The most recent study conducted by Report Ocean, titled “Global Centrifugal Compressor Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Centrifugal Compressor. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Centrifugal Compressor Market is valued approximately USD $ billion in 2021 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2022-2029. A dynamic compressor or turbo compressor with a centrifugal configuration is known as a centrifugal compressor. The fluid is continuously pumped through the rotor/impeller with the addition of energy to raise the pressure. The Centrifugal Compressor market is expanding because of factors such as rising oil and gas production and infrastructure activities, rising industrial infrastructure development.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The National Development and Reform Commission estimates that the China natural gas pipelines will cover 123,000 km by 2025. Also The Indian Brand Equity Foundation estimates that by 2025, the country’s manufacturing sector might be worth USD 1 trillion. During the time of the study, it is anticipated to lead to an increase in demand for centrifugal compressors. As a result, rising development of gas pipelines is favoring the growth of market. In addition, rising development of power generation plants and gas-fired generation plants are creating a lucrative growth to the market. However, the high cost of centrifugal compressor and availability of substitutes stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Centrifugal Compressor Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific dominated the market, owing to rising number of floating production storage and offloading (FPSOs) projects in Asia-Pacific and rising oil, gas, and power industry in the region.
Major market players included in this report are:
Atlas Copco AB
Ingersoll Rand Inc.
Baker Hughes Company
Sundyne
Elliott Group
Howden Group
Mitsubishi Heavy Industries Ltd
HMS Group
Borsig GmbH
Kobe Steel Ltd
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Recent Developments in the Market:
In November 2021, For the UST-Luga LNG project in Russia, inde Engineering gave Mitsubishi Heavy Industries (MHI) a contract to supply the primary refrigerated gas compression trains. Ten centrifugal compressors and four dual shaft 120 MW H-100 gas turbines are included in the order list.
In July 2020, In Houston, the Mitsubishi Heavy Industries (MHI) Compressor International Corporation (MCO-I), a pioneer in the design and production of compressors, steam turbines, and related auxiliary systems, unveiled a new performance test stand for API617 centrifugal compressor testing.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and End User offerings of key players. The detailed segments and sub-segment of the market are explained below:
By End User:
Oil and Gas
Power Sector
Petrochemical and Chemical Industries
Other End-Users
By Region:
North America
U.S.
Canada
Europe
UK
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Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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