The global process gas compressors market is projected to exhibit a significant growth, at a CAGR of around 3.4%, during the forecast period. The rise in industrialization coupled manufacturing industries in emerging economies such as India, China, Brazil, and others further provides significant growth opportunities to the process gas compressors market. The abundance of economic labor has made the emerging economies an attractive destination for investment considering the low-cost labor and improved infrastructure for manufacturing companies. China’s manufacturing industry is growing at a much faster pace than any other economies. Announced in 2015, the “Made in China 2025” is one of the most lucrative projects, aimed at increasing competitiveness of Chinese manufacturing industries such as electronics and automotive, among others.
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The goal of the project was to foster Chinese brands, boost innovation and reduce the country’s reliance on foreign technology by making the nation a major or dominant global manufacturer of various technologies. This initiative is aimed to transform China from a manufacturing giant to global manufacturing power by 2049. For instance, China plans to achieve 40.0% of domestically manufactured basic components and basic materials by 2020 and 70.0% by 2025. However, the plan is recently revised in January 2018, according to which China is aimed to become the global leading manufacturer of telecommunication, railway, and electrical power equipment by 2025. This initiative will increase the adoption of process gas compressor in the power generation in the country in the near future that further provide a significant opportunity to the process gas compressors market growth.
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Moreover, India is expected to be among the fastest-growing economies globally among all the major economies during the forecast period. Cohesive government initiatives are also playing a key role in the growth of these industries such as reduction of corporate tax on companies, ‘Make in India’ campaign and so on. Due to such initiatives, the country has jumped the World Bank’s Ease of Doing Business to 63 in 2019 from 142 in 2014. These improvements can motivate foreign companies and foreign venture capitalists to invest more in the country. In the Energy & Power sector, the country is one of the largest consumers all across the globe.
The oil imports of the country were near to $87 billion in 2017-18 as compared to $70 billion in 2016-17. The import increased to $112 billion in 2018-19. The country remains the third-largest consumer of oil in with 4.69 million barrels per day in 2017 as compared to 4.56 million barrels per day in 2016. Moreover, the country was the fourth-largest importer of LNG in 2017. Therefore, in these economies, the growing manufacturing sector coupled with rapid industrialization further provides significant growth opportunity for process gas compressor market.
Global Process Gas Compressors Market-Segmentation
By Equipment
- Centrifugal Gas Compressors
- Reciprocating Gas Compressors
- Screw Gas Compressors
- Others (Standard Screw Air Compressor)
By End-Use Industry
- Oil & Gas
- Refinery Services
- Petrochemical and Chemical Industry
- Polyolefin Plants
- Others (Hydrotreatment)
Global Process Gas Compressors Market– Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Aerzener Maschinenfabrik GmbH
- Ariel Corp.
- Atlas Copco Group
- BAUER COMPRESSORS INC.
- BORSIG GmbH
- Burckhardt Compression AG
- Corken, Inc.
- Ecolab Inc.
- General Electric Co.
- IHI Rotating Machinery Engineering Co., Ltd.
- Ingersoll-Rand PLC
- Jereh Oil & Gas Engineering Corp.
- Kirloskar Brothers Ltd.
- KOBE STEEL, LTD.
- MAN Energy Solutions SE
- NEUMAN & ESSER GROUP
- Pneumofore S.p.A.
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