Centrifugal Compressor Market
Centrifugal Compressor Market Global Industry Assessment & Forecast
- By End User Oil and Gas, Power Sector, Petrochemical and Chemical Industries, Other End Users
- By Type Single-stage centrifugal compressors, Multi-stage centrifugal compressors
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||10.1 Billion|
|Revenue 2028:||15.36 Billion|
|Revenue CAGR (2021 - 2028):||4.23|
|Fastest Growing Region (2022 - 2028)||North America|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request Customization Speak To Analyst
The global Centrifugal Compressor market was valued at USD 10.1 Billion in 2020 and is projected to reach USD 15.36 Billion by 2028, growing at a CAGR of 4.23% from 2021 to 2028.
|Historical Data (Actual Data)||2016-2020|
|Base Year Data||2020|
|Current Year Date||2021|
|Projected year data||2021-2028|
|Annual Market Size (2028)||15.36 Billion|
|Annual Market Size (2021)|
|CAGR (2021 - 2028)||4.23%|
Overview and Description
A centrifugal compressor is a type of dynamic compressor, or turbo compressor, with a radial design. Air is drawn into the center of a rotating impeller with radial blades and is pushed toward the center by centrifugal force. This radial movement of air results in a pressure rise and the generation of kinetic energy.
The global Centrifugal Compressor market is segmented based on products, applications, regions, and countries. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments have been analyzed based on present and future trends. The research study provides complete assessment of the market on the basis of competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 with forecast from 2021 to 2028.
COVID-19 Impact Analysis
COVID-19 pandemic led to government of numerous countries across the globe to impose strict lockdown restrictions during the preliminary stages. In 2021, numerous countries faced the adverse effects of the pandemic due to the outbreak of second wave, which also led governments to again impose lockdown measures. Business shutdowns, partial business operations, and travel restrictions have led to challenges in supply chain and in turn production. However, it is expected that reopening of trade activities, the market will witness steady growth in the demand in the coming years. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.
The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:
o Impact Assessment of COVID-19 Pandemic
o Pre & Post COVID-19 Market Size
o Qualitative analysis on the short term & long term impact of COVID-19 on the market
o The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.
The centrifugal compressor product has a positive view as it has been seen as energy source which is renewable. The growing trend and adoption of air compressors in various industries with favorable government policies & regulations, encouraging economic environment and growing popularity of automobiles are factors boosting the market.
The increasing focus more on research and development activities is one of the major factors driving the market growth.
Centrifugal compressors are for use in the large turbojet engines and gas turbines growing the large aircraft, because of the resulting weight as well as stress, and to frontal area presented by the large diameter of radial diffuser are the factors hampering the market.
Global Centrifugal Compressor Market Report Scope
|Market Size Provided for Years||2016-2028|
|Market Size Provided In Terms Of||Revenue & Volume|
|Segments Covered||End User, Type|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries Covered||The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Companies Covered||Kobelco, Siemens, Manturbo, Cameron, Elliott-Ebara, MHI, Hitachi, Techwin, IHI, EBARA, Cooper(EATON), Dresser-Rand, Fusheng Group, Mitsui, Kawasaki, Ingersoll Rand, GE, Gardner Denver, Kaeser, Atlas Copco.|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Global Centrifugal Compressor Market: End User Segment Analysis
- Oil and Gas
- Power Sector
- Petrochemical and Chemical Industries
- Other End Users
Global Centrifugal Compressor Market: Type Segment Analysis
- Single-stage centrifugal compressors
- Multi-stage centrifugal compressors
Regional Analysis: Preview
Based on region, the global Centrifugal Compressor market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region led the market with the largest share in 2020. Some of the key countries contributing to the surge in the market are the U.S., U.K., Germany, France, China, India, Japan, and South Korea.
The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global Centrifugal Compressor market are Kobelco, Siemens, Manturbo, Cameron, Elliott-Ebara, MHI, Hitachi, Techwin, IHI, EBARA, Cooper(EATON), Dresser-Rand, Fusheng Group, Mitsui, Kawasaki, Ingersoll Rand, GE, Gardner Denver, Kaeser, Atlas Copco.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.
Market Size, 2021 (USD Billion)
Global Centrifugal Compressor Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
Key Highlights – Global Centrifugal Compressor Market
- Global Centrifugal Compressor Market is projected to reach USD 15.36 Billion by 2028
- North America held the highest share of the Centrifugal Compressor market
- Oil and Gas held the largest share of the product segment in the Centrifugal Compressor market
- Single-stage centrifugal compressors held the major share of the application segment in the Centrifugal Compressor market
Frequently Asked Question
What is the global demand for Centrifugal Compressor in terms of revenue?
The global Centrifugal Compressor valued at 10.1 Billion in 2020 and is expected to reach 15.36 Billion in 2028 growing at a CAGR of 4.23%.
Which are the prominent players in the market?
The prominent players in the market are Kobelco, Siemens, Manturbo, Cameron, Elliott-Ebara, MHI, Hitachi, Techwin, IHI, EBARA, Cooper(EATON), Dresser-Rand, Fusheng Group, Mitsui, Kawasaki, Ingersoll Rand, GE, Gardner Denver, Kaeser, Atlas Copco..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 4.23% between 2021 and 2028.
What are the driving factors fueling the growth of the market?
The driving factors of the Centrifugal Compressor include
- The centrifugal compressor product has a positive view as it has been seen as energy source which is renewable. The growing trend and adoption of air compressors in various industries with favorable government policies & regulations, encouraging economic environment and growing popularity of automobiles are factors boosting the market.
- The increasing focus more on research and development activities is one of the major factors driving the market growth.
Which region accounted for the largest share in the market?
North America was the leading regional segment of the Centrifugal Compressor in 2020.