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NEW YORK, May 18, 2022 /PRNewswire/ — The integrally geared centrifugal compressor market size is expected to grow by USD 492.79mn from 2021 to 2026. Moreover, the growth momentum of the market will expand at a CAGR of 5.85% during the forecast period. This growth will be driven by factors such as rising demand from the oil and gas industry.
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Integrally Geared Centrifugal Compressor Market: Driver
The rising demand from the oil and gas industry is driving the integrally geared centrifugal compressor market growth. Oil and gas industry companies reduced their operation cost along with rig rates owing to a period of low crude oil prices. Many companies are taking advantage of such low rig rates and reduced oilfield service costs. , the initiation of stalled projects will fuel the demand for the integrally geared centrifugal compressor in upstream, midstream, and downstream processes. Thus, with an increasing number of active rigs, the demand for compressors will grow. Such an increase in demand will drive the growth of the integrally geared centrifugal compressor market during the forecast period.
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Integrally Geared Centrifugal Compressor Market: Challenge
Unpredictability in oil and gas prices is challenging the integrally geared centrifugal compressor market growth. Integrated oil companies with operations in both upstream and downstream sectors could manage some of the financial pressure. However, pure upstream companies were impacted significantly and were forced to shut down. To make drilling and production of crude economically feasible, crude oil prices should be sufficiently high. However, offshore and deep-water explorations are cost-intensive, as they involve many risks. Due to the decline in profit from the upstream sector, most companies failed to invest in further explorations . This has resulted in a decline in demand for integrally geared centrifugal compressors.
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Integrally Geared Centrifugal Compressor Market: Segmentation Analysis
This market research report segments the integrally geared centrifugal compressor market by application (oil and gas, industrial gases, chemical and petrochemical, power generation, and others) and geography (APAC, Europe, North America, Middle East and Africaand South America).
By application, the oil and gas segment will have significant market share growth during the forecast period. Integrally geared compressors are used for multiple applications such as oil refining, midstream operations, gas processing, and liquefied natural gas (LNG) production in the oil and gas industry. Compressors play a major role in deciding the efficiency and operational cost of these applications.
By geography, APAC will lead the integrally geared centrifugal compressor market during the forecast period. The growth will be driven by factors such as the growth of the oil and gas sectors. Market growth in this region will be faster than the growth of the market in other regions. China, Japanand India are the key countries for the integrally geared centrifugal compressor market in APAC.
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Integrally Geared Centrifugal Compressor Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.85% |
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Market growth 2022-2026 |
USD 492.79 million |
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Market structure |
Fragmented |
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YoY growth (%) |
5.55 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 47% |
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Key consumer countries |
US, Canada, China, Japan, India, and Russia |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Atlas Copco AB, Cryostar, FS ELLIOTT Co. LLC, Fusheng Co. Ltd., Gardner Denver Inc., General Electric Co., Hanwha Corp., Hitachi Ltd., Howden Group Ltd., IHI Corp., Ingersoll Rand Inc., Kawasaki Heavy Industries Ltd., KNM Group Berhad, Kobe Steel Ltd., MAN Energy Solutions SE, Mitsubishi Heavy Industries Ltd., Siemens Energy AG, and Sundyne LLC |
