According to the latest report by IMARC Group, titled “Gas Compressors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global gas compressors market reached a value of US$ 4.7 Billion in 2021. A gas compressor is an indispensable piece of mechanical equipment that compresses gas in pipes by escalating its static pressure and lowering its volume. It involves frames, crankshaft, crosshead, cylinders, vanes, piston, and other components, which converts mechanical energy into pneumatic energy. At present, it is broadly categorized into positive displacement and dynamic gas compressor types. Amongst these, positive displacement compressors work with the constant flow regardless of outlet pressure, whereas dynamic compressors operate at continuous pressure by compressing gas through the mechanical actions of rotating impellers. Apart from this, gas compressors are reliable, effective, and provide a higher amount of gas flow in the pipeline while ensuring minimal energy loss. Owing to these properties, it finds extensive application across industries for compressing fluorine, argon, nitrogen, hydrogen, silane, and xenon.
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Global Gas Compressors Market Trends:
One of the key factors driving the market growth is the widespread product adoption across various industrial verticals. For instance, in the oil and gas sector, gas compressors are used to process and transport renewable energy resources, including natural gas, over long distances. This can be further attributed to the rising environmental concerns and awareness about the detrimental effects of fossil fuels, which, in turn, have prompted governments to promote the uptake of compressed natural gas (CNG) and liquified natural gas (LNG). Additionally, significant enhancements in the healthcare infrastructure have facilitated the widespread product adoption in air filtration duct systems to mitigate contamination or infections and maintain air quality, which is acting as another growth-inducing factor. In line with this, the growing need for automating industrial plant operations has encouraged manufacturers to introduce energy-efficient portable compressors with enhanced storage tanks, improved performance capacities, minimum maintenance needs, and better fuel intake, which is supporting the market growth. Other factors, such as ongoing research and development (R&D) activities and strategic collaborations amongst key players to enhance product efficacy, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 5.8 Billion by 2027, growing at a CAGR of 3.98% during 2022-2027.
- On the basis of the compressor type, the market has been bifurcated into positive displacement and dynamic compressors.
- Based on the end use industry, the market has been categorized into general manufacturing, construction, oil and gas, mining, chemicals and petrochemicals, power generation, and others.
- On a regional basis, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being Ariel Corporation, Atlas Copco AB, Bauer Compressors Inc., Burckhardt Compression Holding AG, Exterran Corporation, Gardner Denver Inc., General Electric Company, Hitachi Ltd., Kobelco and Siemens AG.
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