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. The market in Asia Pacific is estimated to be the largest for booster compressors, followed by North America in 2018. Booster compressors are available in modular design, due to which they are compatible with any low-pressure compressor. In addition, booster compressors are more cost-effective than high-pressure compressors because the power capacity required by booster compressors for high-pressure compression is less. Thus, due to the modular design and cost-effectiveness, booster compressors are used in various industries.
The booster compressor market is primarily driven by the growing investments in oil & gas exploration and increasing industrialization in developing economies. In addition, the modular design and the lower cost of booster compressors will drive the demand of the booster compressor market.
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The oil & gas segment is expected to hold the largest share of the booster compressor market
The oil & gas segment led the booster compressor market in 2017 and is projected to dominate the market during the forecast period. The booster compressor market for the oil & gas industry is driven by the growing investments in the industry. The investments are made in both upstream and midstream markets. The investment is driven by the growing demand for oil & gas in countries such as India and China. Booster compressors are used in different applications in the upstream and midstream industries such as hydrocarbon blanketing and gas boosting in the compression station. Thus, growing investments in the oil & gas sector create demand for booster compressors.
Asia Pacific is expected to be the largest booster compressor market
Asia Pacific is projected to be the largest market for booster compressors during the forecast period. The major economies in the region such as China, India, and Australia are investing in the oil & gas industry in order to reduce their imports and meet their growing demand for oil & gas. The rising demand for oil & gas is attributed to the rapid industrialization in the region. The demand for natural gas in the region is increasing as countries such as China are diversifying their energy mix and moving toward natural gas to be used as a source for power generation. In addition, the petrochemical market in the region is rising driven by the growing oil & gas investments in the region. Booster compressors are used for different applications in this industry such as drilling activities in the oil & gas industry and air separation in the petrochemical industry. The growing investments in this industry are driving the booster compressor market in the region.
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The booster compressor market is dominated by a few major players that have a wide regional presence and are established brand names. The leading players in the Booster Compressor Market are Atlas Copco (Sweden), Ingersoll Rand (Republic of Ireland), BHGE (US), Hitachi (Japan), Gardner Denver (US), Kaeser Kompressoren (Germany), Bauer Kompressoren (Germany), and Sauer Compressor (Germany).