Market Trends of North America Centrifugal Compressor Industry
This section covers the major market trends shaping the North America Centrifugal Compressor Market according to our research experts:
Oil and Gas Sector to Dominate the Market
- 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.
- In 2019, the United States International Development Finance Corporation planned to finance a USD 632 million natural gas pipeline in southern Mexico. The project is expected to drive the need for centrifugal compressors in the forecast period.
- The production of natural gas increased to 1128 bcm in 2019. With upcoming exploration activities, the production is likely to grow and drive the market of centrifugal compressors.
- Moreover, in Mexico, the construction of the Dos Bocas 340,000-bpd refinery commenced in mid-2019 and is expected to be completed by 2022. The refinery is expected to drive the need for centrifugal compressors in the forecast period.
- The growing oil and gas midstream market especially developing city gas distribution projects, is expected to drive the demand of centrifugal compressors in the oil and gas industry
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The United States 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, the United States generated 1700 TWh of electricity from natural gas plants, which is a significant applicant of centrifugal compressors.
- In 2019, the United States had more than 134 active gas pipeline projects. Most of the projects are expected to be operational in the forecast period, driving the centrifugal compressor market considerably.
- Government initiatives to expand the industrial sector, especially in the United States, are expected to boost the demand for centrifugal compressors over the forecast period.
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