NEW YORK, Oct. 14, 2020
NEW YORK, Oct. 14, 2020 /PRNewswire/ -- On account of the rising rate of urbanization and usage of natural gas for various purposes, new gas pipelines are being laid around the world. As a result, the global compressor market, which valued $39.9 billion in 2019, is set to grow to $48.5 billion by 2030, at a steady 3.1% CAGR between 2020 and 2030. For instance, the newly formed China Oil and Gas Pipeline Network will purchase the pipeline network from existing state-owned companies and also lay new lines, according to the market research report published by P&S Intelligence.
Similarly, Gas Authority of India Limited (GAIL)'s 2018 decision to lay 3,418 miles of new gas pipelines will also give a boost to the compressor market. As gas moves through the pipeline, its pressure reduces due to the long distance traveled, elevation changes, or friction. Thus, compressors are installed at regular distances within the pipeline to maintain the desired pressure and keep the gas moving.
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Due to the closure of manufacturing plants, the compressor market is witnessing a slowdown during COVID-19. It is not only the units manufacturing compressors that have been closed down, but also those where these appliances are required, such as automotive and heating, ventilation, and air conditioning (HVAC) equipment plants. Thus, not only have the manufacturing and supply of compressors slowed, but even the demand for them has dropped.
Browse report with detailed COVID-19 impact analysis on Compressor Market Research Report: By Compressor Type (Positive Displacement, Dynamic), Lubrication Type (Oil-Free, Oil-Flooded), Portability (Portable, Stationary), Pressure (Ultra-Low-Pressure, Low-Pressure, Medium-Pressure, High-Pressure, Hyper-Pressure), Application (Construction, Power, Industrial Manufacturing, HVAC-R, Chemical and Cement, Automotive, Oil and Gas, Food and Beverage, Textile) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/compressor-market
The highest-revenue-generating region in the compressor market presently is Asia-Pacific (APAC). APAC generates the highest demand for compressors as it is the global manufacturing powerhouse. For instance, the increasing adoption of electric vehicles, on account of the initiatives taken by the governments of China, Japan, and India, is propelling the regional automotive industry. Moreover, these countries are also taking steps to boost their manufacturing sector, which would further drive the procurement of compressors.
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The fastest growth in the compressor market would be seen in the Middle East and Africa (MEA) region in the near future. In Egypt, Algeria, Tunisia, and Morocco, global automakers are setting up their manufacturing plants. In addition, major oil-producing countries, such as Saudi Arabia and the U.A.E., are boosting their industrial production, so that their economy doesn't have to depend on oil and gas trade in the years to come.
Presently, mergers and acquisitions characterize the competition in the compressor market, as a large number of players are engaging in such measures to:
The well-established organizations in the global compressor market include Kaeser Kompressoren SE, Gardner Denver Holdings Inc., Accudyne Industries LLC, Mitsubishi Heavy Industries Ltd., Kobe Steel Ltd., Atlas Copco AB, Zhe Jiang Hongwuhuan Machinery Co. Ltd., ANEST IWATA Corporation, Sanden Holdings Corporation, MAHLE GmbH, Hanon Systems, and Valeo SA.
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India Compressor Market
Backed by increasing government support, the growing manufacturing sector is positively driving the Indian compressor market. The market is poised to generate $2,891.9 million revenue in 2030, advancing at a CAGR of 6.2% during the forecast period (2020–2030).
China Compressor Market
China compressor market is expected to reach $15.7 billion by 2024, registering a CAGR of 3.5%, over the forecast period. The growth in the market is backed by strong increase in automotive industry, coupled with growing construction sector, according to P&S Intelligence.
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