Oil And Gas Industry Gas Compressor Market Size
| Study Period | 2019 - 2028 |
| Base Year For Estimation | 2022 |
| CAGR | > 3.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Oil And Gas Industry Gas Compressor Market Analysis
The oil and gas industry gas compressor market is expected to register a CAGR of 3.5% during the forecast period.
In 2020, COVID-19 had a detrimental effect on the market. Presently, the market has reached pre-pandemic levels.
- Over the long term, the market is largely driven by the growth in natural gas consumption for various applications, which has led to more gas production and transmission projects and reasonable natural gas prices in the current scenario, which has a positive impact on the upstream sector.
- On the other hand, the growing penetration of renewables in the energy sector offers stiff competition to natural gas consumption and thus impedes the growth of gas compressor deployment in numerous applications.
- Nevertheless, the increase in natural gas proved reserves, particularly offshore gas fields in the recent picture, places a tremendous opportunity for the gas compressor market. The very recent Russian group's Lukoil's oil and gas field discovery off the coast of Mexico is an example of the same. The new upcoming producing fields will lead to a greater deployment of gas compressors for gathering lines.
- Asia-Pacific is expected to ace the market during the forecast period due to increased energy consumption for the economic development of developing economies.
Oil And Gas Industry Gas Compressor Market Trends
Midstream Sector Expected to Dominate the Market
- The gas compressors used in the midstream oil and gas industry are deployed either within the gas transmission pipeline network or at the compressed gas storage units. Gas flowing in pipelines suffers from pressure losses that increase with flow velocity and the length of the pipe. Therefore, every 50 to 100 miles, a compressor station is necessary to recompress the gas and compensate for the pressure losses.
- Natural gas consumption continuously showed an advancing trend over the last 10 years, with around 4037.5 billion cubic meters of consumption in 2021. The demand is expected to grow in the coming years due to the government's push for cleaner methods of energy generation in many countries. A number of pipeline and LNG projects are about to be added to the list of accomplished projects of many midstream companies in the coming years.
- For instance, the Adelphia Gateway Project received approval for the construction of the second phase of the project from the Federal Energy Regulatory Commission (FERC), United States. The project includes the conversion of an existing 84-mile oil pipeline to a gas supply pipeline for distribution in the Philadelphia region. The developer, Adelphia Gateway LLC, is expected to be able to supply the first gas from the pipeline by the end of 2023.
- Furthermore, in February 2023, Oil and Natural Gas Corporation, India’s state-owned hydrocarbon giant, initiated a big-buck pipeline replacement project, a crucial project for the company’s production from key west coast fields. The USD 446 million project will ensure a stable supply of oil and gas from ONGC wells covering an area of 40,000 square kilometers along the western coast. Since compressors play a crucial role in the oil and gas industry in increasing the pressure of natural gas and allowing natural gas transportation from the production site, this kind of project will, in turn, promote the usage of compressors across the industry.
- Such developments will inevitably have a positive impact on the gas compressor market in the oil and gas industry during the forecast period.
Asia-Pacific Expected to Dominate Market Growth
- Asia-Pacific can account for half of the incremental gas demand in the near future due to increased consumption in the transport and industrial sectors. To serve the natural gas demand for the power generation industry and other applications, the region has witnessed an expansion in the pipeline network, mainly in countries like India and China.
- China's LNG and pipeline imports of natural gas reached record levels in 2021, with an increment of more than 18% in LNG imports, whereas the gas pipeline monthly imports approached a peak level of 4 million metric tons. The surge in imports will lead to an expansion of the supporting pipeline infrastructure in the country. Moreover, India is expected to bring 34,384 km of new pipelines online by 2023.
- In November 2021, ExxonMobil announced the final investment decision (FID) to build a multi-billion-dollar petrochemical complex in south China's Guangdong province. The Dayawan plant is expected to produce performance polymers used in automotive, packaging, agricultural, and consumer products for hygiene and personal care. This kind of project will in turn promote the usage of compressors in the coming years.
- Also, the rapidly growing network of CNG fueling stations has led to the development of the gas compressor market in the Asia-Pacific region. For example, in the year 2021, the Government of India inaugurated the 100th CNG station of MNGL (Maharashtra Natural Gas Limited). They have targeted around 50 more CNG stations and 1,000 LNG stations to be established in the country in the coming years.
- Owing to such developments, the gas compressor market is expected to flourish to the greatest extent in the Asia-Pacific region during the study period.
