PUBLISHER: The Insight Partners | PRODUCT CODE: 1874079
PUBLISHER: The Insight Partners | PRODUCT CODE: 1874079
The booster compressor market is anticipated to grow from US$ 3.09 Billion in 2024 to US$ 4.67 Billion by 2031, reflecting a compound annual growth rate (CAGR) of 4.45% during the period from 2031 to 2031. This growth is largely driven by the increasing demand for portable boosters and heightened investment in oil and gas exploration and production activities.
Booster Compressor Market Analysis
The booster compressor market is poised for significant growth in the near future, fueled by the global expansion of industrial projects and a rising demand for natural gas across various applications. This trend is expected to result in an uptick in gas pipeline initiatives. The robust development of end-use sectors such as oil & gas, mining, manufacturing, construction, and automotive is driving the growth of the booster compressor market. Additionally, the growing requirement for booster compressors in industrial testing is further enhancing the market's expansion worldwide.
Booster Compressor Market Overview
A booster compressor is a specialized apparatus designed to increase system pressure, typically achieving levels four to six times greater than those produced by standard factory equipment. Due to the challenges and costs associated with maintaining such high pressure, most companies use booster compressors on a temporary basis. While they can be employed for operating equipment, their primary use is often for testing purposes. Most of these compressors are powered by air or pneumatic sources, although some utilize alternative energy sources.
Strategic Insights
Booster Compressor Market Drivers and Opportunities
Adoption of Booster Compressors in Enhanced Oil Recovery Techniques to Benefit the Market
The natural gas sector is increasingly focused on tapping into more technologically complex unconventional gas reserves, including shale, tight sands, and coalbed methane. This has led to the use of pressurized gas during enhanced oil recovery (EOR) and secondary recovery phases of crude production to boost formation pressure and enhance well productivity. Consequently, compressors with horsepower ranging from 1040 to 3900 are being utilized, thereby increasing demand within the oil and gas industry.
Growing Use in Gas-Fired Power Plants - A Market Opportunity
The shift from coal-based power generation to natural gas-fired power plants is driving the demand for booster compressors. For instance, Germany has enacted legislation to phase out coal-fired power generation by 2038, prompting many countries to invest in natural gas power plant projects. Gas turbines in these facilities require specific fuel gas pressures to mix with pressurized air before combustion. This has led to a rising demand for compressors, as higher fuel gas pressures are necessary for optimal turbine performance. Additionally, fluctuations in pipeline pressures due to increased peak demand are contributing to this trend. The global transition towards low-carbon energy sources is expected to further boost the demand for booster compressors during the forecast period.
Booster Compressor Market Report Segmentation Analysis
Key segments that inform the booster compressor market analysis include pressure, cooling type, compression stage, and industry vertical.
Booster Compressor Market Share Analysis by Geography
The geographic analysis of the booster compressor market report is divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Europe is expected to see significant growth in power demand, driven by the increased utilization of high-pressure industrial gases in sectors such as steel, oil & gas, metal & mining, and manufacturing & processing. This demand is projected to result in a 1.5% annual increase in natural gas consumption from 2024 to 2031, as reported by the International Energy Agency (IEA). In 2024, Europe imported a substantial amount of LNG, totaling 108 billion cubic meters (bcm), which represented 27% of total gas imports, according to the European Commission (EC) report on the gas market. Furthermore, 22% of Europe's gas consumption is sourced from the spot market, which does not involve capital expenditure from smaller players, further driving regional market demand.
Booster Compressor Market Report Scope
Booster Compressor Market News and Recent Developments
The booster compressor market is assessed through qualitative and quantitative data collected from primary and secondary research, including key corporate publications, association data, and databases. Recent developments in the market include:
(Source: Atlas Copco AB, Press Releases, 2024)
Booster Compressor Market Report Coverage and Deliverables
The "Booster Compressor Market Size and Forecast (2021-2031)" report offers a comprehensive analysis of the market, covering the following areas: