The Global Booster Compressor Market is projected to reach a market size of USD 2.39 Billion in 2023, growing at a CAGR of 4.50%, from an estimated USD 1.92 Billion in 2018. Booster compressors are used in different applications in industries such as air boosting, gas bosting, air separation, and compression of gases for storage and transportation. Thus, the growing industrialization in developing countries will create demand for booster compressors.
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The oil & gas industry is expected to be the fastest growing segment of the Booster Compressor Market during the forecast period. Booster compressors are used in different applications in the oil & gas industry such as drilling activity, hydrocarbon blanketing, nitrogen generation, and compression station. Booster compressors are used at compressor stations for maintaining the pressure of the gas during transits. The demand for natural gas is increasing from developing economies. Therefore, there is a rise in investments in LNG pipelines, which is expected to propel the growth of booster compressors during forecast period.
The booster compressor market has been analysed with respect to 5 regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific market is estimated to be the largest in the booster compressor market during the forecast period. The growth of the booster compressor market in Asia Pacific is attributed toward the growing industrialization in the region. The manufacturing industries are increasing in countries such as China, India, Taiwan, and Indonesia. The manufacturing industries require booster compressors for different applications such as laser cutting, high pressure input for different machineries, and gas boosting. Thus, the growing industrialization in the region is likely to create a market opportunity for booster compressors.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the booster compressor market. These players include: Atlas Copco (Sweden), Ingersoll Rand (Republic of Ireland), Kaeser Kompressoren (Germany), SAUER Compressor (Germany) and BAUER Kompressoren (Germany). The leading players are trying to make inroads in the market in the developed economies and are adopting various strategies to increase their market shares.
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The Middle East & Africa region is projected to be the fastest growing Booster Compressor Market during the projected period. The growth of the booster compressor market in the Middle East & Africa is attributed toward the rising drilling and midstream investments in oil & gas. Increasing investments in oil & gas are due to the growing demand for natural gas in China and India.