Global Liquefied Natural Gas Compressors Market Report 2024 – Market Size, Trends and Global Forecast 2024-2033
Global Liquefied Natural Gas Compressors Market Report 2024 by Business Research Company – Market Size, Trends and Global Forecast 2024-2033
— The economic research company
LONDON, GREATER LONDON, UK, August 15, 2024 /EINPresswire.com/ — The Liquefied Natural Gas Compressors market has witnessed robust growth in the past few years, growing from $4.04 billion in 2023 to $4.28 billion by 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth during the historical period is attributed to global growth in LNG demand, operational efficiency requirements, regulatory and environmental compliance, and global market penetration.
Strong future growth expected
The liquefied natural gas compressors market is expected to continue to grow at a strong pace and reach USD 5.26 billion in 2028, growing at a compound annual growth rate (CAGR) of 5.3%. The growth during the forecast period is attributed to investments in LNG infrastructure, operational efficiency and cost reduction, market expansion in emerging economies, transition to cleaner energy sources, increasing LNG demand and trade.
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Growth drivers of the liquefied natural gas compressor market
Increasing industrialization is expected to drive the growth of the LNG compressor market. Industrialization refers to the process of economic and social change characterized by the widespread adoption of industrial production methods. Industrialization leads to an increase in energy demand as manufacturing and production processes become more mechanized and energy-intensive. This increased demand for energy, including natural gas, requires efficient compression and transportation systems such as LNG compressors.
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Key players and market trends
Major players in the liquefied natural gas compressors market include EagleBurgmann, General Electric Company, Siemens AG, Mitsubishi Heavy Industries Ltd., Elliott Group and Kobelco Compressors America Inc.
Technological innovation is the key trend gaining popularity in the liquefied natural gas compressor market. Major companies operating in the liquefied natural gas compressor market are focusing on developing innovative technologies to strengthen their position in the market.
Segments:
1) By design: Vertically split cylinder, horizontally split cylinder, axial compressors
2) By application: low pressure application, medium pressure application
3) By end user: Vehicles, Electrical, Industrial, Residential, Other end users
Geographical insights: North America is the market leader
North America was the largest region in the Liquefied Natural Gas Compressors market in 2023. The regions covered in the Liquefied Natural Gas Compressors market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa
Market definition for liquefied natural gas compressors
The liquefied natural gas compressor is the compressor used in the liquefaction of natural gas. Gas pressure is increased mechanically by natural gas compressors in stages (or steps) until the required delivery threshold is reached. The number of stages of a compressor depends on the initial pressure and the intended final pressure.
The Business Research Company’s global Liquefied Natural Gas Compressors Market report 2024 includes the following information:
• Market size data for the forecast period: Historical and future
• Market analysis by regions: Asia Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by country: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and much more.
Liquefied Natural Gas Compressors Global Market Report 2024 by The Business Research Company is the most comprehensive report which offers insights into Liquefied Natural Gas Compressors market size, Liquefied Natural Gas Compressors market drivers and trends, key players in the Liquefied Natural Gas Compressors market, Liquefied Natural Gas Compressors market competitors revenue, Liquefied Natural Gas Compressors market positioning and Liquefied Natural Gas Compressors market growth across different regions. Liquefied Natural Gas Compressors market report helps you gain deep insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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