DUBLIN--(BUSINESS WIRE )--The "Booster Compressor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global booster compressor market reached a value of US$ 3.24 Billion in 2021. Looking forward, the publisher expects the market to reach a value of US$ 4.49 Billion by 2027 exhibiting a CAGR of 5.30% during 2022-2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different industries. These insights are included in the report as a major market contributor.
A booster compressor refers to a piece of equipment made to boost the pressure of an existing system. It consists of a delivered valve cylinder head, received tank and discharge tank and provides water-based and air-based cooling. It is widely used for testing industrial conduit and pipeline pressures, optimizing high-pressure tires, engine starter systems, increasing the volume and pressure of water in showerheads and faucets, PET bottle production and enhancing toque in small air tools. Booster compressor provides efficiency, productivity, versatility, transportability, safety, reliability, high-pressure production ability and profitability. Most of the booster compressors are pneumatic and are used for short durations to sustain high pressures. As a result, they find extensive application across various industries, such as manufacturing, chemical, and oil and gas.
Significant growth in the oil and gas industry across the globe is creating a positive outlook for the market. Booster compressors are widely used to supply continuous gas to turbines at specified pressure and temperature. In line with this, the widespread product utilization in nitrogen compression and hydrogen blanketing is favoring the market growth.
Moreover, various technological advancements, such as the integration of artificial intelligence and the Internet of Things (IoT) for remote monitoring, analyzing performance, providing alerts for an unscheduled oil change and preventive maintenance (PM), are providing an impetus to the market growth.
Additionally, the increasing demand for liquified petroleum gas (LPG), compressed natural gas (CNG) and clean energy fuels due to rising environmental consciousness are positively impacting the market growth. Other factors, including significant expansion in the chemical industry, increasing demand for electric vehicles and the implementation of various government initiatives toward the development of the manufacturing industry, are anticipated to drive the market toward growth.
Key Questions Answered in This Report:
6 Market Breakup by Cooling Type
7 Market Breakup by Compression Stage
8 Market Breakup by Power Source
9 Market Breakup by End User
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900