Portland, July 06, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global booster compressor market generated $3.0 billion in 2020, and is estimated to garner $5.1 billion by 2030, witnessing a CAGR of 5.6% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, value chain, key segments, regional scenario, top investment pockets, and competitive landscape.
Increase in demand for petroleum and CNG products, surge in demand for air-filled products, and rise in usage of plastic or PVC products in developing countries drive the growth of the global booster compressor market. However, demand for electric vehicles and reduced number of fuel stations along with stringent government regulations toward plastic products hinder the market growth. On the other hand, increase in investments for oil & gas exploration and production activities creates new opportunities in the coming years.
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Covid-19 Scenario:
- Manufacturing activities of booster compressors halted due to lockdown measures taken place across many countries. Moreover, supply chain disruptions and shortage of raw materials created challenges in carrying out manufacturing in full capacity.
- The demand from end use industries such as construction, oil & gas, manufacturing, and others reduced significantly due to a halt in day-to-day operations during the lockdown. However, the demand would grow steadily during post-lockdown as daily operations get back on track.
- The ban on import-export activities led to supply chain disruption and a supply-demand gap. As the restrictions are lifted off, the supply chain will be restored.
The report offers detailed segmentation of the global booster compressor market based on cooling type, compression stage, power source, end-use, and region.
Based on cooling type, the water segment contributed to the highest market share in 2020, accounting for nearly three-fifths of the total share, and is estimated to maintain its leadership status during the forecast period. Moreover, this segment is projected to manifest the largest CAGR of 5.9% from 2021 to 2030.
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Based on end-use, the oil & gas segment held the highest share in 2020, contributing to more than one-fourth of the global booster compressor market, and is estimated to maintain its dominance in terms of revenue during the forecast period. However, the construction segment is estimated to witness the fastest CAGR of 6.3% from 2021 to 2030.
Based on region, North America accounted for the highest share in 2020, holding nearly one-third of the total share, and is expected to maintain its lead position by 2030. However, Europe is projected to register the highest CAGR of 6.3% during the forecast period.
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Leading players of the global booster compressor market analyzed in the research include Atlas Copco AB, Generon, Corken Inc., Sauer Compressors USA, Ingersoll Rand, Hitachi Ltd., Kaeser Kompressoren NiGen International L.L.C., Jereh Group, and TGT Fuel Technologies.
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