NEW YORK , May 18, 2022 /PRNewswire/ -- The integrally geared centrifugal compressor market size is expected to grow by USD 492.79 mn from 2021 to 2026. Moreover, the growth momentum of the market will expand at a CAGR of 5.85% during the forecast period. This growth will be driven by factors such as rising demand from the oil and gas industry.
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Integrally Geared Centrifugal Compressor Market: Driver
The rising demand from the oil and gas industry is driving the integrally geared centrifugal compressor market growth. Oil and gas industry companies reduced their operation cost along with rig rates owing to a period of low crude oil prices. Many companies are taking advantage of such low rig rates and reduced oilfield service costs. Moreover, the initiation of stalled projects will fuel the demand for the integrally geared centrifugal compressor in upstream, midstream, and downstream processes. Thus, with an increasing number of active rigs, the demand for compressors will grow. Such an increase in demand will drive the growth of the integrally geared centrifugal compressor market during the forecast period.
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Integrally Geared Centrifugal Compressor Market: Challenge
Unpredictability in oil and gas prices is challenging the integrally geared centrifugal compressor market growth. Integrated oil companies with operations in both upstream and downstream sectors could manage some of the financial pressure. However, pure upstream companies were impacted significantly and were forced to shut down. To make drilling and production of crude economically feasible, crude oil prices should be sufficiently high. However, offshore and deep-water explorations are cost-intensive, as they involve many risks. Due to the decline in profit from the upstream sector, most companies failed to invest in further explorations. This has resulted in a decline in demand for integrally geared centrifugal compressors.
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Integrally Geared Centrifugal Compressor Market: Segmentation Analysis
This market research report segments the integrally geared centrifugal compressor market by application (oil and gas, industrial gases, chemical and petrochemical, power generation, and others) and geography (APAC, Europe , North America , Middle East and Africa , and South America ).
By application, the oil and gas segment will have significant market share growth during the forecast period. Integrally geared compressors are used for multiple applications such as oil refining, midstream operations, gas processing, and liquefied natural gas (LNG) production in the oil and gas industry. Compressors play a major role in deciding the efficiency and operational cost of these applications.
By geography, APAC will lead the integrally geared centrifugal compressor market during the forecast period. The growth will be driven by factors such as the growth of the oil and gas sectors. Market growth in this region will be faster than the growth of the market in other regions. China , Japan , and India are the key countries for the integrally geared centrifugal compressor market in APAC.
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Integrally Geared Centrifugal Compressor Market Scope
Accelerate at a CAGR of 5.85%
APAC, Europe, North America, Middle East and Africa, and South America
US, Canada, China, Japan, India, and Russia
Leading companies, Competitive strategies, Consumer engagement scope
Atlas Copco AB, Cryostar, FS ELLIOTT Co. LLC, Fusheng Co. Ltd., Gardner Denver Inc., General Electric Co., Hanwha Corp., Hitachi Ltd., Howden Group Ltd., IHI Corp., Ingersoll Rand Inc., Kawasaki Heavy Industries Ltd., KNM Group Berhad, Kobe Steel Ltd., MAN Energy Solutions SE, Mitsubishi Heavy Industries Ltd., Siemens Energy AG, and Sundyne LLC
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
3.4 Market outlook: Forecast for 2021-2026
5.3 Oil and gas - Market size and forecast 2021-2026
5.4 Industrial gases - Market size and forecast 2021-2026
5.5 Chemical and petrochemical - Market size and forecast 2021-2026
5.6 Power generation - Market size and forecast 2021-2026
5.7 Others - Market size and forecast 2021-2026
7.3 APAC - Market size and forecast 2021-2026
7.4 Europe - Market size and forecast 2021-2026
7.5 North America - Market size and forecast 2021-2026
7.6 Middle East and Africa - Market size and forecast 2021-2026
7.7 South America - Market size and forecast 2021-2026
7.8 US - Market size and forecast 2021-2026
7.9 China - Market size and forecast 2021-2026
7.10 Russia - Market size and forecast 2021-2026
7.11 Japan - Market size and forecast 2021-2026
7.12 India - Market size and forecast 2021-2026
7.13 Canada - Market size and forecast 2021-2026
8.3 Impact of drivers and challenges
11.3 Currency conversion rates for US$
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