The booster compressor market size is projected to reach US$ 4.26 billion by 2031 from US$ 2.91 billion in 2023. The market is expected to register a CAGR of 4.9% in 2023–2031. A rise in the demand for portable boosters and an increase in funding for oil and gas exploration and production operations is likely to remain a key booster compressor market trend.
The market for booster compressors is expected to grow rapidly in the near future due to the expansion of industrial projects globally and the increasing demand for natural gas for various purposes. This growth is anticipated to lead to an increase in gas pipeline projects. The substantial advancement of end-use sectors, including oil & gas, mining, manufacturing, construction, automotive, and others, is propelling the expansion of the booster compressor industry. Furthermore, the rising need for booster compressors in industrial testing is contributing to the market's global growth.
A booster compressor is a specialized device created to elevate system pressure, typically four to six times higher than the pressure produced by standard factory equipment. Due to the potential difficulties and costs associated with maintaining such elevated pressure levels, most businesses utilize a booster compressor on a temporary basis. While it can be utilized for operating equipment, it is most commonly employed for testing purposes. While the majority of these compressors are pneumatic or air-powered, some also utilize alternative power sources.
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Booster Compressor Market: Strategic Insights
The natural gas industry has been increasingly focusing on developing more technologically challenging unconventional gas reserves, such as shale, tight sands, and coalbed methane. This has led to the utilization of pressurized gas during the enhanced oil recovery (EOR) and secondary recovery phases of crude production to increase the pressure within the formation and stimulate well productivity. As a result, compressors ranging from 1040 to 3900 horsepower are being used for this purpose, thereby driving the demand in the oil and gas sector
The demand for booster compressors is increasing due to the transition from coal-based power plants to natural gas-fired power plants for electricity generation. Germany, for example, has passed legislation to end coal-fired power generation by 2038, and many countries worldwide are investing in natural gas power plant projects. Gas turbines in these power plants require a specific pressure of fuel gas to combine with pressurized air before combustion. As a result, the demand for compressors has been growing, as gas turbines require higher fuel gas pressures to achieve better performance efficiency. Additionally, pipeline pressures fluctuate due to increased peak demand and overall requirements. This shift towards low-carbon emission energy sources globally is driving the market demand for boosters during the forecast period.
Key segments that contributed to the derivation of the booster compressor market analysis are pressure, type of cooling, compression stage, and industry vertical.
The geographic scope of the booster compressor market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Europe is anticipated to experience substantial growth in power demand, driven by the increased use of high-pressure industrial gases in sectors such as steel, oil & gas, metal & mining, and manufacturing & processing. This rise in demand for the market across Europe is expected to lead to a 1.5% annual growth in natural gas demand from 2019 to 2025, as indicated by the International Energy Agency (IEA). In 2019, Europe imported a significant volume of LNG, amounting to 108 billion cubic meters (bcm), which accounted for 27% of total gas imports, according to the European Commission (EC) report on the gas market. Additionally, 22% of Europe's gas consumption is attributed to the spot market and does not involve capital expenditure from small players, further driving the demand for the market in the region.
The regional trends and factors influencing the Booster Compressor Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Booster Compressor Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2.91 Billion |
| Market Size by 2031 | US$ 4.26 Billion |
| Global CAGR (2023 - 2031) | 4.9% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Pressure
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Booster Compressor Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Booster Compressor Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The booster compressor market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
(Source: Atlas Copco AB, Press Releases, 2024)
The “Booster Compressor Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The market is expected to reach US$ 4.26 billion by 2031.
The key players holding significant shares in the market are Atlas Copco AB, Baker Huges (General Electric), BAUER COMP Holding GmbH, Boge Kompressoren, and Corken, Inc.
Increase in funding for oil and gas exploration and production operations is anticipated to play a significant role in the market in the coming years.
The adoption of booster compressors in enhanced oil recovery techniques and the rise in the demand for portable boosters are the major factors that propel the market.
The market was estimated to be US$ 2.91 billion in 2023 and is expected to grow at a CAGR of 4.9% during the period 2023 - 2031.