According to The Insight Latest Market Study, 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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Geographically, the booster compressor market is segmented into North America, APAC, Europe, MEA, and SAM. Asia Pacific led the booster compressor market in 2018 with a significant market share and is anticipated to continue its dominance in the coming years to during the forecast period. The presence of a strong manufacturing sector coupled with sturdy Government initiatives towards the development of the manufacturing sector in the developing countries such as the India and China is anticipated to drive the demand of booster compressors in this region.
North America is the second-largest market in the booster compressor market. Apart from APAC and North America, Europe remains the third-largest geographic segment in the booster compressor market. In Europe, the presence of robust booster compressor manufacturing companies and their significant investments in developing innovative as well as highly advanced products and equipment is anticipated to boost the growth of the booster compressor market in Europe.
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Note – The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries. This report on ‘booster compressors Market’ provides the analysis on impact on Covid-19 on business segments and country markets. The reports also showcase market trends and forecast to 2027, factoring the impact of Covid -19 Situation.
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.
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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