Booster Compressor Market Top Companies
The key players operating and profiled in the booster compressor market report include Atlas Copco AB, Corken Inc., Generon, Hitachi Ltd., Ingersoll Rand, Jereh Group, Kaeser Kompressoren, NiGen International L.L.C., Sauer Compressors USA, and TGT Fuel Technologies.
Other players operating in the value chain of the global booster compressor market are Boge Compressors Ltd, Hanbell, Haskel, Gas Compression Systems, and others.
According to a new report published by Allied Market Research titled, the booster compressor market size was valued at $3.0 billion in 2020, and is projected to reach $5.1 billion by 2030, growing at a CAGR of 5.6% from 2021 to 2030.
In 2020, the water segment accounted for about 58.8% of the share in the global market, and is expected to maintain its dominance till the end of the forecast period.
In 2020, the double stage segment accounted for 51.3% booster compressor market share in the year 2020, and is anticipated to grow at a rate of 5.1% in terms of revenue, increasing its share in the global market.
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Construction is the fastest-growing end user segment in the global booster compressor market, expected to grow at a CAGR of 6.3% during 2021–2030.
Europe is expected to grow at the fastest rate, registering a CAGR of 6.3%, throughout the forecast period.
In 2020, North America dominated the global booster compressor market with more than 30.3% of the share, in terms of revenue.
Significant development of the end-use industries such as oil & gas, mining, manufacturing, construction, automotive, and others, is fueling the growth of the booster compressor market. In addition, increase in demand for booster compressor for industrial testing is driving the growth of the market, globally.
COVID-19 impact on the market
The global booster compressor market has witnessed steady growth in 2020, owing to outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries and countries, thereby decreasing manpower across the globe, which, in turn, decreased consumer spending and thus, decreased the demand for various key products including plastic products, vehicles, construction equipment and others. However, owing to the lockdown imposed across the globe, there is supply-demand gap, which resulted in halt in supply for equipment used in booster compressor production.
In Europe, economies, such as Germany, France, Spain, and Italy, were following stringent measures, such as maintaining social distance and limiting movements, to prevent the spread of coronavirus. Moreover, such safety measures have been witnessed across the globe, which further impacted the growth of the global booster compressor market.
On the basis of end use, the oil & gas segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 5.0%. This is owing to rise in demand for booster compressor from upstream, downstream, and midstream applications such as drilling activities, hydrocarbon blanketing, refining and others.
Booster compressor is the equipment used to provide high pressure for a shorter period owing to the requirement of high pressure from various industrial operations. Booster compressor finds its application across various end-use industries such as in building & construction, power generation, automotive, oil & gas and others.
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