The Liquefied Natural Gas Compressor Global Market Report 2023, provides comprehensive information on the liquefied natural gas compressor market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
Learn More On The Liquefied Natural Gas Compressor Market’s Growth:
As per The Business Research Company’s Liquefied Natural Gas Compressor Global Market Report 2023, the market size is expected to grow from $3.80 billion in 2022 to $4.04 billion in 2023 at a compound annual growth rate (CAGR) of 6.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global liquefied natural gas compressor market size is expected to reach $4.97 billion in 2027 at a CAGR of 5.3%.
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Technological innovation is the key trend gaining popularity in the liquefied natural gas compressor market. Major companies operating in the liquefied natural gas compressor market are focused on developing innovative technologies to strengthen their position in the market. For instance, in November 2020, ConocoPhillips, a US-based oil and natural gas producer and owner of exploration leases, launched The Traditional OCP Configuration – OCP Pro Technology. The Traditional OCP Configuration – OCP Pro technology increases turndown capabilities and yearly availability while retaining good thermal efficiency across a broad operating range for compressor trains. The other technology is the Latest OCP Configuration – OCP Compass technology reduces overall installed cost by decreasing the liquefaction train’s equipment count and size, as well as considerably simplifying modularization. OCP Compass facilities will provide the same industry-leading efficiency and low emissions of greenhouse gases as OCP Pro facilities.
The liquefied natural gas compressor market is segmented:
1) By Design: Vertically-Split Barrel, Horizontally-Split Barrel, Axial Compressors
2) By Application: Low Pressure Application, Medium Pressure Application
3) By End User: Vehicles, Electrical, Industrial, Residential, Other End Users
North America was the largest region in the liquefied natural gas compressor market in 2022.
The table of contents in TBRC’s liquefied natural gas compressor market report includes:
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Top Major Players
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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