A lead analyst at AMR highlighted that the booster compressor market across Europe is anticipated to witness the fastest CAGR during the forecast period.
Allied Market Research published a research report on the booster compressor market. The findings of the report states that the global market for booster compressor generated $3.0 billion in 2020, and is projected to reach $5.1 billion by 2030, witnessing a CAGR of 5.6% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
“The booster compressor market is anticipated to witness considerable growth during the forecast period. This is attributed to factors such as a rise in demand for maintained and high-pressure supply from the industrial operations. In addition, rapid industrialization and rise in construction activities across the globe fuels the growth of the booster compressor market. However, stringent government regulations toward environmental pollution caused by plastics products and rapid development in the electric vehicle sector are restraining the growth of the market globally. Conversely, increase in investment on oil & gas exploration and production activities is anticipated to provide potential growth opportunities in the upcoming years.” said Eswara Prasad, Manager, Energy & Power at Allied Market Research.
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The report provides insights on drivers, restraints, and opportunities to help market players in devising growth strategies and capitalizing on opportunities. The growth of the booster compressor market is attributed to the rise in demand for petroleum and CNG products, growing demand for air-filled products, and increased use of plastic or PVC products in developing countries. On the other hand, the demand for electric vehicles and reduced number of fuel stations along with stringent government regulations toward plastic products hinder the growth of the market. However, an increase in investments in oil & gas exploration and production activities is expected to offer lucrative opportunities for the market in future.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the booster compressor market globally. The outbreak of the pandemic had a negative impact on the booster compressor market. Manufacturing activities of booster compressors came to a stop due to global lockdown. Disruptions in the supply chain and shortage of raw materials brought more difficulties in manufacturing. As a result, the demand from end use industries came to a halt. However, the demand rose post the pandemic when operations started resuming. As the restrictions were lifted, the supply chain got restored.
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The report offers a detailed segmentation of the global booster compressor market based on cooling type, compression stage, power source, end-use, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the coming years.
By cooling type, the water segment was the largest in 2020, accounting for nearly three-fifths of the global booster compressor market and would dominate the market in 2030. Moreover, the same segment is expected to manifest the highest CAGR of 5.9% from 2021 to 2030.
Based on end-use, the oil & gas segment grabbed the highest share of more than one-fourth of the global booster compressor market in 2020 and would rule the roost throughout the forecast period. However, the construction segment is estimated to grow at the highest CAGR of 6.3% during the forecast period.
By region, the market across North America captured the largest share in 2020, capturing nearly one-third of the global booster compressor market and is likely to maintain its leadership status in 2030. However, the booster compressor market in Europe is projected to register the fastest CAGR of 6.3% during the forecast period. The research also studies Asia-Pacific and LAMEA.
Leading market players of the global booster compressor market analyzed in the report include Atlas Copco AB, Generon, Corken Inc., Sauer Compressors USA, Ingersoll Rand, Hitachi Ltd., Kaeser Kompressoren NiGen International L.L.C., Jereh Group, and TGT Fuel Technologies.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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