PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490287
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490287
Booster Compressor Market size was valued at USD 2,481.5 Million in 2023, expanding at a CAGR of 5.00% from 2024 to 2032.
A booster compressor system is equipment used to increase the pressure produced by a given compressor system by adding compression stages. The main benefits of a booster compressor include high-pressure producing capability, mobility, continuous high-pressure operation, reliability, and others. Furthermore, essential qualities of booster compressors include compact size, ease of installation, low noise, and other advantages.
Booster Compressor Market- Market Dynamics
Booster Compressors are Essential in all Oil and Gas Stages, Including Exploration, Transportation, and Downstream Industries, for Market Growth
Booster compressors play a vital role in all stages of oil and gas production, from uncovering reservoirs to final use. For instance, while exploring, these compressors are heavily used in both onshore and offshore drilling activities, nitrogen production, hydrocarbon covering, and compression stations. In addition, booster compressors play a vital role in the downstream industry by maintaining pressure while natural gas is being transported. The expected increase in the booster compressor industry is strongly connected to the rising need for petroleum fuels and compressed natural gas (CNG) products in countries like China, Brazil, India, Australia, and South Korea. The increasing need for gas stations, fueled by expanding economies and the rapid adoption of natural gas vehicles, is expected to result in a greater demand for booster compressors and drive market growth in the future.
Booster Compressor Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.00% over the forecast period (2024-2032)
Based on Cooling Type segmentation, air-cooled was the leading type in 2023
Based on Compression Stage segmentation, the Double stage was predicted to show maximum market share in the year 2023.
Based on End-user segmentation, Oil & Gas was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Booster Compressor Market is segmented on the basis of Cooling Type, Compression Stage, Pressure, End-User, and Region.
The market is divided into three categories based on Cooling Type: Air-cooled and Water-cooled. In this category, the air-cooled sector is expected to maintain its lead, capturing a considerable portion of the market. The reason for this dominance is linked to the cost efficiency of installing and maintaining air-cooled units. Air-cooled compressors are gaining popularity because of their efficient cooling system, which includes a combination of a radiator and fan that effectively removes heat from the compressor.
The market is divided into two categories based on the Compression Stage: Single stage, Double stage, And Multistage. The Double Stage segment is projected to have the biggest market share over the projection period. Air is compressed twice in a double or two-stage booster compressor system. Two-stage booster compressors are extensively used in applications requiring high pressure or power, such as big factories and workshops. It is used in factories and workshops for lifting, painting, drilling, and constructing structures, among other things. As a result, the increase in demand for these heavy-duty applications is likely to drive the growth of the double-stage booster compressor industry over the study period.
Booster Compressor Market- Geographical Insights
Geographically, this market is widespread in 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. Throughout the forecast, North America will dominate the market. North America is known for being the largest producer of natural gas globally, having the second-largest vehicle market, and housing some of the largest electrical and mechanical companies. Nevertheless, the area is also a major user of booster compressors. Predictions foresee that the booster compressor market in North America will experience growth due to increased demand for natural gas and its related products, thanks to North America being the top producer and exporter of natural gas globally. Another important factor impacting the booster compressor market is the increasing prevalence of cars in the region.
Asia-Pacific has the highest CAGR holding category. The booster compressor market in Asia-Pacific is mainly influenced by the substantial expansion in the automotive, industrial, construction, and electrical & electronics sectors in growing economies such as China, Japan, India, and Australia. This is because these countries have numerous crucial enterprises and production plants. Countries in Asia such as India place great importance on a gas-centered economy, leading to a rise in the need for booster compressors.
The Booster Compressor market is filled with competition as numerous important players compete for market share. Atlas Copco, Ingersoll Rand, Kaeser Kompressoren, Sullair, and Bauer Kompressoren are among the top agencies in the Booster Compressor market. These companies provide a variety of booster compressor products for various industries such as manufacturing, oil and gas, and construction. To thrive in the market, these companies focus on innovating their products, ensuring quality, enhancing overall performance, and providing excellent aftersales services. Businesses in the dynamic marketplace are always working to tailor their services to meet the changing needs of customers.
In September 2023, Sauer Compressors USA announced plans to expand its North American business and accelerate growth in the compressed air and gas industries through acquisitions. The company has announced plans to expand its manufacturing facilities, as well as its technological and research capabilities.
GLOBAL BOOSTER COMPRESSOR MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Atlas Copco (Sweden)
Ingersoll Rand (Republic of Ireland)
Kaeser Kompressoren (Germany)
SAUER Compressor (Germany)
BAUER Kompressoren (Germany).
Others