REPORT HIGHLIGHT
Integrally geared centrifugal compressor market size was valued at USD 430.8 Million in 2022, expanding at a CAGR of 7.1% from 2023 to 2030.
An integrally geared centrifugal compressor is defined as a compressor that has an integrally cast gear set and impeller. This design removes the requirement for bearings and oil seals between the impeller and gearset, resulting in a more dependable and efficient compressor. Moreover, the integrally geared centrifugal compressors are employed in various ranges of applications such as the extraction of crude oil up until the oil reaches users through the refinery as well as associated pipelines. The compressed air is majorly used in the removal of sulfur, oxidation of sour water, sweetening of gasoline, and regeneration of catalysts.
Integrally Geared Centrifugal Compressor Market- Market Dynamics:
- Energy Efficiency & Environmental Concerns, Growing Industrialization, and Technological Advancements will drive the market growth.
- Industries are constantly focusing on environmental sustainability and energy efficiency. In addition, higher efficiency and reduced energy consumption are offered by integrally geared compressors over compression technologies, which make them unique options for businesses aiming to reduce their operational costs and carbon footprint. Moreover, the market growth is also driven by petrochemicals, oil and gas, and chemicals for compressors to handle numerous processes including gas transportation and refining. In line with this, integrally geared compressors are well-suited for these industries with their compact design and ability to handle a wide range of pressures and flow rates.
- However, integrally geared compressors require proper maintenance, specialized expertise, and tools finding professional technicians for repairs and servicing are expected to be challenging. Furthermore, ongoing technological advancements in materials, design, and control systems contribute to enhancing the reliability and performance of integrally geared compressors. These advancements lead to reduced maintenance needs, higher efficiency, and extended operational lifetimes.
Integrally Geared Centrifugal Compressor Market- Key Insights:
- As per the analysis shared by our research analyst, the global integrally geared centrifugal compressor market is estimated to grow annually at a CAGR of around 7.1% over the forecast period (2023-2030)
- Integrally geared centrifugal compressors optimize energy usage, yielding significant operational cost reductions and environmental benefits across industries like petrochemicals, refineries, and natural gas processing.
- The advanced control and variable speed capabilities of integrally geared compressors ensure precise adaptation to varying demand, enhancing system stability, and enabling seamless process optimization.
- On the basis of region, North America was the leading revenue generator in 2022
Integrally Geared Centrifugal Compressor Market- Segmentation Analysis:
- The global integrally geared centrifugal compressor market is segmented on the basis of type, compressible gases, industry vertical, distribution channel, and region.
- The market is divided into two categories based on type: custom-based and modular. The custom-based segment is accounted to grow speedily in the forecast period. Customfitted integrally adjusted centrifugal compressors provide manufacturers the freedom to design in a way that reduces effectiveness, efficiency, and reliability. The market for integrally geared centrifugal compressors with a customized base is attributed to rising gradually, as companies increasingly emphasize specialized solutions to boost productivity while saving operating costs,
- The market is divided into three categories based on compressible gases: hydrocarbon process gas, fuel gas, acid hydrocarbon gas, and others. The fuel gas segment is attributed to dominating the market. In various applications, fuel gases are used as a fuel source such as heating, industrial processes, and power generation. In addition, these gases include natural gas, hydrogen, methane, and propane. They are commonly burned to release heat, which can be converted into mechanical work or other forms of energy.
- The market is divided into five categories based on industry vertical: energy, metallurgy, chemical, mining, oil, petroleum, & natural gas, and others. The oil, petroleum, & natural gas segment is likely to maintain its dominance in the market due to the increasing number of automobiles. Additionally, intensified oil extraction activities and increased shale gas explorations will drive the demand for integrally geared centrifugal compressors over the forecast period.
- The market is divided into two categories based on distribution channel: Indirect (Dealer) and Direct (Manufacturer). The Direct (Manufacturer) segment is likely to possess the largest market share. Direct (Manufacturer) likely relates to the concept of buying this type of compressor directly from the manufacturer. As the segment is associated with various benefits such as technical support, product expertise, quality control, customization, warranty & services, and parts availability thus, increases the segment growth during the forecast period.
Integrally Geared Centrifugal Compressor Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Integrally Geared Centrifugal Compressor Market- Competitive Landscape:
In an integrally geared centrifugal compressor market, the increasing R&D and mergers & acquisitions are major trends. Market players are trying to increase their product lines and penetrate untapped markets by means of mergers & acquisitions, in view of the increasing competition. As a result, this will assist them in employing the available resources from allies, reducing company's research investments. It will also help manufacturers to provide their users with high-quality, complete, reliable, and state-of-the-art technology services and components. For instance, in March 2023, Kobe Steel, Ltd. announced to conduct of an absorption-type merger of its wholly-owned subsidiary Kobelco Slag Products, Ltd… With the aim of expanding the use of steel slag products that contribute to carbon neutrality and biodiversity, Kobe Steel has reached the conclusion that the Kobelco Slag Products into Company is the best course to follow to integrate the business operations.
Recent Developments:
For instance, in July 2022, Atlas Copco is expanding its North American footprint, and acquired the operating assets of compressed air products. Moreover, compressed air products are the latest to join the Atlas Copco company, with approximately 20 employees and a strong service business.
Key features of the study:
- This proposed research study on integrally geared centrifugal compressor market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
- The report provides the client the latest up-to-date and trending insights about the integrally geared centrifugal compressor market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for integrally geared centrifugal compressor market.
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the integrally geared centrifugal compressor market.
- Impact of COVID-19 on integrally geared centrifugal compressor market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on integrally geared centrifugal compressor market ket post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the integrally geared centrifugal compressor market, we have also included competitive landscape and key innovator analysis for the integrally geared centrifugal compressor market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants who will help users to understand their financial information and strategic initiatives of players operating in the integrally geared centrifugal compressor market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global integrally geared centrifugal compressor market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL INTEGRALLY GEARED CENTRIFUGAL COMPRESSOR MARKET KEY PLAYERS
- Mitsubishi Heavy Industries Ltd.
- Chart Industries Inc.
- FS ELLIOTT Co. LLC
- Kobe Steel Ltd.
- General Electric Co.
- Hanwha Corp.
- Cryostar
- Hitachi Ltd.
- Baker Hughes Co.
- KNM Group Berhad
- IHI Corp.
- Ingersoll Rand Inc.
- Kawasaki Heavy Industries Ltd.
- Fu Sheng Industrial Co. Ltd.
- Nanjing SAG Equipment Co. Ltd.
GLOBAL INTEGRALLY GEARED CENTRIFUGAL COMPRESSOR MARKET, BY TYPE
GLOBAL INTEGRALLY GEARED CENTRIFUGAL COMPRESSOR MARKET, BY COMPRESSIBLE GASES
- Hydrocarbon Process Gas
- Fuel Gas
- Acid Hydrocarbon Gas
- Others
GLOBAL INTEGRALLY GEARED CENTRIFUGAL COMPRESSOR MARKET, BY INDUSTRY VERTICAL
- Energy
- Metallurgy
- Chemical
- Mining
- Oil, Petroleum, and Natural Gas
- Others
GLOBAL INTEGRALLY GEARED CENTRIFUGAL COMPRESSOR MARKET, BY DISTRIBUTION CHANNEL
- Indirect (Dealer)
- Direct (Manufacturer)
GLOBAL INTEGRALLY GEARED CENTRIFUGAL COMPRESSOR MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA