Global Process Gas Compressors Market 2024

Global Process Gas Compressors Market 2024

Process gas compressors refer to compressors utilized for pressurizing and circulating gases in industrial processes, as well as for the storage and transportation of gases. These compressors are capable of handling various types of gases, including natural gas, industrial gas, inert gas, and cryogenic gases. Additionally, they can recover and recompress process gas to maintain appropriate pressure levels.

In an oil-injected process gas compressor, oil serves as a lubricant and is injected into the compression chamber and bearings to cool the moving parts. The use of oil as a liquid injection is popular due to its effective lubricating and sealing properties, which assist in gas cooling when necessary. This type of compressor is particularly suitable for commercial and industrial applications. The market for oil-injected process gas compressors is projected to reach USD 6.6 billion by 2029, with an estimated market value of USD 4.9 billion in 2023 and a compound annual growth rate (CAGR) of 4.1% during the forecast period.

Furthermore, the oil and gas sector represents a significant market segment for process gas compressors, with an estimated market value of USD 3.5 billion in 2023 and an expected increase to USD 4.5 billion by 2029, registering a CAGR of 4.0% during the forecast period. Within the oil and gas industry, process gas compressors find application in gas gathering, flash gas retrieval, oil and gas production, and processing activities. In natural gas processing, these compressors are primarily used for off-gas compression, natural gas boosting, demethanizing, nitrogen circulation, and other related purposes.

The Asia-Pacific region is anticipated to witness substantial growth in the process gas compressors market, with an estimated market value of USD 2.4 billion in 2023 and a projected increase to USD 3.3 billion by 2029, reflecting a CAGR of 4.5% during the forecast period. This region, home to major economies such as China, Japan, and India, is experiencing rapid development across various industries, including oil and gas, manufacturing, and power generation. In the oil and gas sector, countries like China and India play significant roles. Given that process gas compressors are integral to multiple stages of the oil and gas supply chain, including natural gas processing, transportation, marine LNG, and refining, the demand for these compressors is poised to grow alongside the expanding oil and gas market in the region.

This comprehensive industry report provides market estimates and forecasts, accompanied by a detailed examination of the product type, end-user, and region aspects. It delivers a quantitative analysis of the market, empowering stakeholders to leverage existing market opportunities. Furthermore, the report identifies key segments for potential opportunities and strategies, drawing insights from market trends and the approaches of leading competitors.

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The global market for process gas compressors can be segmented by product type: oil injected, oil free. The oil injected segment was the largest contributor to the global process gas compressors market in 2023, accounting for more than 71.7% of the total market.

Process gas compressors market is further segmented by end-user: oil & gas, chemicals, power generation, industrial gases, others. According to the research, the oil & gas segment had the largest share in the global process gas compressors market, accounting for more than 50.1% of the total market.

Based on region, the process gas compressors market is segmented into: North America, Europe, Asia-Pacific, MEA (Middle East and Africa), Latin America. Asia-Pacific was the largest revenue contributor to the global process gas compressors market, representing 34.7% of the market in 2023. During the forecast period, Asia-Pacific is projected to witness the highest growth rate.

The report explores the recent developments and profiles of key vendors in the Global Process Gas Compressors Market, including Aerzener Maschinenfabrik GmbH, Atlas Copco Group, BAUER COMP Holding GmbH, BORSIG GmbH, Burckhardt Compression AG, Chart Industries, Inc., Hitachi Industrial Products, Ltd., IHI Corporation, Ingersoll Rand Inc., MAN Energy Solutions SE, Mitsubishi Heavy Industries, Ltd., Siemens AG, Sullair LLC, Sundyne Corporation, among others. In this report, key players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.

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Market Segments Covered in Global Process Gas Compressors Industry Analysis:

i.) Product type

• Oil injected
• Oil free

ii.) End-user

• Oil & gas
• Chemicals
• Power generation
• Industrial gases
• Others

iii.) Region

• North America
• Europe
• Asia-Pacific
• MEA (Middle East and Africa)
• Latin America