Integrally Geared Centrifugal Compressor Market Size, Share, Growth, and Industry Analysis, By Type (Medium voltage Centrifugal Compressor, High voltage Centrifugal Compressor), By Application (Chemical Industry, Oil Refining, Other) and Regional Forecast to 2031

Updated On: 08 April 2024

INTEGRALLY GEARED CENTRIFUGAL COMPRESSOR MARKET REPORT OVERVIEW

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The global integrally geared centrifugal compressor market size expanded rapidly in 2024 and the market projected to grow substantially by 2031, exhibiting a robust CAGR.

An integral gear centrifugal compressor is a type of compressor in which the impeller and gear are cast. This design eliminates the need for bearings and oil seals between the impeller and the gearbox, resulting in a more reliable and efficient compressor.

The growth of the market is due to the increasing demand for proprietary integrated centrifugal compressors in the chemical industry, oil refining and other applications around the world. Additionally, increasing demand for energy efficient appliances is also contributing to the growth of this market. Another factor driving the growth is the technological progress in the field of centrifugal air compressors. In the past, many end users, especially plant maintenance personnel, avoided using radial compressors because of their complex operation. But most manufacturers have started to offer control modes such as valve logic to improve customer satisfaction. The biggest motivation for using these technologies is energy saving, since compressed air is responsible for about a quarter of the plant's total energy consumption.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The overall economy, supply chains and industrial, commercial and service sectors of the region have been affected by the COVID-19 outbreak. However, in 2021, many countries have removed restrictions on various business activities. With the COVID-19 pandemic largely under control, vendors have been able to resume business as usual. This has increased the demand for integrated centrifugal compressors in the region during 2021-2022. Such initiatives are expected to help vendors sustain business and enable growth in the regional integrated centrifugal compressor market during the forecast period.

LATEST TRENDS

"Growing R&D and Mergers and Acquisitions to Drive Market Growth"

A latest trend in the integrally geared centrifugal compressor market growth in R&D and M&A (Mergers and Acquisitions) in the integrated geared centrifugal compressor market. As competition increases, industry players are looking to expand their product lines and penetrate untapped markets through mergers and acquisitions. This helps them utilize the resources available to allies and reduce corporate investment in research. It also helps manufacturers provide their customers with complete, reliable, high-quality and state-of-the-art components and services.

INTEGRALLY GEARED CENTRIFUGAL COMPRESSOR MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into medium voltage centrifugal compressor, high voltage centrifugal compressor.

Medium voltage centrifugal compressors are those with a capacity greater than 300 kilowatts but less than 30,000 kilowatts. High voltage centrifugal compressors are commonly used in the oil and gas industry in various applications such as natural gas compression, LNG liquefaction and CNG refueling.

By Application

Based on application the global market can be categorized into Chemical Industry, Oil Refining, Other.

The use of integrated centrifugal compressors in the chemical industry is becoming more common because they can handle corrosive and flammable liquids. Integral centrifugal compressors are used in oil refineries for various applications. The most common application is to increase the pressure of crude oil and natural gas raw material to increase their market value.

DRIVING FACTORS

"Increasing Demand For Oil And Gas Industry to Boost the Market"

Growing demand from oil and gas industry is fueling the integrated geared centrifugal compressor market growth. Many applications, including collecting and transporting oil to customers via a refinery and associated pipelines, use a fixed-shaft centrifugal compressor. Compressed air is widely used for gasoline sweetening, sour water oxidation, catalyst regeneration and sulfur removal. In addition, compressed air is used in the acute use of first-generation discs and drives. Therefore, integrated circulation pumps are made to order according to the type of use.

"Growing Adoption Of Air Compressors In Industry to Expand the Market"

Another driving factor in the integrally geared centrifugal compressor market is the growing adoption of air compressors in industry and growing demand in automobiles are the factors driving the demand for the products. These compressors are affordable and have lower maintenance costs compared to reciprocating compressors. Centrifugal compressors are used as fuel gas boosters in turbines to generate electricity in hospitals, refineries, etc., thus creating new market opportunities. The new compressor offers users pollution-free, high reliability, better efficiency and lower plant energy consumption, which increase market demand. Growing demand for natural gas from the large end-user segment is expected to drive the demand for cost-saving and standard compressors in the market.

RESTRAINING FACTOR

"Unpredictability Of Oil And Gas Prices to Impede Market Growth"

One of the key restraining factors in the integrally geared centrifugal compressor market is the unpredictability of oil and gas prices in the integrated centrifugal compressor market. The price of oil has a lot to do with the success or failure of the oil and gas industry. A constant fall or rise in prices leads to an imbalance between supply and demand. The number of new projects is decreasing due to the decline in oil and gas investments. This will adversely affect the global market for integrated centrifugal compressors. Many oil and gas companies have seen their revenues decline. This negatively affected the cash flows of the companies.

INTEGRALLY GEARED CENTRIFUGAL COMPRESSOR MARKET REGIONAL INSIGHTS

"North America to Dominate The Market Due To Growing Demand For Exploration Of Oil And Gas Reserves"

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The North America integrally geared centrifugal compressor market share is projected to grow during the forecast period. The U.S. and Canada are expected to be the major contributors to the growth of this market. Growing demand for exploration of oil and gas reserves in the region is one of the major factors driving the growth of the market. In addition, North America was an important center of compressor manufacturing thanks to leading companies such as Dresser-Rand Group Inc., General Electric Company and Atlas Copco AB. This is likely to boost market growth in the region during the forecast period. In addition, increasing demand from end-use industries such as chemical industry and food and beverage industry is expected to drive market growth during the forecast period.

In Latin America, the market for integrated centrifugal compressors is expected to grow. Factors such as rapidly increasing industrialization and urbanization and the presence of many oil and gas companies in the region are expected to stimulate the growth of the integrated centrifugal compressor market in Latin America. In addition, government initiatives to develop energy infrastructure and increase investment in renewable energy projects continue to create lucrative opportunities for market players operating in the region.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in Integrally Geared Centrifugal Compressor, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Atlas Copco (Sweden)
• Ingersoll-Rand (U.S.)
• MITSUBISHI HEAVY INDUSTRIES (Japan)
• Siemens (Germany)
• Sundyne (U.S.)

INDUSTRIAL DEVELOPMENT

• September 2019: Atlas Copco presents a new BOG treatment solution to Gastech.  It introduces a new approach to cryogenic high-pressure boiling gas (BOG) processing at Gastech 2019. Atlas Copco Gas and Process claims it has developed a compressor that can handle cryogenic high-pressure BOG applications more reliably and efficiently than before.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.