Oil And Gas Industry Gas Compressor Industry Overview
The oil and gas industry's gas compressor market is moderately consolidated. Some of the major companies (in no particular order) include Atlas Copco AB, Ariel Corporation, Bauer Compressor Inc., Clean Energy Fuels Corp., and Ingersoll Rand PLC, among others.
Oil And Gas Industry Gas Compressor Market Leaders
Ariel Corporation
BAUER Compressors Inc.
Ingersoll Rand PLC
Clean Energy Fuels Corp.
Atlas Copco AB
*Disclaimer: Major Players sorted in no particular order
Oil And Gas Industry Gas Compressor Market News
- April 2023: Oilfield services specialist Baker Hughes has been awarded a contract to supply partner QatarEnergy with two main refrigerant compressors (MRCs) for Qatar’s North Field South (NFS) project. Qatargas will execute the expansion project. Each MRC train will consist of three Frame 9E DLN Ultra Low NOx gas turbines and six centrifugal compressors across two LNG trains for a total scope of supply of six gas turbines to drive 12 compressors.
- January 2022: Industrial gas technology specialist Burckhardt Compression (Burckhardt) bagged a gas compressor supply contract from TECNIMONT SpA and Tecnimont Private Ltd. to provide compression solutions for the IOCL's upcoming polypropylene plant in Bihar, India. The company is expected to provide EPC and commissioning services for the compression systems.
Oil & Gas Industry Gas Compressor Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Reciprocating
5.1.2 Screw
5.2 Application
5.2.1 Upstream
5.2.2 Downstream
5.2.3 Midstream
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 France
5.3.2.3 Spain
5.3.2.4 United Kingdom
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Malaysia
5.3.3.4 Indonesia
5.3.3.5 Rest of Asia-Pacifc
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Colombia
5.3.4.4 Rest of South America
5.3.5 Middle East & Africa
5.3.5.1 Saudi Arabia
5.3.5.2 United Arab Emirated
5.3.5.3 Nigeria
5.3.5.4 South Africa
5.3.5.5 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Ariel Corporation
6.3.2 Atlas Corporation AB
6.3.3 Bauer Compressors Inc.
6.3.4 Burckhardt Compression Holding AG
6.3.5 Clean Energy Fuels Corp.
6.3.6 General Electric Company
6.3.7 HMS Group
6.3.8 Howden Group Ltd
6.3.9 Ingersoll Rand PLC
6.3.10 Siemens AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Oil And Gas Industry Gas Compressor Industry Segmentation
A substance (usually a gas) is compressed by reducing its volume and increasing its pressure in a compressor. It is possible to use compressors in various applications that involve increasing the pressure within the gas storage container, such as compressing gases in petroleum refineries and chemical plants.
The oil and gas industry gas compressor market report is segmented by type, application, and geography (North America, Europe, Asia-Pacific, South America, the Middle East, and Africa). By type, the market is segmented into reciprocating and screw. By application, the market is segmented into upstream, downstream, and midstream. The report also covers the market size and forecasts for the oil and gas industry gas compressor market across the major countries in the region. For each segment, the market size and forecasts have been done based on revenue (USD billion).
| Type | |
| Reciprocating | |
| Screw |
| Application | |
| Upstream | |
| Downstream | |
| Midstream |
| Geography | |||||||
| |||||||
| |||||||
| |||||||
| |||||||
|
Oil & Gas Industry Gas Compressor Market Research FAQs
What is the current Oil And Gas Industry Gas Compressor Market size?
The Oil And Gas Industry Gas Compressor Market is projected to register a CAGR of greater than 3.5% during the forecast period (2023-2028).
Who are the key players in Oil And Gas Industry Gas Compressor Market?
Ariel Corporation, BAUER Compressors Inc., Ingersoll Rand PLC, Clean Energy Fuels Corp. and Atlas Copco AB are the major companies operating in the Oil And Gas Industry Gas Compressor Market.
Which is the fastest growing region in Oil And Gas Industry Gas Compressor Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Oil And Gas Industry Gas Compressor Market?
In 2023, the Asia Pacific accounts for the largest market share in the Oil And Gas Industry Gas Compressor Market.
Oil And Gas Industry Gas Compressor Industry Report
Statistics for the 2023 Oil And Gas Industry Gas Compressor market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Oil And Gas Industry Gas Compressor analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
