The global booster compressor market size was valued at USD 3,127 million in 2021. It is expected to reach USD 4,839 million by 2030, growing at a CAGR of 5.61% during the forecast period (2022–2030).
Numerous industrial procedures, like sandblasting, pressure testing, and others, require compressed air. However, the air pressure produced by these devices is typically insufficient for high-powered applications. Consequently, plants may need to increase the air pressure of the primary feed. Booster compressors make it possible to generate high-pressure compressed air quickly and effectively. A booster compressor is a technology that increases the pressure generated by a standard compressor. Depending on the number of compression stages, such as single, double, and multi-stage, several types of booster compressors are utilized in the sector. This device is employed briefly for high-pressure applications in diverse end-uses, including manufacturing, industrial testing, oil & gas, and construction. With booster air compressors, air pressures ranging from 80 to 150 PSIG can be increased to 2000 PSIG.
The rapid expansion of plastic or PVC products from developing nations and the rise in demand for petroleum products, air-filled items, and industrial testing applications from developing economies significantly contribute to the market expansion. The market is predicted to increase internationally, but fewer gas stations due to the electric vehicle industry's rapid development and strict government laws over the usage of plastic items are expected to impede that growth. On the other hand, increased investment in oil and gas exploration and production is anticipated to open up prospective growth opportunities for major market participants.
|Market Size||USD 4,839 million|
|Fastest Growing Market||Asia-Pacific|
|Largest Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
The booster compressor is essential at every oil and gas production stage, from discovery to final usage. For example, during exploration, it is widely employed in drilling operations both on and offshore, nitrogen production, hydrocarbon blanketing, and compression stations. Additionally, booster compressors are utilized in the downstream sector to maintain pressure during gas transits. However, it is anticipated that the booster compressors market will grow faster due to the demand for petroleum fuels and CNG products from developing nations like China, Brazil, India, Australia, South Korea, and others. In addition, these growing economies are consuming more petroleum fuels and switching quickly to natural gas automobiles. This is predicted to increase demand for gas stations, raising demand for booster compressors and fuel the market's growth throughout the examined time range.
Additionally, the market for booster compressors is closely related to and highly dependent on the demand for automobiles, which is expanding rapidly in rising economies like India, China, Brazil, and others. Booster compressors are used in numerous air-filled goods, including deodorants, basketballs, buoyancy compensators, portable-size cylinders, and many others. Additionally, the need for booster compressors increased due to the popularity of fashion items like deodorants, hair spray, and others. Additionally, a rise in tourism activities increased demand for portable butane cylinders, increasing the demand for booster compressors and serving as the primary market driver for these devices. Additionally, booster compressors add air to sporting goods like footballs and basketballs, which is predicted to enhance demand for these devices and fuel market expansion over the projected year.
Increased demand for electric vehicles and government initiatives and investments in the electric vehicle sector is predicted to restrain the growth of conventional gasoline, which is expected to curb demand for booster compressors since booster compressors are not used in charging stations. As a result, the production of electric vehicles is anticipated to grow exponentially due to attempts to encourage the use of electric vehicles, which is expected to limit the demand for booster compressors in the future. A major restraint on the market for booster compressors in the following years will be the rise in pollution and increased government focus on the use of electric vehicles, which has led to a decline in the demand for oil and gas.
Among the key driving factors in expanding the booster compressor market is the rise in oil and gas exploration activities in onshore and offshore regions. Due to the increased demand for oil and gas fuel from diverse industries, many oil and gas suppliers have moved their operations to offshore ports and places closer to hydrocarbon resource areas. Along with the rise in demand for crude oil in developing countries, so has an investment in oil and gas exploration and production activities. Thus, an increase in these activities is directly contributing to a rise in the use of oil and gas, which in turn is boosting the demand for booster compressors. The large untapped reserves in newly producing hydrocarbon locations can satisfy future energy demand. Exploiting these untapped hydrocarbon deposits would favor the booster compressors market, which is anticipated to create opportunities during the forecasted years.
By region, the global booster compressor market includes North America, Europe, Asia-Pacific, and LAMEA.
North America will command the market, expanding at a CAGR of 5.12% over the forecast period. North America is the world's top producer of natural gas, home to the second-largest vehicle market in the world, as well as some of the biggest electrical and mechanical businesses. However, the region is also one of the biggest consumers of booster compressors. Since North America is the world's largest producer and exporter of natural gas, rising demand for natural gas and related products is predicted to propel the growth of the booster compressor market in North America over the forecast period. The rising use of automobiles in the area is another essential element influencing the market for booster compressors. Additionally, the booster compressor industry is primarily driven by rising real estate prices in Canada and the United States.
