth of the centrifugal compressor market. With growing power demand and the application of centrifugal compressors in the power sector is likely to increase the demand further. Natural gas-fired power plants are increasing significantly, which requires gas at high pressure using compressors. On the other hand, the oil and gas industry and manufacturing industry, which are significant applicants of a centrifugal compressor, have shown a slow growth due to the COVID-19 pandemic in 2020, which can restrain the growth of the centrifugal compressor market considerably.
- In the end-user, the oil and gas industry is the major applicant for the centrifugal compressor. The growing demand for compressor stations for gas transmission is expected to drive the market in the future.
- Russia is planning to grow its chemical sector with Chemical Industry Vision 2030. The growing chemical industry is expected to create significant opportunities for market players in the future.
- Russia is anticipated to dominate the market in the forecast period. The growth in the chemical, oil, and gas refining and processing industries are expected to create a significant market.
Europe Centrifugal Compressor Market Trends
This section covers the major market trends shaping the Europe Centrifugal Compressor Market according to our research experts:
Oil and Gas Sector to Dominate in the Forecast Period
- Compressors are used in different applications in the oil & gas industry, such as hydrocarbon blanketing, nitrogen compression, and a compression station. Multiple applications in the industry are creating considerable demand in the future.
- The construction of the Baltic Pipeline from Norway to Poland is expected to initiate in 2020 and estimated to be completed by 2022. The laying of international pipelines is expected to drive the need for centrifugal compressors in the forecast period.
- The production of natural gas in Europe reached 915 bcm in 2019. With upcoming exploration activities, the output is likely to grow and drive the market of centrifugal compressors.
- In 2020, Equinor, Shell, and Total signed off on a USD 685 million plan to build the world's first carbon capture and storage (CCS) network, the Northern Lights in Norway. The project is estimated to increase the demand for compressors in the future.
- The increasing midstream market especially developing city gas distribution projects and cross country pipeline projects, are expected to drive the demand of centrifugal compressors in the oil and gas industry.
Russia to Dominate the Market
- The industrial sector, which includes mining, manufacturing, agriculture, and construction, accounts for the largest share of energy consumption of any end-use sector and creates a considerable market for centrifugal compressors.
- In 2019, Russia generated 1118 TWh of electricity. With increasing power demand, the market of centrifugal compressors is likely to grow considerably.
- With an increase in refining capacity to 6721 thousand barrels per day in 2019, Russia is expected to lead the market in the forecast period and creating ample demand for centrifugal compressors.
- Russia's chemical strategy 2030 outlines the creation of six new chemical clusters throughout the country, which is likely to drive the compressor market further.
- Government initiatives to expand the industrial sector and growing oil and gas industry of Russia, are expected to boost the demand for centrifugal compressors over the forecast period.
Europe Centrifugal Compressor Industry Overview
The Europe centrifugal compressor market is fragmented. Some of the major companies include Ingersoll-Rand plc, Atlas Copco Ltd, Hitachi Ltd., BAUER Compressors Inc, Gardner Denver, Inc.
Europe Centrifugal Compressor Market Leaders
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Atlas Copco Ltd
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Gardner Denver Holdings Inc.
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Ingersoll-Rand plc
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BAUER Compressors Inc
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Hitachi Ltd.
*Disclaimer: Major Players sorted in no particular order
Europe Centrifugal Compressor Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of Study
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1.2 Market Definiton
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1.3 Study Assumptions
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET OVERVIEW
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4.1 Introduction
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4.2 Market Size and Demand Forecast in USD billion, till 2025
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4.3 Recent Trends and Developments
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4.4 Government Policies and Regulations
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4.5 Market Dynamics
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4.5.1 Drivers
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4.5.2 Restraints
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4.6 Supply Chain Analysis
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4.7 Porter's Five Forces Analysis
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4.7.1 Bargaining Power of Suppliers
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4.7.2 Bargaining Power of Consumers
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4.7.3 Threat of New Entrants
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4.7.4 Threat of Substitute Products and Services
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4.7.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 End-User
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5.1.1 Oil and Gas
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5.1.2 Power Generation
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5.1.3 Chemical
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5.1.4 Others
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5.2 Geogrpahy
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5.2.1 Russia
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5.2.2 Norway
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5.2.3 The United Kingdom
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5.2.4 Rest of Europe
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
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6.3.1 General Electric Company
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6.3.2 Atlas Copco Ltd
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6.3.3 Campbell Hausfeld LLC
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6.3.4 Hitachi, Ltd.,
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6.3.5 Ingersoll-Rand plc,
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6.3.6 Gardner Denver, Inc
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6.3.7 Kaeser Compressors Inc
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6.3.8 Bauer Compressors Inc
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6.3.9 Boge Compressors Ltd
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Europe Centrifugal Compressor Industry Segmentation
The Europe centrifugal compressor market report includes:
| End-User | |
| Oil and Gas | |
| Power Generation | |
| Chemical | |
| Others |
| Geogrpahy | |
| Russia | |
| Norway | |
| The United Kingdom | |
| Rest of Europe |
Europe Centrifugal Compressor Market Research FAQs
What is the current Europe Centrifugal Compressor Market size?
The Europe Centrifugal Compressor Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Europe Centrifugal Compressor Market?
Atlas Copco Ltd , Gardner Denver Holdings Inc. , Ingersoll-Rand plc , BAUER Compressors Inc and Hitachi Ltd. are the major companies operating in the Europe Centrifugal Compressor Market.
What years does this Europe Centrifugal Compressor Market cover?
The report covers the Europe Centrifugal Compressor Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Europe Centrifugal Compressor Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Centrifugal Compressor Industry Report
Statistics for the 2024 Europe Centrifugal Compressor market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Centrifugal Compressor analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
