The "Global Process Gas Compressors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Process Gas Compressors market was valued at US$4840 million in 2020 and is expected to reach US$5736.24 million by 2026, at a CAGR of 2.87% over the forecast period 2021 - 2026.
Technological advancement in compression techniques has a profound influence over the compression capabilities of the equipment and subsequently is expected to drive the process gas compressor market growth during the forecast period.
Moreover, the rise in the adoption of robust and energy-efficient equipment is also expected to fuel the demand for air compressors in the industry. In addition, the equipment requires the application of sophisticated technology with high technical expertise for designing high power rated and efficient air compression equipment.
Consequently, the high cost of installation and maintenance for the equipment is expected to hinder the market growth of the process gas compressor market in the coming years. However, the increase in production activities from Asia-Pacific and LAMEA is expected to provide profitable business opportunities to the manufacturers during the forecast period.
In the case of North America, the newly found shale gas resources and National OCS leasing programmes are strengthening their import and export activities racing them to the top of the charts. This upbeat in the oil & gas industry is expected to improve with further strengthening oil prices in the near future, opening up opportunities to the process gas compressors market.
The demand from the healthcare sector is expected to experience a surge in 2020 owing to the increased demand for ventilators in the wake of COVID-19.
Read the latest issue of World Pipelines magazine for pipeline news, project stories, industry insight and technical articles.
The March 2021 issue of World Pipelines includes: a regional report on pipeline projects in Asia-Pacific; a summary of the latest and best construction equipment courtesy of the annual Heavy Equipment Review; a welding-focused Q&A; and technical articles on hot tapping, sustainable steel and decommissioning.
Read the article online at: https://www.worldpipelines.com/business-news/15032021/researchandmarketscom-release-report-on-global-process-gas-compressors-market/