The global booster compressor market accounted for US$ 2.29 Bn in 2018 and is expected to grow at a CAGR of 4.9% over the forecast period 2019–2027, to account for US$ 3.48 Bn by 2027.
Currently, the booster compressor market is gaining high momentum across the globe. The booster compressors are compressors that enable stepping up of pressure levels in the extraction processes thereby reducing the costs and time of production.
Conventionally, the booster compressors are designed to increase the efficiency of a system and have a broad range of applications in a certain set of end-user industries. Booster compressors are used in several process industries including power utilities, chemical and petrochemical plants, and LNG applications. This factor offers worthy growth opportunity to the booster compressor market during the forecast period.
Globally, booster compressor market is experiencing an intense growth with regards to continuous investments in the booster compressor by companies. Continuous emphasis on energy efficiency/ energy recovery and the decrease of CO2 emissions, along with higher demand for service and monitoring of compressed air installations, and emerging applications of the booster compressor in new industrial segments are some the major market trends that will drive the market in the near future. Growing investments in automation and machinery, industrial production and energy costs would assist the booster compressors market to grow. Asia pacific held the largest share of the booster compressor market in 2018, and it is expected to continue its dominance during the forecast period of 2019–2027. North America and Europe held the second and third position in the global booster compressor market in 2018 with market shares of >25% and >20%, respectively.
The overall booster compressor market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the booster compressor market. It also provides the overview and forecast for the global booster compressor market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the booster compressor market.