Gas Compressors Market Surpassing USD 8.42 billion by 2029

2022-08-22 08:25:54 By : Ms. Tracy Gu

August 03, 2022 10:15 ET | Source: Ameliorate Digital Consultancy Pvt Ltd Ameliorate Digital Consultancy Pvt Ltd

Luton, Bedfordshire, United Kingdom, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the gas compressors market. The global gas compressors market is expected to grow at 3% CAGR from 2022 to 2029. It is expected to reach above USD 8.42 billion by 2029 from USD 6.45 billion in 2020.

Since the COVID-19 pandemic's end date is unclear, suppliers and producers in the gas compressor market are acting professionally to deal with the situation. They are working harder to maintain the operations of crucial industries including oil & gas production, healthcare, and electricity generation. Additionally, stakeholders are increasingly placing a high value on worker and customer safety.

A gas compressor refers to a mechanical device that increases the static pressure of a gas by reducing its volume. Some of the commonly used gas compressors include positive displacement and dynamic gas compressors.

Asia-Pacific is one of the fastest developing regions in the world. The region, which is home to some of the world's largest economies, including China, Japan, and India, is experiencing tremendous growth across a range of sectors, including oil and gas, manufacturing, and electricity generation.

One of the primary applications for gas compressors is in the oil and gas industry, where countries like China and India are among the top players in the world. Since these compressors are used in various stages of the oil and gas supply chain, such as natural gas processing, natural gas transportation, marine LNG, and refining, the demand for gas compressors is likely to grow with the growth of the oil and gas market in the region.

January 2022, Burckhardt Compression was awarded a supply contract by TECNIMONT SpA and Tecnimont Private Ltd to provide solutions to India Oil Corporation’s polypropylene plant in Bihar, India. The agreement will see Burckhardt supplying the carrier gas compressor and nitrogen gas compressor packages for the plant’s refining complex.

April 2021, Siemens Energy AG supplied 20 centrifugal compression systems for one of Saudi Aramco’s gas storage projects. The Hawiyah UnayzahGas Reservoir Storage facility is located 260 km east of Riyadh. The scope of the contract includes the supply of 20 compressor trains which will strengthen the company’s market position.

As a part of Gas Compressors market segmentation, our study exhibits a market analysis based on type, Market application and Historic Data:

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In the agricultural sector, farmers have been exhibiting high adoption of technology driven equipment such as heavy duty submersible pumps for supplying water into the farm. In the upcoming years, municipal water distribution and waste water treatment are anticipated to experience impressive growth, which is anticipated to support the growth in the global market.

The global submersible pumps market size is projected to reach a size of USD 18.8 billion by 2028, at a CAGR of 6.7%, from an estimated USD 11.2 billion in 2020.   

Oil & Gas Pumps Market

Pumps are very important in the oil and gas industry. They are used to displace oil in several instances such as inside oil drilling rigs and refineries. y are employed for steam stripping, chemical transfers, gasoline transfers, and injection activities. Pumps made expressly for the oil and gas industry are essential to its operation.

The global oil & gas pumps market is projected to reach a size of USD 10.80 billion by 2028, at a CAGR of 6.4%, from an estimated USD 6.6 billion in 2020.              

Thin-film solar cell is the new generation solar cell that contains multiple thin-film layers of photo voltaic materials. Thin-film photo voltaic cells (TFPV) are another name for thin-film solar cells (TFSC) (TFPV). In comparison to conventional P-N junction solar cells, thin-film layers are much thinner (a few nanometers, frequently 20 times thinner than c-Si wafers).

The global thin-film photovoltaic cell market size was valued at USD 11.30illion in 2020, and is projected to reach USD 23.35 billion by 2030, growing at a CAGR of 8.4% from 2022 to 2029.

The Global Smart gas meter market is expected to grow at 5.1% CAGR from 2019 to 2028. It is expected to reach above USD 3.05 billion by 2028 from USD 1.95 billion in 2019.

The factors driving market growth are the growing investments in renewable energy and government initiatives to reduce carbon emissions along with the expansion of electrical grids due to the growing industrialization and urbanization.

Compressor oils are used to lubricate the compressors to ensure their reliability and maintain their operational effectiveness and efficiency. The global compressor oil sector will be driven by the surge of use in applications such as the manufacturing sector.

The global Compressor Oil Market is expected to grow at more than 2.5% CAGR from 2022 to 2029. It is expected to reach above USD 9.23 billion by 2029 from USD 5.41 billion in 2020.