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Process Gas Compressors Market Size (2024 - 2029)

The Process Gas Compressors market is projected to experience growth despite previous setbacks due to the COVID-19 pandemic, which impacted key sectors like oil and gas and manufacturing. The market's expansion is driven by rising natural gas consumption in power generation, increased demand for LNG in various sectors, and a growing need for industrial gases. The oil-injected segment currently holds a significant portion of the market and is expected to continue its dominance. The Asia-Pacific region is anticipated to lead in market growth, fueled by the surge in natural gas and LNG consumption and the expanding manufacturing industries in countries such as China, India, and those in Southeast Asia.

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Market Size of Process Gas Compressors Industry

Process gas compressors market
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 3.71 %
Fastest Growing Market Asia Pacific
Largest Market Asia-Pacific
Market Concentration Medium

Major Players

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*Disclaimer: Major Players sorted in no particular order

Process Gas Compressors Market Analysis

The Process Gas Compressors market was valued at USD 6.45 billion in 2020 and is expected to reach USD 7.85 billion by 2026, at a CAGR of 3.71% over the forecast period. Due to the COVID-19, core sectors utilizing process gas compressors, such as the oil and gas, and the manufacturing sector were severely affected which led to the restrained growth of the market. However, factors such as increasing natural gas consumption in the power generation sector, increased demand for LNG in bunkering, road transportation, and off-grid power sectors, and rising demand for industrial gases, are expected to drive demand in the global process gas compressor.

  • The oil-injected segment held the major share in the market in 2020, and it is likely to dominate the market during the forecast period.
  • Moreover, increasing natural gas consumption and increasing demand for energy-efficient process gas compressors are expected to create immense opportunities for the market.
  • Asia-Pacific is expected to be the largest and fastest growing market, mainly on the account of rapidly-increasing natural gas and LNG consumption in the region, and a rapidly-expanding manufacturing sector in China, India, and the Southeast Asian countries.

Process Gas Compressors Industry Segmentation

The process gas compressors market report include:

Type
Oil Injected
Oil Free
End User
Oil & Gas
Chemicals
Power Generation
Industrial Gases
Others (Manufacturing, Healthcare, etc.)
Geography
North America
Europe
Asia-Pacific
South America
Middle East & Africa
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Process Gas Compressors Market Size Summary

The Process Gas Compressors market is poised for growth, driven by increasing natural gas consumption in power generation and rising demand for LNG across various sectors such as bunkering, road transportation, and off-grid power. Despite the initial setbacks caused by the COVID-19 pandemic, which impacted core sectors like oil and gas and manufacturing, the market is expected to recover and expand. The oil-injected segment is anticipated to maintain a dominant position due to its efficiency, cost-effectiveness, and longevity in applications where oil contamination is not a concern. This type of compressor is crucial in hydrogen plants and petroleum refineries, supporting processes like Pressure Swing Adsorption, Steam-Methane Reforming, and various refining operations, thereby driving demand as oil refining capacity increases.

The Asia-Pacific region is projected to be the largest and fastest-growing market for process gas compressors, fueled by the burgeoning natural gas and LNG consumption and a rapidly expanding manufacturing sector in countries like China, India, and Southeast Asian nations. The region's growth is further supported by government initiatives and investments that bolster the manufacturing industry. Key players in the moderately fragmented market include Atlas Copco Group, Ingersoll Rand Inc., Sundyne, Siemens Energy AG, and Howden Group, with strategic partnerships and joint ventures enhancing technological advancements and market reach. These developments, alongside the increasing demand from end-user industries such as oil and gas, power generation, and manufacturing, are expected to significantly contribute to the market's expansion.

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Process Gas Compressors 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 2026

    3. 1.3 Recent Trends and Developments

    4. 1.4 Market Dynamics

      1. 1.4.1 Drivers

      2. 1.4.2 Restraints

    5. 1.5 Supply Chain Analysis

    6. 1.6 Porter's Five Force Analysis

      1. 1.6.1 Threat of New Entrants

      2. 1.6.2 Bargaining Power of Buyers/Consumers

      3. 1.6.3 Bargaining Power of Suppliers

      4. 1.6.4 Threat of Substitute Products

      5. 1.6.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION AND ANALYSIS

    1. 2.1 Type

      1. 2.1.1 Oil Injected

      2. 2.1.2 Oil Free

    2. 2.2 End User

      1. 2.2.1 Oil & Gas

      2. 2.2.2 Chemicals

      3. 2.2.3 Power Generation

      4. 2.2.4 Industrial Gases

      5. 2.2.5 Others (Manufacturing, Healthcare, etc.)

    3. 2.3 Geography

      1. 2.3.1 North America

      2. 2.3.2 Europe

      3. 2.3.3 Asia-Pacific

      4. 2.3.4 South America

      5. 2.3.5 Middle East & Africa

Process Gas Compressors Market Size FAQs

The Process Gas Compressors Market is projected to register a CAGR of 3.71% during the forecast period (2024-2029)

Atlas Copco Group, Ingersoll Rand Inc., Sundyne LLC, Siemens Energy AG and Howden Group are the major companies operating in the Process Gas Compressors Market.

Process Gas Compressors Market Report Snapshots

Process Gas Compressors Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)