Integrally Geared Centrifugal Compressor Market Share to Reach USD 677.8 Mn, Globally, by 2031 – Exclusive Report by Transparency Market Research
Rise in demand for low-emission and customizable compressors in a wide range of process applications in oil & gas, chemical, petrochemical, and hydrocarbon industries is anticipated to offer lucrative opportunities to companies in the market.
Wilmington, Delaware, United States, June 23, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The integrally geared centrifugal compressor market was valued at US$ 420.3 Mn in 2022, and is projected to reach US$ 677.8 Mn by the end of 2031, expanding at a CAGR of 5.6% from 2023 to 2031.
Rapid development of integrally geared centrifugal compressors that conform to American Petroleum Institute (API) standards, especially API 617 Standard and API 672 Standard, is strengthening market development. Companies in the integrally geared centrifugal compressor industry are also incorporating state-of-the-art gear and bearing designs to stay competitive.
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|Market Revenue||US$ 420.3 Mn|
|Estimated Value||US$ 677.8 Mn|
|Growth Rate – CAGR||5.6%|
|No. of Pages||180 Pages|
|Market Segmentation||By Type, By Compressible Gases, By Discharge Pressure, By Industry Vertical, By Distribution Channel|
|Regions Covered||North America, Europe, Asia Pacific, Middle East & Africa, Latin America|
|Companies Covered||Atlas Copco Group, Baker Hughes Company,
HMS Group, IHI Rotating Machinery Engineering Co. Ltd., Ingersoll Rand Inc.,
Kobe Steel Group, MAN Energy Solutions SE,
Mitsubishi Heavy Industries, Ltd., Siemens AG, Sundyne
Prominent companies operating in the integrally geared centrifugal compressor market are focusing on product portfolio expansion, product innovations, and mergers & acquisitions in order to enhance market share. Leading players are leveraging the synergy of mergers to expand their presence in new geographies.
Key players operating in the market are Atlas Copco Group, Baker Hughes Company, HMS Group, IHI Rotating Machinery Engineering Co. Ltd., Ingersoll Rand Inc., Kobe Steel Group, MAN Energy Solutions SE, Mitsubishi Heavy Industries, Ltd., Siemens AG, Sundyne.
Rise in demand for low-emission and customizable compressors in a wide range of process applications in oil & gas, chemical, petrochemical, and hydrocarbon industries is anticipated to offer lucrative opportunities to companies in the market. Considerable rise in adoption of compact and modular designs in integrally geared centrifugal compressors is expected to augment market size in the near future. Asia Pacific is anticipated to offer significant revenue growth opportunities to the global market due to significant adoption of integrally geared centrifugal compressors in chemical and oil & gas industries in the region.
Surge in usage of energy-efficient, compact, and multistage compressors in large-scale gas turbines, as a direct drive or has integrated expansion turbine design (that is, integrated with electric motor or steam turbine), is anticipated to bolster revenue opportunities for market players from 2023 to 2031. Rapid increase in use of advanced impeller technology in the compressor is expected to boost the market. An instance is the incorporation of high-speed 3D impellers. Equipment manufacturers in the integrally geared centrifugal compressor market are focusing on optimizing bearing design and operation in order to enhance reliability.
Recent market trends indicate rapid rise in preference for integrally geared centrifugal compressors over standard compressors in petrochemical processes, such as in the production of ethylene and propylene. Rise in demand for these compressors in the mining industry is expected to boost market size in the near future.
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Key Findings of Study
Surge in Adoption of Compact Integrally Geared Centrifugal Compressors in Petrochemical Processes: Compact compressors are gaining traction in process industries. Introduction of modular designs in integrally geared centrifugal compressors has enabled manufacturers to develop equipment of varying sizes with high energy efficiency. Compact designs offer several benefits such as reduced on-site installation time, high pressure ratio, and high-volume flows rates. Rapid incorporation of advanced aerodynamic parts in modular compressors is likely to pave the way to product innovations in the integrally geared centrifugal compressor market.
Significant Demand for Low-Emission and Reliable Compressors from Multiple Process Industries: Demand for reliable compressors and highly energy efficient compressors in numerous process applications in the oil & gas and chemical industries presents significant business opportunities for market players. Considerable need for customization for compressors in multiple end-use industries is expected to boost the market in the next few years. Manufacturers are offering customized compressors to meet specific customer requirements in terms of shaft speed and impeller size. The custom-based type segment accounted for a dominant market share in 2022.
Key Growth Drivers: Integrally Geared Centrifugal Compressor Market
- Rapid pace of industrialization in developing countries is a key factor driving market demand.
- Consistent advancement in design and manufacture of geared compressors, such as adoption of multi-shaft, multi-stage structure, is likely to drive market evolution. Rise in utilization of compact compressors in the oil, petroleum, and natural gas industries is expected to drive the market.
Regional Growth Dynamics
Asia Pacific is anticipated to account for a major share of the global integrally geared centrifugal compressor market in 2022. Rapid increase in adoption of modular and compact designs in compressors adopted in multiple end-use industries is propelling the market in the region. Surge in utilization of integrally geared centrifugal compressors in the chemical and oil & gas industries is likely to augment the market value in Asia Pacific.
North America is a lucrative market for integrally geared centrifugal compressor. Considerable expansion of the metallurgy industry is expected to drive the market in the region from 2023 to 2031. Rapid growth of the natural oil & gas industry in the U.S. is expected to propel the market in North America.
The integrally geared centrifugal compressor market is segmented based on
- Fuel Gas
- Hydrocarbon Process Gas
- Acid Hydrocarbon Gas
- Others (Refrigerants, Air, etc.)
- Low (Up to 50 Bar)
- Medium (50 to 150 Bar)
- High (150 to 300 Bar)
- Oil, Petroleum, and Natural Gas
- Direct (Manufacturer)
- Indirect (Dealer)
- North America
- Asia Pacific
- Middle East & Africa
- South America
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