February 21, 2022 23:07 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Feb. 21, 2022 (GLOBE NEWSWIRE) -- The worldwide Booster Compressors Market size was worth USD 1.20 billion in 2020. The market value is expected to increase from USD 1.25 billion in 2021 to USD 1.99 billion in 2028 growing at a CAGR of 6.9% during the analysis period. Increasing application across various industries, mainly in oil & gas for enhanced oil recovery (EOR), is propelling the market forward, states Fortune Business Insights™ in its report titled “Booster Compressors Market, 2021-2028”.
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Companies Profiled in the Booster Compressors Market:
Disruptions Across Key Verticals Impacted Product Demand during Pandemic
The COVID-19 pandemic has impacted numerous industries worldwide, including the oil & gas sector, which has directly affected booster compressors market dynamics. Strict protocols introduced by the respective governments along with supply chain disruptions posed several challenges for the market players. In oil & gas applications, boosters are utilized to boost drilling speed and depth. They are also used to optimize air supply in various industrial processes. Throughout the pandemic period, the technology experienced a decline in demand. However, as the COVID-19 situation improves, the market is set to enter a period of recovery and growth.
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Based on cooling type, the market is bifurcated into water-cooled and air-cooled.
By compression stages, the market is segmented into single-stage, double-stage, and multi-stage.
On the basis of discharge pressure, the market is classified into below 999 PSI, 1000-1499 PSI, 1500-4999 PSI, and above 5000 PSI.
In terms of end-user, the market is divided into industrial, power generation, oil & gas, and others.
Geographically, the market is split into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
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Growing Adoption in Oil & Gas Sector for EOR to Sustain Market Growth
Booster compressors market growth can be closely tied to developments in the oil & gas sector, where the technology is used for EOR and other applications. The oil & gas industry is shifting towards unconventional gas reserves that are more challenging such as shale, tight sands, and coalbed methane. The product demand is rising for completion of new wells and revamp of existing wells which require fracking or hydraulic fracturing. In addition to these factors, the widespread shift from coal-based power plants to natural gas-fired plants for power generation will favor market growth.
However, the use of existing booster compressor technology could hamper the deployment of new systems.
Growing Renewables Deployment to Augment Growth Across North America
Booster compressors market share is slated to gain traction in North America over 2021-2028. The U.S. Energy Information Administration (EIA) reports that there are currently 494.6 trillion cubic feet of natural gas reserves. The U.S. government plans to complete the addition of 18 GW new natural-gas based power capacity by 2022. These factors will drive the regional growth significantly.
The market in Europe will showcase substantial growth during the projected period owing to the application of high-pressure industrial gasses in oil & gas, steel, mining, metal, manufacturing, and processing sectors. As the International Energy Agency (IEA), natural gas demand in Europe could grow by 1.5% per year till 2025, which should augment the regional market.
Asia Pacific will grow at a notable CAGR in the forthcoming years, led by a surge in power demand and shift towards renewable power generation.
February 2021 – Airpac Bukom expanded its booster compressors portfolio with the purchase of its most powerful and efficient equipment to date.
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