NEW YORK, Sept. 8, 2023 /PRNewswire/ — The integrally geared centrifugal compressor market is expected to grow by USD 539.85 million from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 6.04% during the forecast period. The market is segmented by application (oil and gas, industrial gases, chemical/petrochemical, power generation, and others), type (custom-based and modular), and geography (APAC, Europe, North America, Middle East and Africa, and South America). Rising demand from the oil and gas industry is a key factor driving market growth. An integral geared Centrifugal Compressor shall be used for a variety of applications, among them oil extraction and delivery to customers through the refineries and related pipelines. In the processing of gasoline, oxidation of sour water, catalytic regeneration, and removal of sulfur there are a lot of uses for compressed air. As projects are being started that have been postponed, the demand for an integral-driven Centrifugal Compression Unit continues to grow in downstream, intermediate, and upper processes. Hence, these factors are expected to drive market growth during the forecast period.

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Key Highlights:

• The report recognizes the following as some of the key players in the integrally geared centrifugal compressor market: Atlas Copco AB, Baker Hughes Co., Chart Industries Inc., Cryostar, FS ELLIOTT Co. LLC, Fu Sheng Industrial Co. Ltd., General Electric Co., Hanwha Corp., Hitachi Ltd., IHI Corp., Ingersoll Rand Inc., Kawasaki Heavy Industries Ltd., KNM Group Berhad, Kobe Steel Ltd., Mitsubishi Heavy Industries Ltd., Nanjing SAG Equipment Co. Ltd., Siemens AG, Sundyne LLC, Volkswagen AG, and HMS Hydraulic Machines and Systems Group PLC
• Integrally Geared Centrifugal Compressor Market is fragmented in nature.
• Market to observe 5.64% YOY growth in 2023.

Market Dynamics:

Major Trend

• The increasing R&D and M&A (merger & acquisitions) is a major trend in the market.
• With a growing number of competitors, industry players are trying to improve their product lines and penetrate untapped markets by means of mergers and acquisitions.
• This will help them to make use of available funds from allies and reduce R&D investments by companies.
• For differentiating their products and increasing profit margins, market players can benefit from Strategic M&A.
• In the production of final products, it has been observed that companies are interested in variables such as reliability, cost-effectiveness, and efficiency.
• Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenge

• The unpredictability of oil and gas prices is a significant challenge restricting market growth.
• The success or failure of the oil and gas sector has a significant influence on petroleum prices.
• There will be an imbalance in demand and supply due to continuous price decreases or increases.
• A period of reduced revenues has developed for many offshore oil and gas companies.
•  As a result of lower oil and gas revenues, most companies have not yet made further investments in exploration.
• Hence, these factors are expected to restrict market growth during the forecast period.

The report also covers information on the upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

The oil and gas segment will account for a major share of the market’s growth during the forecast period. An integrally geared compressor will produce various forms of energy from oil refining, midstream operations, gas processing, and other processes to many applications that include LNG production in the oil and gas sector. In addition, to the rise in automobile production worldwide, demand for crude oil has increased. Some countries like India, China, Russia, United Arab Emirates, etc. spend billions of dollars each year on new and upgrade projects in the oil industry. Hence, these factors are expected to drive market growth during the forecast period.

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Related Reports:

The Air Compressor Market in the Oil and Gas Industry size is estimated to grow at a CAGR of 4.1% between 2023 and 2027. The market size is forecast to increase by USD 2,287.43 million. This report extensively covers market segmentation by product (positive displacement and centrifugal), type (stationary and portable), and geography (APAC, North America, Europe, South America, and the Middle East and Africa). Shift to more energy-efficient compressors is a key factor driving market growth during the forecast period.

The non-residential HVAC rental equipment market size is estimated to grow at a CAGR of 5.52% between 2022 and 2027. This report extensively covers market segmentation by component (unitary equipment, portable equipment, and chillers equipment), end-user (industrial and commercial), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The growing adoption of cleanrooms across industries is a key factor driving market growth during the forecast period.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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