IMARC Group, a leading market research company, has recently releases report titled “Booster Compressor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global booster compressor market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Booster Compressor Market?
The global booster compressor market size reached US$ 3.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5% during 2023-2028.
What is Booster Compressor?
Booster compressors are a piece of machinery designed to increase the pressure of an existing system. They offer water- and air-based cooling and consist of a delivered valve cylinder head, a received tank, and a discharge tank. They are commonly used to test the pressures in pipelines and industrial conduits, optimize high-pressure tires and engine starter systems, increase the flow and pressure of water in showerheads and faucets, produce PET bottles, and improve torque in small air tools. They offer high-pressure production capacity, productivity, adaptability, safety, efficiency, and portability. As a result, booster compressors find extensive applications in the manufacturing, chemical, and oil and gas industries across the globe.
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What are the growth prospects and trends in the Booster Compressor Industry?
The global booster compressor market is primarily driven by the rapid growth in the oil and gas industry. Moreover, the escalating demand for compressed natural gas (CNG), liquified petroleum gas (LPG), and clean energy fuels due to the rising environmental consciousness is positively influencing market growth.
Besides this, numerous technological advancements, such as the integration of the Internet of Things (IoT) and artificial intelligence (AI) for remote monitoring, performance analysis, preventive maintenance (PM), and sending alerts for an unscheduled oil change, are other major growth-inducing factors. Additionally, there has been a rise in the use of booster compressors to supply continuous gas to turbines at specific pressure and temperature. In line with this, the surging product usage in hydrogen blanketing and nitrogen compression has catalyzed market growth.
Other factors, including favorable government policies, escalating demand for electric vehicles, and rapid expansion in the chemical industry, are also anticipated to create a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Cooling Type:
· Air
· Water
Breakup by Compression Stage:
· Single Stage
· Double Stage
· Multistage
Breakup by Power Source:
· Electric
· Combustion Engine
Breakup by End User:
· Oil and Gas
· Manufacturing
· Industrial Testing
· Construction
· Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Atlas Copco AB, BAUER COMP Holding GmbH, Bauer Compressors Inc., BOGE KOMPRESSOREN Otto Boge GmbH & Co. KG, Gas Compression Systems Inc., Generon, Hitachi Ltd., IDEX Corporation, Ingersoll Rand Inc., Kaeser Kompressoren SE, Sauer Compressors USA Inc. and TGT Fuel Technologies Pvt. Ltd.
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