Asia-Pacific will likely advance at a CAGR of 5.31%, accounting for USD 1,358 million by 2030. Due to the significant growth in the automotive, industrial, construction, and electrical & electronics sectors, growing economies like China, Japan, India, and Australia are primarily responsible for driving the booster compressor market in Asia-Pacific. This is because these nations have many essential businesses and manufacturing facilities. Asian countries like India strongly emphasize a gas-based economy, which has increased the demand for booster compressors.
Additionally, the demand for products using booster compressors, such as CNG, LNG, and many others, is rising as a result of the population and economic growth in China, India, and others, which will further propel the development of the booster compressor market throughout the forecast period. Due to the growth in manufacturing, the steel sector, and high gas consumption, the market for booster compressors is likely to see increased demand in Asia-Pacific, particularly in China and India.
The global booster compressor market is segregated into cooling type, compression stage, power source, end-user, and region.
By cooling type, the global booster compressor market includes Air and Water.
The Water section will likely hold the largest market share, growing at a CAGR of 5.91% over the forecast period. Water cooling systems are most frequently employed in heavy-duty applications and industrial processes. Compressors have two water-cooling systems: open water cooled and closed water cooled. Demand for water-cooled booster compressors from heavy-duty applications such as manufacturing, oil & gas exploration & production, and high-power industrial activities, among others, is anticipated to fuel the growth of the booster compressor market throughout the forecast period.
The Air section will hold the second-largest market share. Many industrial procedures that require high pressure, such as laser cutting, pressure tools, PET blowing, abrasive cutting, and other production processes, use air-cooled booster compressors. Air-cooled booster compressors have advantages like waste heat recovery by utilizing waste heat to heat buildings and powering preheating batteries, which saves money for various utility applications in the industrial sector.
By compression stage, the global booster compressor market includes Single Stage, Double Stage, and Multi Stage.
The Double Stage section will likely hold the largest market share, growing at a CAGR of 5.11% over the forecast period. Air is compressed in two stages in a double or two-stage booster compressor system. Booster compressors with two stages are widely utilized in high-pressure or high-power applications, like large factories and workshops. In factories and workshops, it is used for lifting, painting, drilling, assembling construction, and other purposes. Consequently, the increase in demand for these heavy-duty applications is expected to propel the expansion of the double-stage booster compressor industry throughout the studied period.
The Multi Stage section will hold the second-largest market share. It is anticipated that the demand for multi stage booster compressors from oil & gas exploration and production operations, industrial pressure testing, auto assembly, beverage manufacturing, aircraft building, and other sectors will increase during the projected period.
By power source, the global booster compressor market includes Electric Engine and Combustion Engine.
The Combustion Engine section will likely grow at a CAGR of 6.01% and hold the largest market share over the forecast period. Combustion engine booster compressors are powered by fossil fuels such as gasoline, diesel, kerosene, natural gas, etc. The combustion engine booster compressors market is expanding due to several important factors, including the strong demand for oil and gas products and the increase in oil and gas exploration and production operations. The combustion engine booster compressor is used in oil rigs and offshore applications.
The Electric Engine section will hold the second-largest market share. Electric booster compressors are compressors with integrated motors that are powered by electricity. These compressors are powered by a single- or three-phase AC motor. Rising environmental concerns and improved fuel efficiency have led to an increase in demand for electrical products, which in turn has led to the rise in demand for electric booster compressors and will serve as the primary driver for the global booster compressor market over the forecast period.
By end-user, the global booster compressor market includes Manufacturing, Industrial Testing, Oil & Gas, Construction, and Others.
The Oil & Gas section is projected to advance at a CAGR of 5.01% and hold the largest market share over the forecast period. Booster compressors have many uses in the oil and gas industry, including booster compression, hydrocarbon blanketing, and drilling. Booster compressors for the oil and gas sector are designed with a high flow rate and a low compression ratio. The expansion of the market for booster compressors is primarily driven by the increasing demand for oil & gas and related products.
The Manufacturing section will hold the second-largest market share. During the forecast period, demand for booster compressors from manufacturing industries is anticipated to fuel market expansion. In addition, manufacturing industries such as furniture, iron & steel, plastic, food & drinks, and many others are progressively utilizing booster compressors, which is expected to increase their demand in the following years.