NEW YORK , May 11, 2022 /PRNewswire/ -- The centrifugal compressor market size is expected to grow by USD 2.97 billion from 2021 to 2026 at a CAGR of 4.75% as per the latest market report by Technavio. 50% of the market's growth will originate from APAC during the forecast period. China, India , and Japan are the key markets for the centrifugal compressor market in APAC. Market growth in this region will be faster than the growth of the market in other regions. Centrifugal compressors are widely utilized in refineries for the oil refining and automotive industry. This will facilitate the centrifugal compressor market growth in APAC over the forecast period.
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Read the 120-page report with TOC on "Centrifugal Compressor Market Analysis Report by Product (Single-stage and Multi-stage) and Geography (APAC, North America , Europe , South America , and the Middle East and Africa ), and the Segment Forecasts,2022-2026". Gain competitive intelligence about market leaders. Track key industry opportunities, trends, and threats. Information on marketing, brand, strategy and market development, sales, and supply functions. https://www.technavio.com/report/report/centrifugal-compressor-market-industry-analysis
Centrifugal Compressor Market: Vendor Analysis
The centrifugal compressor market is fragmented and the vendors are deploying growth strategies such as differentiated product offerings and business expansions to compete in the market. The centrifugal compressor market report offers information on several market vendors, including Atlas Copco AB, Baker Hughes Co., FS ELLIOTT Co. LLC, General Electric Co., Hitachi Ltd., IHI Corp., Ingersoll Rand Inc., Kawasaki Heavy Industries Ltd., MAN Energy Solutions SE, Mitsubishi Heavy Industries Ltd., Mitsui and Co. Ltd., Siemens Energy AG, Ebara Corp., Fusheng Precision Co. Ltd., Hanbell Precise Machinery Co. Ltd., Hanwha Power Systems Co. Ltd., and Kobe Steel Ltd. among others.
Atlas Copco AB - The company offers centrifugal compressors such as the GT series, T series, and RT series.
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Centrifugal Compressor Market: Drivers & Challenges
The growing investment in oil and gas exploration and production activities is one of the key drivers fueling the centrifugal compressor market growth. The centrifugal compressor has widespread applications in the upstream, midstream, and downstream processing in the oil and gas industry. Several countries have taken initiatives to increase investments in oil and gas E&P activities to increase the production of hydrocarbons. For instance, in March 2022 , Canada -based Frontera Energy Corporation announced that it discovered 27.2-degree light crude oil at the Tui-1 exploration well on the Perico block in Ecuador . Similarly, in February 2022 , the UAE-based Dragon Oil PLC, a subsidiary of state-owned Emirates National Oil Company, announced that it had made its first oil discovery in the Gulf of Suez. These initiatives will drive the centrifugal compressor market growth during the forecast period.
However, the fluctuating prices of raw materials is one of the limitations hampering the centrifugal compressor market growth. Due to high competition in the market, there are vendors who are compelled to reduce the prices of their product offerings to maintain their market share. Significantly, the major major raw materials used in the production of centrifugal compressors are steel, aluminum, and carbon steel. However, the cost of these materials does not remain the same but fluctuates regularly due to various macro and microeconomic factors. This impacts the prices of centrifugal compressor products. Furthermore, the fluctuating prices of raw materials create uncertainty for the pricing of the centrifugal compressor market. Therefore, it poses a major challenge to the market, which, in turn, affects the growth of the centrifugal compressor market focus during the forecast period.
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Centrifugal Compressor Market: Segmentation Analysis
Product Outlook (Revenue, USD bn, 2021-2026)
Single-stage - size and forecast 2021-2026
Multi-stage - size and forecast 2021-2026
Geography Outlook (Revenue, USD bn, 2021-2026)
APAC - size and forecast 2021-2026
North America - size and forecast 2021-2026
Europe - size and forecast 2021-2026
South America - size and forecast 2021-2026
Middle East and Africa - size and forecast 2021-2026
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Accelerate at a CAGR of 4.75%
Leading companies, competitive strategies, consumer engagement scope
Atlas Copco AB, Baker Hughes Co., FS ELLIOTT Co. LLC, General Electric Co., Hitachi Ltd., IHI Corp., Ingersoll Rand Inc., Kawasaki Heavy Industries Ltd., MAN Energy Solutions SE, Mitsubishi Heavy Industries Ltd., Mitsui and Co. Ltd., Siemens Energy AG, Ebara Corp., Fusheng Precision Co. Ltd., Hanbell Precise Machinery Co. Ltd., Hanwha Power Systems Co. Ltd., and Kobe Steel Ltd.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period,
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3.4 Market outlook: Forecast for 2021-2026
5.3 Single-stage - Market size and forecast 2021-2026
5.4 Multi-stage - Market size and forecast 2021-2026
7.3 APAC - Market size and forecast 2021-2026
7.4 North America - Market size and forecast 2021-2026
7.5 Europe - Market size and forecast 2021-2026
7.6 South America - Market size and forecast 2021-2026
7.7 Middle East and Africa - Market size and forecast 2021-2026
7.8 China - Market size and forecast 2021-2026
7.9 US - Market size and forecast 2021-2026
7.10 Germany - Market size and forecast 2021-2026
7.11 India - Market size and forecast 2021-2026
7.12 UK - Market size and forecast 2021-2026
7.13 Japan - Market size and forecast 2021-2026
8.3 Impact of drivers and challenges
11.3 Currency conversion rates for US$
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/
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