Natural gas usage is rising globally, particularly in the Asia Pacific area, which is driving up demand for the fuel. As nations throughout the world focus on decarbonization and diversifying the energy supply in numerous locations globally, natural gas is replacing coal and nuclear energy in growing amounts. The international commerce in natural gas is being fueled by the extraction of new natural gas sources, such as shale gas reserves, which are raising price pressure. The need for compressors in this industry is being driven by this, and over the course of the forecast period, this is anticipated to fuel the growth of the worldwide compressor market. With strict government requirements, industry knowledge and experience are crucial for setting up a refinery. However, refining capacity is growing everywhere, and it is expected to keep growing in the near future. During the forecast period, the worldwide compressor market is anticipated to see development due to the rising need for energy-efficient compressors. During the projected period, the worldwide compressor market is anticipated to offer business possibilities due to manufacturers' increasing focus on energy efficiency.
According to Coherent Market Insights, The size of the global Compressor Market was estimated at US$ 40.53 billion in 2022, and from 2023 to 2030, it is predicted to increase at a compound annual growth rate (CAGR) of 5.1%.
Key Companies in the Compressor Industry:
1. Aerzener Maschinenfabrik GmbH
The company was started in 1864 and is based in Germany. The business produces and distributes twin shaft rotary piston machines. The company sells turbo blowers, rotary lobe compressors, gas meters, blowers, and compressors. The firm announced in October 2020 that its rotary lobe compressors have been improved and expanded with new sizes.
2. Ariel Corporation
The company was started in 1966 and is based in Mount Vernon, Ohio, United States. The business makes gas compression equipment and is a vibrant, innovative producer with quick growth. Ariel Corporation introduced the next-generation "The Ariel Smart Compressor" in January 2020. This electronic platform is installed by the manufacturer and is available on a few Ariel compressor types.
3. Atlas Copco AB
The company was started in 1873 and is based in Nacka Municipality, Sweden. The company designs, produces, and sells hybrid joining technologies, other assembly systems, mining equipment, vacuum solutions, electric and pneumatic tools. Atlas Copco AB and Vericor Power Systems formed a strategic partnership in August 2020.
4. Baker Hughes Co.
The firm was started in 1987 and is located in Houston, Texas, United States. The business offers goods and services for drilling oil wells, assessing formations, finishing them, producing them, and consulting on reservoirs. The business paid Team, Inc. $279 million in November 2022 to buy Quest Integrity. Baker Hughes bought Altus Intervention, a Norwegian oilwell specialist firm, in March 2022.
5. Bauer Compressors Inc.
The company was started in 1946 and is based in Virginia, US. The business creates and produces high pressure compressors and purifying systems. Products offered by the company include industrial compressors, gas compressors for natural gas, ground support equipment for airplanes, breathing air systems, paintball compressors, and plastics technology.
6. Burckhardt Compression Holding AG
The company was started in 1844 and is based in Winterthur, Switzerland. The business makes reciprocating compressors. The company manufactures compressors for the gas transportation and storage industry, industrial gases, chemical and petrochemical sectors, and oil refining.
7. Sulzer AG
The company was founded in 1834 and is based in Winterthur, Switzerland. The company specializes in separation, mixing, and application technologies, as well as pumping solutions and services for rotating equipment. Sulzer acquired Nordic Water, a renowned provider of water treatment technology, in January 2021.
Definition: A compressor is a device that raises the suction pressure of gas or other fluids from a storage tank or piping system using a reciprocating, rotary, or centrifugal pump. They are employed in many different fields, including manufacturing, oil and gas, food and beverage production, transportation, and energy.
