Thepositive outlook of the gas industry in Asia and the MEA will positivelyinfluence the demand for natural gas engines, natural gas compressors,centrifugal gas compressors, and gas turbines. Algeria was seen to be thehighest contributor to revenue reported from the Asia and MEA gasturbines market. These trends are analyzed in detail in amarket research report recently published by Transparency Market Research(TMR). The natural gas engines market in Asia and the Middle East and Africa(MEA) approximated US$283.6 mn in 2013 and will report unprecedented growth tosurpass US$2.1 bn by 2022, says TMR in its report. This translates to animpressive 25.2% CAGR between 2015 and 2022. The report is titled, ‘NaturalGas Compressors, Natural Gas Engines, Gas Turbines, Centrifugal Gas CompressorsMarket - Asia and MEA Industry Analysis, Size, Share, Growth, Trends andForecast, 2015–2023.’
Thereport also studies the natural gas engines market in terms of volume. From thevolume standpoint, shipments in the natural gas engines market stood at 23,893units as of 2013. Kazakhstan was identified as the largest revenue contributorto the gas engines market in Asia and MEA in 2013, in which year the valuationof the Kazakhstan natural gas engines market was pegged at US$27.7 mn. Agrowing number of vehicles that run on natural gas is the key driver for thenatural gas engines in the Central Asian country. This growth is furtherfuelled by the increasing adoption of natural-gas fuelled reciprocating enginesin various gas processing plants, storage stations, and pipeline compressors.
Thegas turbines market, on the other hand, was pegged at US$6.6 bn in 2013, and aCAGR of 8.9% is forecast for this particular market from 2015 through 2022. Themarket will rise to US$11.1 bn by 2022. The report states that the market forgas turbines in Asia and MEA will benefit from the preference given to gasturbines in combined cycle and co-generation plants.
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Algeriawas seen to be the highest contributor to revenue reported from the Asia andMEA gas turbines market. The fastest growth in both unit shipments and revenuein the Asia and MEA gas turbines market will be seen in Nigeria and Algeriathrough the report’s forecast period. The market will benefit from theintroduction of various programs geared toward boosting natural gas productionand consumption. In Nigeria, for instance, the government has laid out a planto achieve a threefold increase in natural gas production capacities by 2020.This initiative is being undertaken expressly to meet the soaring energy demandfrom fast-industrializing nations in West Africa.
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Onthe overall dynamics, the report states that a surge in gas explorationactivities in Asia and MEA will stimulate demand for a variety of gas equipmentsuch as natural gas engines, natural gas compressors, centrifugal gascompressors, and gas turbines. This will prompt countries with large naturalgas reserves to make a foray into natural gas production and distribution,which will cause the demand for gas compressors to rise in the near future.
Thereport finds that the Asia and MEA market for gas compressors is currentlycharacterized by consolidation among leading players. A case in point would beGE Oil and Gas’ acquisition of Cameron International Corporation’s line ofreciprocating compressors in 2014. In the same year, Ingersoll Rand purchasedCameron International Corporation’s centrifugal compressor business. Given thefew players in the market, companies in the gas equipment market in Asia andMEA enjoy a relatively high degree of bargaining power. This position willlikely not change anytime soon considering that the demand for natural(especially as an alternative energy source) will only rise in the comingyears.
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