Booster Compressor Market Hugh Growth is expected to reach US$ 3.48 Bn by 2027

According to the new research report published by The Insight Partners, titled “Booster Compressor Market — Global Analysis and Forecasts to 2027”, 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.

In 2018, Asia Pacific was estimated to hold the largest market share and is also expected to be fastest growing region with a CAGR of 6.7%.

Booster compressors play a crucial role in the mechanics of petrochemical plants, oil and gas refineries, and other chemical industries, as well as reducing the overall production costs and maximizing profitability. The oil and gas industry has witnessed extreme fluctuations in the last few years. The need for higher efficiencies and reduced cost of operations has led to various technological integrations in the petrochemicals, and oil and gas industries. The booster compressors are compressors that enable the stepping up of pressure levels in the extraction processes, thereby reducing the costs and time of production.

The demand for booster compressors is rising from various industries such as chemical, renewable energy production, and other emerging applications. The factors contributing to the growth of the booster compressor market include the high application of booster compressors in power recovery and natural gas liquefaction processes. In addition, in non-industrial applications such as power generation, manufacturing, and others are also rising owing to ongoing improvements in the technology resulting in penetration of the equipment in the market. The above-mentioned aspects are responsible to drive the market during the forecast period and have a high impact in the short term.

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The prominent market players in the booster compressor market are Atlas Copco AB, Gardner Denver Holdings, Inc., Ingersoll-Rand Plc., Hitachi Ltd., and BAUER COMP Holding GmbH among others for a considerable share of the market owing to their product offerings to the booster compressor market.

The Asia Pacific is the fastest-growing region in the booster compressor market. The growth of the booster compressor market in this region is attributed to the high demand for oil and gas owing to the rapidly developing manufacturing industry. The major economies in the region—China, Australia, and India—are investing heavily in the oil & gas industry, primarily to reduce their imports. These countries are also undertaking projects for the development of hydroelectricity and renewable electricity generation sources. 

The global booster compressor market is anticipated to witness impressive growth during the forecast period, owing to the increasing demands for production efficiency in the oil and gas sector, growth of the manufacturing sector globally, and especially in developing regions of the world. During the forecast period of 2019 to 2027, the manufacturing industry is expected to drive the demand for booster compressors worldwide. 

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