Tandem Piston Compressors Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Tandem Piston Compressors Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The tandem piston compressors market is expected to register a CAGR of 3% approximately over the forecast period, on account of expansion of industrial infrastructure. Due to its high efficiency, it is used in various applications, including refrigeration, air cooling, and air separation, among others. Tandem piston compressors are also used in chemical and petrochemical facilities These industries are witnessing a significant growth across the world, thus, boosting the market studied.

Additionally, growth of the natural gas industry is expected to drive the market studied over the forecast period, as the production of natural gas has increased, due to a surge in the production from shale reserves. However, the requirement of more space by these compressors is considered as a restraint to the growth of the market.

Tandem piston compressors are widely used in the natural gas processing and transportation. Hence, increase in the demand of natural gas for power generation is likely to dominate the market during the forecast period.

Moreover, developing industrial infrastructure in countries, like China, the Unites States, etc., is likely to offer huge business opportunities for tandem piston compressors market. Furthermore, North America is expected as a significant player in market, with majority of the demand coming from the countries, like United States and Mexico.

Key Market TrendsIncrease in Demand for Natural Gas

• The natural gas production has increased by 18%, during 2011-2018. The increase in natural gas can be largely attributed to the shale gas boom, primarily due to the technological advancement in shale gas production in the past decade. Additionally, the electricity generation through natural gas has increased by 25%, during the same period.
• The gas producing companies expect a greater use of natural gas in power generation, replacing coal. Many countries see an increased role for gas in energy mix, as electricity produced with gas has half the carbon dioxide emissions of coal power. Moreover, natural gas has a role in the energy mix that helps in contributing in sustainable development, if methane emissions are reduced.
• Due to development of LNG terminals, LNG infrastructure across the world is expanding rapidly, and hence, the demand for natural gas is increasing. Therefore, piston compressors are also used by pipeline operators for natural gas transmission, which helps in driving the market during forecast period.

North America to Dominate the Market

• The offshore oil and gas projects in North America are becoming more competitive, owing to improving efficiencies and tightening of the supply chain, which has led to declining costs of offshore drilling. For example, prior to 2014, a deepwater well in the Gulf of Mexico costed about USD 200 million to drill. As of 2017, drilling a deepwater well in the same region costed between USD 10 – 50 million.
• United States downstream industry accounted for 18.8% share of the global refining capacity and witnessed a CAGR of 0.92%, during 2013 - 2018. Major factors driving the market include increased crude oil and gas production from the shale reserve and shifting focus toward the petrochemical industry.
• United States oil and gas downstream sector is expected to witness modest growth in the future, with the increasing production of condensate splitters and upgradation of existing facilities, primarily around the Gulf of Mexico. Additionally, fuels destined for export are expected to drive the major part of gains in downstream production, especially LPG and distillates.
• The Mexican petrochemical industry is witnessing a solid growth, following the completion of the Braskem-Idesa Ethylene XXIcomplex. In 2018, the value of Mexico's basic petrochemicals consumption grew by an estimated 14.1% to USD 2.4 billion, whereas the consumption of synthetic resin (including polymers) and synthetic rubbers rose by 6.8% and 9.2%, to USD 5.2 billion and USD 0.5 billion, respectively.
• Therefore, these factors suggests that North America is anticipated to dominate the tandem piston compressors market.

Competitive Landscape

The tandem piston compressors market is fragmented. The key companies include ABAC air compressors, BOGE KOMPRESSOREN Otto Boge GmbH & Co. KG, Bitzer SE, Officine Mario Dorin SpA, and NuAir compressors (FNA SpA), among others.

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