The Liquefied Natural Gas Compressor Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Liquefied Natural Gas Compressor Global Market Report 2024, The liquefied natural gas compressor market size has grown strongly in recent years. It will grow from $4.04 billion in 2023 to $4.28 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to global lng demand growth, operational efficiency demands, regulatory and environmental compliance, global market penetration..
The liquefied natural gas compressor market size is expected to see strong growth in the next few years. It will grow to $5.26 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to investments in lng infrastructure, operational efficiency and cost reduction, market expansion in emerging economies, transition to cleaner energy sources, rising lng demand and trade.. Major trends in the forecast period include growing lng demand and production, expansion of lng infrastructure, energy transition and cleaner fuels adoption, global market expansion, focus on operational efficiency..
The increased production of natural gas from shale reserves is expected to propel the growth of the liquefied natural gas compressor market going forward. Shale reserves are a kind of sedimentary rock deposit that may be utilized to generate oil and gas. The heightened production of natural gas expands the liquefied natural gas compressor market as they are used in the liquefaction of natural gas, which is essential for transportation. For instance, in October 2022, according to the Energy Information Administration, a US-based primary federal statistical system organization in charge of gathering, evaluating, and distributing data on energy, 79% of the natural gas produced in the United States came from shale deposits. The increase in dry natural gas output was complemented by an approximately 4% increase in Natural Gas Pipeline Company of America production in 2021, which has increased every year for the last 15 years. Therefore, increased production of natural gas from shale reserves is driving the liquefied natural gas compressor market.
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The liquefied natural gas compressor market covered in this report is segmented –
1) By Design: Vertically-Split Barrel, Horizontally-Split Barrel, Axial Compressors
2) By Application: Low Pressure Application, Medium Pressure Application
3) By End User: Vehicles, Electrical, Industrial, Residential, Other End Users
Technological innovation is the key trend gaining popularity in the liquefied natural gas compressor market. Major companies operating in the liquefied natural gas compressor market are focused on developing innovative technologies to strengthen their position in the market. For instance, ConocoPhillips, a US-based oil and natural gas producer and owner of exploration leases, launched The Traditional OCP Configuration – OCP Pro Technology. The Traditional OCP Configuration – OCP Pro technology increases turndown capabilities and yearly availability while retaining good thermal efficiency across a broad operating range for compressor trains. The other technology is the Latest OCP Configuration – OCP Compass technology reduces overall installed cost by decreasing the liquefaction train’s equipment count and size, as well as considerably simplifying modularization. OCP Compass facilities will provide the same industry-leading efficiency and low emissions of greenhouse gases as OCP Pro facilities.
The liquefied natural gas compressor market report table of contents includes:
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