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According to Stratistics MRC, the Global Centrifugal Compressor Market is accounted for $3.17 billion in 2022 and is expected to reach $4.69 billion by 2028 growing at a CAGR of 6.75% during the forecast period. A centrifugal compressor is a kind of compressor that makes use of revolving vanes or impellers to squeeze a gas as a substitute of a piston. This compressor is used in high-end air compressors in addition to on refrigeration units and air conditioners. These compressors are capable to be used in stages to generate ultra high compression of gasses or air. These are extensively used in refineries for the oil refining and automotive industry.

According to the National Development and Reform Commission, China has 112,000 kilometers of oil and gas pipelines and the country would need to build another 128,000 kilometers of pipeline in the next few years. The pipeline networks for crude oil and refined oil is expected to be expanded to 37,000 kilometers and 40,000 kilometers by 2025. According to the Indian Brand Equity Foundation, the manufacturing sector in the country has the potential to reach USD 1 trillion by 2025. According to the National Development and Reform Commission, the country’s natural gas pipelines are expected to reach 123,000 km, by 2025.

Market Dynamics:

Driver:

Growing investment in oil and gas exploration & production

The growing investment in oil and gas exploration and production actions is one of the main drivers boosting the centrifugal compressor market expansion. The centrifugal compressor has well-known applications in the upstream, midstream, and downstream processing in the oil and gas industry. Numerous countries have taken plan to raise investments in oil and gas exploration & production actions to enhance the production of hydrocarbons.

Restraint:

Fluctuating prices of raw materials

One of the factors impeding the expansion of the centrifugal compressor market is the fluctuating cost of raw materials. Due to intense market rivalry, some dealers are compelled to lower the prices of their product offers in order to keep their market share. Significantly, steel, aluminium, and carbon steel are the primary raw materials utilised in the construction of centrifugal compressors. The price of these commodities, however, does not stay constant but rather changes frequently as a result of many macroeconomic and microeconomic factors. This affects the costs of products utilising centrifugal compressors.

Opportunity:

Fit-for-Purpose Gas Compressors

New market prospects for centrifugal compressors are being created by improvements in fit-for-purpose centrifugal compressors that are utilised as fuel gas boosters for turbines generating electricity at refineries, chemical industries, hospitals, etc. Gas turbine power generation in industrial and commercial co-generation power plants is in high demand due to the need for cleaner and more economical energy. Fit-for-Purpose gas compressors are now available from manufacturers and offer features like high efficiency, safety, an oil-free construction, and pulsation-free, smooth gas flow. These possibilities increase market demand for the product.

Threat:

Low Compression Ratio

The primary flaw in the market is that centrifugal compressors require numerous stages to attain the high compression ratio of reciprocating compressors. One-stage centrifugal compressors with pressure ratios are uncommon. The safety, toughness, and lifespan of the compressor are restricted by stress considerations. Due to the weight and stress that would ensue, as well as the considerable frontal area that the large diameter of the radial diffuser would display, centrifugal compressors are not practicable for use in big gas turbine and turbojet engines that drive large aircraft. These elements may hurt the market.

Covid-19 Impact

Numerous industries were negatively impacted by the COVID-19 epidemic. However, the number of COVID cases is anticipated to decrease during the projection period because to ongoing COVID-19 immunisation efforts. Due to the gradual restart of construction and automotive projects, the demand for centrifugal compressors from the automotive, oil and gas, petrochemicals, aerospace, and chemical industries is anticipated to progressively increase. Therefore, it is projected that throughout the forecast period, these factors will propel the expansion of the regional centrifugal compressor market.

The single-stage segment is expected to be the largest during the forecast period

The single-stage segment is estimated to have a lucrative growth, due to effortlessness maintenance, and straightforward. Due to their sturdy construction, these centrifugal compressors require less maintenance and can be repaired more quickly. The single-stage centrifugal compressors used either an overhung impeller configuration or a beam design. These compressors are made up of a single impeller together with the diffuser and inlet guide vane that go with it.

The oil and gas segment is expected to have the highest CAGR during the forecast period

The oil and gas segment is anticipated to witness the fastest CAGR growth during the forecast period due to the construction of new pipeline projects, the oil and gas midstream industry is expanding globally. Centrifugal compressors have numerous uses in the upstream, middle, and downstream segments of the oil and gas industry. The oil and gas sector uses the centrifugal compressor for a variety of tasks, including gas transportation, compression for gas injection, gas collection, gas lift, etc. As a result of the aforementioned factors, the oil and gas segment is anticipated to rule the centrifugal compressor market throughout the anticipated period.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the high expansion of the oil& gas and power industries, highly used centrifugal compressors for powering the long-distance natural gas pipeline. There is rising development of the infrastructures for the oil& gas and power industries with the increasing power demand. There is a growing improvement of power generation plants specially the gas-fired generation plants.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to increasing industrialization distant from innovative advancements as well as technical developments. The region is moving in the direction of natural gas-based energy and substituting coal-based plants. The increasing gas consumption in the future is likely to produce important opportunities for market players. The industrial zone comprises of mining, manufacturing, agriculture, plus construction, accounts for the largest of energy consumption of some end-use sector and creates a substantial market for centrifugal compressors.

Key players in the market

Some of the key players profiled in the Centrifugal Compressor Market include Hitachi Ltd, EATON, General Electric Co., Techwin, Johnson Controls Inc., Atlas Copco AB, Kaeser, Baker Hughes Co., Kobe Steel Ltd., Siemens Energy AG, Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., IHI Corp., Kirloskar Pneumatic Company Limited, Hanbell Precise Machinery Co. Ltd., Elliott Group, Mitsui and Co. Ltd., MAN Energy Solutions SE, Ingersoll Rand Inc. and Kobelco.

Key Developments:

In July 2020, Mitsubishi Heavy Industries (MHI) Compressor International Corporation (MCO-I), a leader in designing and manufacturing compressors, steam turbines, and associated auxiliary systems, launched a new performance test stand for API617 centrifugal compressor testing in Houston.

In January 2020, Ingersoll Rand had launched the new generation of MSG Turbo-Air 2000 Centrifugal Compressor for the Indian market. MSG TURBO-AIR 2000 has the capability to cater flow capacity from 505 CFM to 1700 CFM with a pressure range from 3.5 Barg to 10 Barg.

In October 2018, ATLAS Copco had launched the ZH 1000-3150 oil-free centrifugal air compressors which is designed to meet the needs of the air separation industry for a larger centrifugal air compressor delivered in a standard package. The ZH 1000-3150 oil-free centrifugal air compressors provide the optimum combination of high flow and low energy consumption.

In June 2016, Atlas Copco had expanded its range of ZH and ZH+ oil-free centrifugal compressors to offer industrial process plants substantial energy savings and a wider range of flows and pressures. In August 2013, Atlas Copco had launched the new Atlas Copco’s ZH 355+ – 900+ oil-free centrifugal compressor range that employs advanced aerodynamics to reduce energy consumption in the core.

In August 2014, Ingersoll Rand had acquired Cameron International Corp.'s centrifugal compressors business for $850 million. This acquisition would help in expanding Ingersoll's markets for industrial compressors.

Products Covered:
• Multi-Stage
• Single-Stage
• Other Products

Technologies Covered:
• Air Compressor
• Gas Compressor
• Other Technologies

Applications Covered:
• Offshore
• Onshore
• Other Applications

End Users Covered:
• Power Sector
• Petrochemical & Chemical Industries
• Oil & Gas
• Power Generation
• Industrial Gases
• Transportation
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements