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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.