LONDON--(BUSINESS WIRE)--Technavio research analysts forecast the global integrally geared centrifugal compressor market to grow at a CAGR of over 5% during the period 2018-2022, according to their latest report.
The growing use of tier-4 engines is one of the major trends being observed in the market. The tier-4 engine is well known in the market as it strictly adheres to the Environmental Protection Agency regulations regarding emissions. These tier-4 engines also provide increased fuel efficiencies, making the total cost of ownership of a diesel-based compressor reasonable for the oil and gas industry. Tier 4 is applicable to all constant and variable speed engines. Thus, compressor manufacturing vendors are strictly required to adhere to regulations that impose the requirements such as deduction of particulate matter by no less than 90%, and reduction of nitrogen dioxide emissions by 50%.
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In this report, Technavio analysts highlight the rising demand from oil and gas industry as a key factor that will propel the growth of the global integrally geared centrifugal compressor market:
Rising demand from the oil and gas industry
The integrally geared centrifugal compressors are used in an extensive range of applications, which include the extraction of crude oil to the point until the oil reaches customers through the refinery and associated pipelines. The compressed air is widely employed in the sweetening of gasoline, oxidation of sour water, regeneration of catalyst, and removal of sulfur.
According to a senior analyst at Technavio for engineering tools, “Several projects including deep and ultradeep projects were temporarily stopped during the period of low crude oil price. The reduced revenue made it economically unfeasible to carry work on the projects. With the stabilizing crude oil price, many oil projects once put on hold will resume, particularly in regions such as the US, Brazil, and the Gulf of Mexico. Regions such as the North Sea and the Gulf of Mexico offer large quantities of crude oil, which provide economies of scale.”
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Global integrally geared centrifugal compressor market – segmentation analysis
This market research report segments the global integrally geared centrifugal compressor market into the following applications (oil and gas, industrial gases, chemical/petrochemical, and power generation) and key regions (the Americas, APAC, and EMEA). It provides a detailed analysis of the key factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Among the four major applications, the oil and gas segment held the largest market share in 2017, accounting for over 34% of the market. This segment is expected to project steady growth during the forecast period.
APAC was the highest shareholder for the global integrally geared centrifugal compressor market in 2017, accounting for a market share of more than 38%. The market share occupied by this region is expected to increase by over 1% during the forecast period.
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