Booster Compressor Market Statistics, Competitor Landscape, Trends and Forecasts
The global booster compressor market is expected to reach US$ 3.48 Bn in 2027, registering a CAGR of 4.9% during the forecast period 2019-2027. The evolving living standards amid the rapidly expanding population worldwide is expected to increase their dependency on energy resources, and owing to this the global energy demand in coming 10 years is projected to increase by approximately 15-18%. This explosion in the energy demand is also expected to bring several fundamental transformations, where alterations related to decarbonization targets, regulatory landscape, low commodity prices, uptick in industrial consolidation and generation of affordable and more competitive renewables would procure the chief attention. The rapid and continued growth in the oil extraction activities has serious economic and environmental consequences. As booster compressors provide higher energy and cost efficiencies to the compressor systems, these products are being increasingly adopted in various regions of the world.
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The booster compressor market by compression stages is segmented into single, double, and multi. The double compression stage holds a significant share in the market, and is expected to be the fastest-growing compression stage during the forecast period. The two-stage booster compressors manage larger loads and are capable of longer hours of operations. The two-staged booster compressor come in both variants that is water-cooled as well as air-cooled. On the other hand, costs of a two stage booster compressor is higher as compared to the single stage booster compressor which makes them useful for industrial operations. On the basis of type of cooling, the booster compressor market is segmented into water and air. The air type of cooling led the market with a highest market share. The air-cooled booster compressors typically characterize of quick and easy installation as well as lesser maintenance as compared to the water-cooled compressors.
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The major players operating in the market for booster compressor market are Atlas Copco AB, Baker Huges (General Electric), BAUER COMP Holding GmbH, Boge Kompressoren, Corken, Inc., Gardner Denver, Inc., Hitachi Ltd., Ingersoll-Rand PLC, Kaeser Kompressoren, and Sauer Compressors USA, Inc., among others.
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