Oil and Gas Industry Gas Compressor Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The oil and gas industry gas compressor market is expected to record a CAGR of 3.5% during the forecast period. The COVID-19 pandemic did have an impact on the market as there were delays and suspensions in natural gas production and transmission projects due to the lockdowns imposed. The demand for gas compressors reduced during the period, which was transparently visible in the revenues of the compressor manufacturing companies. As an example, Atlas Copco, the leading industry player, recorded a revenue downtrend in 2020 with SEK 99,787 million, a 3.8% downfall from the 2019 revenues. The global oil and gas industry gas compressor market is largely driven by the growth in the natural gas consumption for various applications, which has led to more gas production and transmission projects and reasonable natural gas prices in the current scenario, which has a positive impact on the upstream sector. However, the growing penetration of renewables in the energy sector offers stiff competition to natural gas consumption and thus impedes the gas compressor deployment growth in numerous applications.
Key HighlightsThe oil and gas industry gas compressor market is moderately consolidated. Some of the major companies include Atlas Copco AB Class A, Ariel Corporation, BAUER Compressor Inc., Clean Energy Fuels Corp., and Ingersoll Rand PLC.
Additional Benefits:Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook