Asia-Pacific Centrifugal Compressor Market Overview, Dynamics, Segments, Size
The centrifugal compressor market in Asia-Pacific is expected to grow at a CAGR of more than 4.5% during 2020 – 2025. Oil and gas is the major end-user industry for centrifugal compressors which is likely to drive the market in the forecast period. With growing power demand, the application of centrifugal compressors, and their demand in the power sector is likely to increase further. Natural gas-fired power plants are growing significantly, which requires gas at high pressure using compressors. On the other hand, the oil and gas industry, which is a significant applicant of a centrifugal compressor, has shown a slow growth due to the COVID-19 pandemic in 2020, which can restrain the growth of the centrifugal compressor considerably.
– In the end-user segment, the oil and gas industry is the major end-user for the centrifugal compressor. The growing demand for compressor stations for gas transmission is expected to drive the market in the future.
– Different nations are replacing coal-based power plants to natural gas-based, which is expected to create significant opportunities for compressors for both in transportation and power generation sectors in the future.
– China is expected to dominate the market during the forecast period. The growth in the chemical, oil, and gas refining and processing industries are expected to create a significant market.
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Key Market Trends
Oil and Gas Sector to Dominate the Market
– Compressors are used in different applications in the oil & gas industry, such as hydrocarbon blanketing, nitrogen compression, and a compression station. Multiple applications in the industry are creating considerable demand in the future.
– In 2019, Mitsubishi Hitachi Power Systems, Ltd. completed the installation of the natural gas-fired gas turbine combined cycle facilities for the “Jawa-2 Project” in Indonesia with a generation capacity of 880 MW. Natural gas-fired power plants are expected to drive the booster compressor market considerably.
– In 2018, GAIL executed the 5000 km of trunk pipelines across India at the cost of INR 25,000 crores. The robust midstream growth is anticipated to create a favorable market for centrifugal compressors in the coming period.
– In 2019, Asia-Pacific produced 672 bcm of natural gas. With upcoming oil and gas projects, the demand for centrifugal compressors is likely to increase in the coming years.
– The increasing midstream market especially developing city gas distribution projects, is expected to drive the demand of centrifugal compressors in the oil and gas industry.
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