Booster Compressor Market To Witness Huge Growth By 2030

Description

According to the Market Statsville Group (MSG), the global booster compressor market size was valued at USD 3.1 billion in 2021 and is projected to reach USD 5.1 billion by 2030, growing at a CAGR of 5.6% from 2022 to 2030. A Rise in the demand for petroleum products from developing economies, an increase in demand for the air-filled products & industrial testing applications, and the rapid growth of plastic or PVC products from developing economies significantly contribute to the growth of the global market.

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However, reducing the number of fuel stations due to the rapid growth of the electric vehicle industry and stringent government regulations toward the use of plastic products are expected to hamper the market's growth globally. Conversely, the rise in investment toward oil & gas exploration and production activities is expected to create potential growth opportunities for key players operating in this market.

Global Booster Compressor Market Definition

Booster compressor is a device that boosts the normal pressure produced by a general compressor. Various types of booster compressors are used in the industry based on compression stages such as single, double, and multi-stage.

Global Booster Compressor Market Dynamics

Drivers: Increase in demand for air-filled products

Booster compressors have wide applications in air-filled products such as deodorants, basketball, buoyancy compensator, portable-sized cylinder, and many others. In addition, the rise in the demand for fashion products such as deodorants, hair spray, and others led to increased demand for booster compressors.

Moreover, an increase in tourism activity led to increase in demand for portable butane cylinders, which also led to an increase in the demand for booster compressors and acts as the major driver for the booster compressor market. Furthermore, the rapid growth of R-134a gas also acts as the main driver for the booster compressor market since R-134a gas is heavily used for car AC and available cans compressed by booster compressors.

Restraints: Rise in the awareness and stringent government regulations toward plastic products

Plastic and related products are harmful due to its oily poison property since microplastic entering the human body via direct exposure through inhalation led to an increase the wide number of health impacts, including genotoxicity, apoptosis, oxidative stress, necrosis, and inflammation which are linked to a wide number of negative health outcomes including cardiovascular disease and cancer. In addition, the rise in awareness for such impacts of PVC and other plastic products led to a decrease in demand for booster compressor; since it is used in the manufacturing and molding of plastic. Moreover, substitutes of plastic products such as gypsum ceilings in place of PVC ceiling, use of wood or other material in place of PVC, and others led to a decrease in demand for PVC, which tends to affect the booster compressor market in the upcoming years.

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Scope of the Global Booster Compressor Market

The study categorizes the booster compressor market based on cooling type, compression stage, power source, end-use, and application at the regional and global levels.

By Cooling Type Outlook (Sales/Revenue, USD Million, 2017-2030)

• Air
• Water

By  Compression Stage Outlook (Sales/Revenue, USD Million, 2017-2030)

• Single-stage
• Double stage
• Multi-stage

By Power Source Outlook (Sales/Revenue, USD Million, 2017-2030)

• Electric
• Combustion engine

By End-Use Outlook (Sales/Revenue, USD Million, 2017-2030)

• Manufacturing
• Industrial Testing
• Oil & Gas
• Construction
• Others

By Region Outlook (Sales/Revenue, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

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The water segment accounts for the largest market share, by cooling type

Depending on the cooling type, the global booster compressor market is classified into Air and Water. In 2021, the water segment was the highest contributor to the market, with a market share of 59.9% in the global booster compressor market. The water-cooled system is used in the booster compressor to cool the compressed air and other components present and protect the compressor system from overheating. Water cooling systems is most commonly used in heavy-duty applications in various industrial operations.

A rise in demand for water-cooled booster compressors from heavy-duty applications such as manufacturing, oil & gas exploration & production applications, high-power industrial operations and others is expected to drive the growth of the booster compressor market during the forecast period. In addition, one of the advantages of water-cooled booster compressor is that industries/companies can use hot water in washing, showering, cleaning, and other hot water applications, which is anticipated to fuel the growth of the market in the coming years. However, cost associated with electricity, water, and water treatment expenses in water cooled booster compressor are more than air cooled compressor, which is projected to hamper the market's growth during the analyzed time frame.

Europe accounts for the highest CAGR during the forecast period

Based on the regions, the global booster compressor market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Europe is the fastest-growing region with a CAGR of 6.3% during the forecast period (2022-2030). In Europe, countries such as Germany, France, the UK, Spain, and Russia are the major contributors to the booster compressor market revenue in this region. Since, Europe accounted for the highest market share of automobile and manufacturing which is highly significant for the booster compressor market.

Rising automobile and manufacturing industry across the region led to increased demand for booster compressors and acted as the main driver factor market. In addition, Europe has vast aerospace and marine development, which also led to increased demand for booster compressors. Moreover, growing building & construction activities in the region are anticipated to boost the demand for booster compressor, which is projected to fuel the growth of the booster compressor market in the upcoming years. Furthermore, the maximum manufacturer of booster compressors is from another region. However, it may act as the restraining factor for the booster compressor market in this region.

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Key Market Players in the Global Booster Compressor Market

The global booster compressor market is highly competitive with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions.

Major players in the global booster compressor market are:

• Atlas Copco AB
• Hitachi Ltd.
• Ingersoll Rand
• Jereh Group
• Sauer Compressors USA
• Corken Inc.
• Generon
• Kaeser Kompressoren
• NiGen International L.L.C.
• TGT Fuel Technologies
• Boge Compressors Ltd
• Hanbell
• Haskel
• Gas Compression Systems

Article source: https://article-realm.com/article/Finance/21870-Booster-Compressor-Market-To-Witness-Huge-Growth-By-2030.html