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North America Compressor Market Size (2024 - 2029)

The North American compressor market is projected to experience growth, driven by the increasing demand from refineries and petrochemical plants for gas-related operations. Despite the challenges posed by the installation of renewable energy sources, which may limit compressor use, the market has rebounded to pre-pandemic levels. The extraction of shale reserves in Canada and Mexico presents future opportunities for market expansion. The United States is expected to lead the market due to its significant oil and gas refining capacity.

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Market Size of North America Compressor Industry

North America Compressor Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 3.80 %
Market Concentration Low

Major Players

North America Compressor Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Compressor Market Analysis

The North American compressor market is anticipated to register a CAGR of approximately 3.8% during the forecast period.

The market was negatively impacted by the outbreak of COVID-19 due to regional lockdowns and a slowdown in end-user industries. Currently, the market has reached pre-pandemic levels.

  • Factors such as increasing demand for compressors from the refineries and petrochemical plants that use compressors to deal with various operations related to gases will likely drive the North American compressor market.
  • However, increasing the installation of renewable energy sources to provide power that does not use compressors is expected to restrain the North American compressor market.
  • Massive amounts of proven shale reserves in countries such as Canada and Mexico, when extracted, are expected to use compressors for gas transportation and will likely create several opportunities for the North American compressor market in the future.
  • The United States, due to its highest oil and gas refining capacity in the region, is expected to dominate the North America compressor market.

North America Compressor Industry Segmentation

Compressors are mechanical devices that increase the pressure of a gas/air by reducing its volume and increasing its velocity. The North American compressor market is segmented into type, end-user, and geography. By type, the market is segmented into positive displacement and dynamic. By end-user, the market is segmented into the oil and gas industry, power sector, manufacturing sector, chemicals and petrochemical industries, and other end users. The report also covers the market size and forecasts for the North American compressor market across major countries in the region. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).

Type
Positive Displacement
Dynamic
End User
Oil and Gas Industry
Power Sector
Manufacturing Sector
Chemicals and Petrochemical Industry
Other End User
Geography
United States
Canada
Rest of North America
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North America Compressor Market Size Summary

The North American compressor market is poised for steady growth, driven by increasing demand from the oil and gas sector, particularly in refineries and petrochemical plants. Compressors play a crucial role in various operations, including gas transmission and storage, making them integral to the expanding gas pipeline networks. The market is recovering from the setbacks caused by the COVID-19 pandemic and is now operating at pre-pandemic levels. However, the shift towards renewable energy sources poses a challenge, potentially restraining market growth. The abundance of shale reserves in Canada and Mexico presents opportunities for compressor use in gas transportation, further bolstering market prospects.

The United States is expected to lead the North American compressor market, supported by its significant oil and gas refining capacity and the shale revolution, which has spurred petrochemical expansion. The country's LNG export growth, facilitated by numerous LNG facilities and projects, underscores the critical role of compressors in gas conversion and transportation. Additionally, the robust chemical industry in the United States, with substantial investments from major players, is likely to drive demand for compressors in chemical plants. The market remains fragmented, with key players like Atlas Copco AB, Siemens AG, and Ariel Corporation contributing to its competitive landscape.

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North America Compressor Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Force Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Positive Displacement

      2. 2.1.2 Dynamic

    2. 2.2 End User

      1. 2.2.1 Oil and Gas Industry

      2. 2.2.2 Power Sector

      3. 2.2.3 Manufacturing Sector

      4. 2.2.4 Chemicals and Petrochemical Industry

      5. 2.2.5 Other End User

    3. 2.3 Geography

      1. 2.3.1 United States

      2. 2.3.2 Canada

      3. 2.3.3 Rest of North America

North America Compressor Market Size FAQs

The North America Compressor Market is projected to register a CAGR of 3.80% during the forecast period (2024-2029)

Siemens AG , Ariel Corporation, Ebara Corporation , Atlas Copco AB and Aerzener Maschinenfabrik GmbH are the major companies operating in the North America Compressor Market.

North America Compressor Report Snapshots

North America Compressor Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)