Date: May 2022
Booster Compressor Market worth USD 5.1 billion by 2030
The Market Statsville Group (MSG) publishes the new report on the "Booster Compressor Market by Cooling Type (Air and Water), by Compression Stage (Single Stage, Double Stage, and Multi-Stage), by Power Source (Electric and Combustion Engine), by End-Use (Manufacturing, Industrial Testing, Oil & Gas, Construction, and Others), by Region – Global Share and Forecast to 2030".
The global booster compressor market size is expected to grow from USD 3.1 billion in 2021 to USD 5.1 billion by 2030, at a CAGR of 5.6% during the forecast period. One of the key factors impacting the growth of the booster compressor market is an increase in the number of oil & gas exploration activities in onshore and offshore destinations. Many oil & gas suppliers have shifted their operations to offshore ports and destinations, which are deliberately nearer to hydrocarbon resource sites because of the high demand for oil & gas fuel from various industries. With the increase in demand for crude oil in developing countries, the investment toward oil & gas exploration and production activities has also increased. Thus, the rise in the number of these activities continues to directly contribute to the growth in the utilization of oil & gas, which in turn enhances the growth of the booster compressor market.
Global Booster Compressor Market Segmentation
The booster compressor market has been segmented into components, waste type, method, application, and region.
- By Cooling Type (Air and Water)
- By Compression Stage (Single Stage, Double Stage, and Multi-Stage)
- By Power Source (Electric and Combustion Engine)
- By End-Use (Manufacturing, Industrial Testing, Oil & Gas, Construction, and Others)
- By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)
The combustion engine, by power source, is estimated to hold the largest market share during the forecast period
On the basis of power source, the global booster compressor market is bifurcated into electric and combustion engine. In 2021, the combustion engine segment was the highest contributor to the market, with a CAGR of 6.0% from 2022-2030. Combustion engine booster compressors are those which are operated by fossil fuels such as petrol, diesel, kerosene, gas or any other. A combustion engine booster compressor can be used at any remote location. Mainly oil & gas industry uses this type of compressor.
One of the major factors responsible for the growth of combustion engine booster compressor is the high demand for oil & gas products and rise in oil & gas exploration and production activities since, combustion engine booster compressor is used in oil rigs and offshore area applications. In addition, it is used in power generation to boost the pressure of steam fired on turbines which in turn is projected to fuel the growth of the global booster compressor market during the analyzed time frame.
North America accounts for the largest market share in booster compressor market
Region-wise, the booster compressor market is analyzed across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, North America accounted for the highest market share of 32.7% in the global booster compressor market. The countries contributing to the revenue of the North America booster compressor market include the U.S., Canada, and Mexico. North America is the largest producer of natural gas and has the second largest automobile industry and one of the world's largest electrical and machinery industries. However, North America is one of the largest consumers of booster compressors.
Rising demand for natural gas and related products is expected to drive the growth of the booster compressor market in North America during the forecast period; since North America is the largest producer and exporter of natural gas in the world. In addition, increasing consumption of automobiles in the region is also one of the major growth factors of the booster compressor market. Moreover, rising real estate in countries such as Canada and the U.S. also acts as the main driver of the booster compressor market.
This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the booster compressor market. It also consists of the profiles of leading companies such as Hitachi Ltd., Ingersoll Rand, Jereh Group, Atlas Copco AB, Sauer Compressors USA, Generon, Kaeser Kompressoren, Corken Inc., NiGen International L.L.C., TGT Fuel Technologies, Hanbell, Haskel, Boge Compressors Ltd., and Gas Compression Systems.
Browse the complete report: https://www.marketstatsville.com/booster-compressor-market
About Market Statsville Group
Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.
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