Product Code: 49236
The market for Tandem piston compressor is expected to grow at a CAGR of 3% approximately over the forecast period, on account of expansion of industrial infrastructure. Due to its high efficiency, it is used in various applications including refrigeration, air cooling and air separation etc. Tandem piston compressors are also used in chemical, and petrochemical facilities. These industries across the world are witnessing significant growth, thus boosting the tandem piston compressor market. Moreover, growth of natural gas industry is expected to drive the tandem piston compressors market over the forecast period as the production of natural gas has increased, due to a surge in the production from shale reserves. However, the requirement of more space by these compressors is considered as restraint to the growth of the market.
- Tandem piston compressors are widely used in the natural gas processing and transportation. Hence, increase in the demand of natural gas for power generation is likely to dominate the market during the forecast period.
- Developing industrial infrastructure in countries like China, the Unites States, etc. is likely to offer huge business opportunities for tandem piston compressors market.
- North America is expected as significant player in market with majority of the demand coming from the countries such as the United States and Mexico.
Key Market Trends
Increase in Demand for Natural Gas
- The natural gas production has increased by 18% during 2011-18. The increase in natural gas can be at large attributed to the shale gas boom primarily due to the technological advancement in shale gas production in the past decade.
- Furthermore, the electricity generation through natural gas has increased by 25% during the same period.
- The gas producing companies expect a greater use of natural gas in power generation, replacing coal. Many countries see an increased role for gas in energy mix as electricity produced with gas has half the carbon dioxide emissions of coal power.
- As gas has a role in the energy mix that helps in contributing for sustainable development only if methane emissions are reduced.
- Due to development of LNG terminals, LNG infrastructure across the world is expanding rapidly and hence the demand for natural gas is increased.
- Therefore, piston compressors are also used by pipeline operators for natural gas transmission, which helps in driving the market during forecast period.
North America to Dominate the Market
- The offshore oil and gas projects in North America are becoming more competitive, owing to improving efficiencies and tightening of the supply chain, which has led to declining costs of offshore drilling. For example, prior to 2014, a deepwater well in the Gulf of Mexico used to cost about USD 200 million to drill. As of 2017, drilling a deepwater well in the same region costs between USD 10 - 50 million.
- The United States downstream industry accounted for 18.8% of the global refining capacity and witnessed a CAGR of 0.92% between 2013 and 2018. Major factors driving the market include increased crude oil and gas production from the shale reserve and shifting focus towards the petrochemical industry.
- The United States oil and gas downstream sector is expected to witness modest growth in the coming years with the increasing production of condensate splitters and upgradation of existing facilities, primarily around the Gulf of Mexico. Additionally, fuels destined for export is expected to drive the major part of gains in downstream production, especially LPG and distillates.
- The Mexican petrochemical industry is witnessing solid growth following the completion of the Braskem-Idesa Ethylene XXIcomplex. In 2018, the value of Mexico's basic petrochemicals consumption grew by an estimated 14.1% to USD 2.4 billion while synthetic resin (including polymers) rose 6.8% to USD 5.2 billion and synthetic rubbers grew 9.2% to USD 0.5 billion.
- Therefore, due to the above-mentioned factors, North America is anticipated to dominate the tandem piston compressors market.
The Tandem piston compressor market is fragmented. The key companies include ABAC air compressors, BOGE KOMPRESSOREN Otto Boge GmbH & Co. KG, Bitzer SE, Dorin S.p.A., and NuAir compressors (FNA S.p.A.).
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Table of Contents
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD million, till 2025
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
- 4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 Type
- 5.1.1 Stationary
- 5.1.2 Portable
- 5.2 Stage
- 5.2.1 Single Stage
- 5.2.2 Two Stage
- 5.3 Application
- 5.3.1 Oil Refineries
- 5.3.2 Natural Gas Processing & Distribution
- 5.3.3 Chemicals & Petrochemicals
- 5.3.4 Others
- 5.4 Geography
- 5.4.1 North America
- 5.4.2 Asia-Pacific
- 5.4.3 Europe
- 5.4.4 South America
- 5.4.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Market Share Analysis
- 6.4 Company Profiles
- 6.4.1 ABAC air compressors
- 6.4.2 BOGE KOMPRESSOREN Otto Boge GmbH & Co. KG
- 6.4.3 Bitzer SE
- 6.4.4 Dorin S.p.A.
- 6.4.5 Bristol Compressors International Inc
- 6.4.6 Speroni S.p.A.
- 6.4.7 NuAir compressors (FNA S.p.A.)
- 6.4.8 RefPower Srl
- 6.4.9 Danfoss A/S
- 6.4.10 FIMA SRL
- 6.4.11 NARDI COMPRESSORI SRL
7 MARKET OPPORTUNITIES AND FUTURE TRENDS