Increase in demand for petroleum and CNG products and rise in usage of plastic or PVC products in developing countries drive the growth of the global booster compressor market. North America accounted for the highest share in 2020, and is expected to maintain its lead position by 2030. Manufacturing activities of booster compressors halted due to lockdown measures taken place across many countries during the Covid-19 pandemic.
The global booster compressor market generated $3.0 billion in 2020, and is estimated to garner $5.1 billion by 2030, witnessing a CAGR of 5.6% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, value chain, key segments, regional scenario, top investment pockets, and competitive landscape.
Booster Compressor Market Segment Review
The report offers detailed segmentation of the global booster compressor market based on cooling type, compression stage, power source, end-use, and region.
Based on end-use, the oil & gas segment held the highest share in 2020, contributing to more than one-fourth of the global booster compressor market, and is estimated to maintain its dominance in terms of revenue during the forecast period. However, the construction segment is estimated to witness the fastest CAGR of 6.3% from 2021 to 2030.
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Based on cooling type, the water segment contributed to the highest market share in 2020, accounting for nearly three-fifths of the total share, and is estimated to maintain its leadership status during the forecast period. Moreover, this segment is projected to manifest the largest CAGR of 5.9% from 2021 to 2030.
On the basis of compression stage, double stage segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to advantages associated with double stage booster compressors such as more economical, low power consumption, low compressor displacement, and low discharge temperature. In addition, rise in demand for double stage booster compressor from heavy duty applications such as lifting, screwing, greasing, painting, and others in furniture factories, food & beverages packaging industry, aerospace & military construction and others is anticipated to fuel the growth of the market during the analyzed time frame.
On the basis of power source, combustion engine segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to increase in demand for combustion engine booster compressors from oil & gas products and rise in oil & gas exploration and production activities across the globe. In addition, this booster compressor can be used at any remote area, since fuel is easily transferable and rising development in such area is further anticipated to fuel the booster compressor market growth from 2021 to 2030.
Based on region, North America accounted for the highest share in 2020, holding nearly one-third of the total share, and is expected to maintain its lead position by 2030. However, Europe is projected to register the highest CAGR of 6.3% during the forecast period.
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Booster Compressor Market Key Players
Leading players of the global booster compressor market analyzed in the research include Atlas Copco AB, Generon, Corken Inc., Sauer Compressors USA, Ingersoll Rand, Hitachi Ltd., Kaeser Kompressoren NiGen International L.L.C., Jereh Group, and TGT Fuel Technologies.
The report analyzes these key players of the global market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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