Global LNG Compressor Market: Overview
The pressing demand for LNG worldwide has brought about the development of various equipment in the value chain for LNG. One of them is the LNG compressor which are used to liquefy LNG. These systems precede the refrigeration process in the LNG plant and are also referred to as refrigeration compressors. The LPG compressors can be classified broadly on the basis of their design into vertically-split barrel compressors, horizontally-split compressors, and axial compressors. Horizontally-split compressors are used mainly for low and medium pressure applications; axial compressors for high flow and low pressure applications, and vertically-split compressors for high pressure applications.
The horizontally-split compressors are slated to hold a sway over the market due to their effective designs and ease in maintenance. Axial and vertical-split compressors, however, will likely provide stiff competition to it on account of their increasing use in upcoming projects. A report by Transparency Market Research offers essential information about the global LNG compressor market. It presents a granular analysis of the factors promoting or hindering it. It also profiles leading companies in the market and leverages market-leading analytical tools to gauge the threats and opportunities.
Global LNG Compressor Market: Trends and Opportunities
At the forefront of driving growth in the global LNG compressor market is the massive production of natural gas. For example, the boom in natural gas production from the U.S. shale reserves and myriad offshore locations in Africa, has majorly boosted the LNG trade worldwide. This has spurred demand for LNG compressors that are used in their liquefaction. Going forward, the market for LNG compressors is predicted to expand at a healthy clip on the back of further upswing in natural gas production from unconventional sources and offshore locations and because of the opening up of the expanded Panama Canal.
With a copious number of LNG contracts, LNG operators are compelled to reduce delivery costs by attaining larger economies of scale. This resulted is development of cutting-edge machines having more effective techniques and capacity that brings down the time for liquefaction. Sensing opportunity and profit in the industry more and more companies are investing in the LNG compressor market these days.
Hobbling the progress in the global market for LNG compressor is the steep upfront capital required for installing equipment and the high operational expenses. Besides, volatility in the prices of gas and oil and dearth of skilled manpower are also acting as a deterrent. Reliability of components is still a crucial challenge for the market for LNG compressor market as well.
Global LNG Compressor Market: Regional Outlook
From a geographical standpoint, North America is a key region in the global market for LNG compressor on account of the copious amount of shale gas production. With the opening of the expanded canal in Panama, the market is expected to receive further boost. Besides, Asia Pacific region too is investing substantially in LNG plants that will fillip the market in the region. India, China, and Japan, which are major energy consumers in the region, are coming up with LNG infrastructure to woo major LNG compressor companies to invest in the region. Middle East is another key market, powered mainly by Qatar, which is a major exporter of LNG and expending money in building a LNG infrastructure.
Companies Mentioned in the Report
Some of the noteworthy companies competing in the global market for LNG compressor are Siemens AG, General Electric Company, Elliott Company, Eagle Burgmann Germany GmbH & Co. KG, Mitsubishi Heavy Industries Ltd., and Kobelco Compressors America Inc.
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis