According to a recently published TechSci Research report entitled, "Global Natural Gas Compressors Market By Technology, By Application, By Region, Competition Forecast and Opportunities, 2011 - 2021", the global natural gas compressors market is anticipated to cross US$5.5 billion by 2021. Over the last couple of decades, increasing population and growing technological advancements have led to tremendous increase in energy demand across the globe. In the midst of spiking fuel consumption, natural gas has emerged as the most preferred fuel to meet the ever growing energy demand during the foreseeable future. Demand for natural gas compressors across the globe is also expected to grow at a robust pace over the next five years on account of increasing global LNG liquefaction capacity, rising production and consumption of natural gas, growing demand for gas from power sector, expanding city gas distribution infrastructure and continuous capacity additions in petrochemical units.
In 2015, around 677 560 miles of active natural gas pipelines were spread across the globe. By 2035, a total of US$3.16 trillion will be invested in pipeline infrastructure, wherein, 52% of the amount will be spent on construction of natural gas pipelines. On the basis of technology, the global natural gas compressors market has been segmented into two categories, namely, positive displacement compressors and dynamic compressors. During 2011 - 2015, positive displacement compressors dominated the global natural gas compressors market, and the segment is anticipated to maintain its dominance over the next five years as well, owing to its low cost and various applications in gas gathering and processing.
Regionally, North America registered largest demand for natural gas compressors in 2015, followed by Asia Pacific. In North America, the US is the major market for natural gas compressors due to increasing shale gas discoveries and replacement of ageing infrastructure as can be assessed from the fact that approximately 55% of positive displacement compressors in the US are more than 30 years old.
”The global natural gas compressors market is anticipated to register a healthy growth rate over the next five years. Widespread adoption of natural gas compressors in upstream, midstream and downstream applications, such as natural gas extraction, gathering, enhanced oil recovery, transportation through pipelines, city gas distribution, etc., is positively influencing the demand for natural gas compressors, globally. However, factors like high capital intensiveness, ongoing energy price fluctuations and lack of skilled workforce are anticipated to be the major impediments over the next five years.", said Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
The report has evaluated the future growth potential of natural gas compressors in the global market and provides statistics and information on market structure and trends. The report is intended to provide cutting edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses emerging trends along with essential drivers, challenges and opportunities available in the global natural gas compressors market.
Adapted from press release by Francesca Brindle
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/05052016/techsci-research-natural-gas-compressors-study-3211/