Booster Compressor Market, By Type (Yield monitoring, Field mapping, Crop scouting, Weather tracking & forecasting, Irrigation management), By Application (Personal, Commercial), By Region - Global Analysis Forecast Till 2030

The booster compressor market was worth $3217.1 million in 2021 and is expected to be worth 5201.2 million by 2030, growing at a 6.4% CAGR between 2022 and 2030.

A booster system is a device that optimizes the circulation of pre-compressed air in a system. This booster works by multiplying compressed air from a low-pressure compressor to produce compressed air at higher pressures. A booster compressor can increase pressure in a system by 4 to 6 times the normal pressure generated by various machines in a factory.

Market Dynamics

Drivers

Various nations are replacing coal-fired power plants with natural gas-fired power plants for electricity generation. Germany has already passed legislation to end coal-fired power generation by 2038, and many countries in Europe and the rest of the world are investing in gas-fired power projects. Turbines in gas-fired power plants require a certain pressure of the fuel gas to combine the fuel gas and compressed air before combustion. At the same time, compressor requirements are increasing as gas turbines require higher fuel gas pressure to achieve higher efficiency. In addition, pipeline pressure fluctuates due to peak demand and general requirements. Therefore, growing awareness about using low-carbon energy sources globally is driving the market demand for compressors over the forecast period.

Restraints

Industrial manufacturers rely on servicing and constantly use existing compressors rather than investing in new compressors to reduce spending, which is expected to stymie the growth of the booster compressor market.

Key players:

• Kaeser Kompressoren Se,

• Atlas Copco Ab,

• Tgt Fuel Technologies,

• Hitachi Ltd.,

• Corken, Inc.,

• Nigen International Llc,

• Generon, Sauer Usa.,

• Ingersoll Rand

• Jereh Group

Market Segmentation:

By Type:

• Yield monitoring

• Field mapping

• Crop scouting

• Weather tracking & forecasting

• Irrigation management

By Application:

• Personal

• Commercial

By Region

• North America

• Latin America

• Europe

• Asia Pacific

• Middle East & Africa

Regional Analysis:

The booster compressor market is divided into five regions: North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The United States and Canada have significant oil and gas potential in North America. Due to the depletion of coal resources, LNG-based power plants are increasing their market share, which represents a potential growth opportunity for these compressors, driving the market growth. This is primarily due to expansion in the industrial and power sectors, as the US government had planned to build 18 GW of new gas-fired power plants by 2020, which is expected to increase demand.

Power demand in Europe is expected to rise significantly. The increasing use of high-pressure industrial gases in the steel industry, oil and gas, metal and mining, and manufacturing and processing industries boosts demand in Europe. According to the International Energy Agency, average natural gas demand is expected to rise XX% annually from 2019 to 2025. (IEA). According to the European Commission's (EC) gas market report, Europe imported the most LNG in 2019 at 108 billion cubic meters, accounting for XX% of total gas imports. The spot market and no capital expenditure from small players have fuelled demand for the market in the region, accounting for XX% of Europe's gas consumption.

According to the World Economic Forum, Asia Pacific will have the highest GDP (Gross Domestic Product) due to rapidly changing consumer behavior, supportive policies for long-term growth, and investment in industrial infrastructure. A significant increase in power demand and a growing awareness of renewable power generation is propelling the need for gas-based power plants, driving demand for boosters.

Scope of the Report:

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