Change in energy consumption patterns and increasing natural gas demand as a main fossil fuel is expected to drive the market over the forecast period. The increasing demand for natural gas coupled with rising energy consumption in U.S., China and Canada is expected to favour the Liquefied Natural Gas (LNG) market growth. The LNG compressors market is likely to grow at a rapid rate in future due to increased natural gas production from unconventional sources and offshore locations. However, high raw material cost coupled with complex fabrication process is expected to hamper the market growth.
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Horizontally split compressors segment is likely to acquire the highest market share during the forecast period due to its efficient designs and ease in maintenance. Horizontally split compressors are used mainly in medium and low pressure applications. In 2014, North America dominates the global market for LNG compressor and is expected to dominate the market during the forecast period. The future growth of the market lies in Asia Pacific region due to rising investments in LNG plants. Major energy consuming countries of this region such as China, Japan and India have started developing LNG infrastructure which would encourage companies to invest in this region. Majority of future demand is expected to come from countries such as U.S., China, Japan, India, Pakistan, UAE, Albania, Indonesia and Malaysia.
Some of the key players in LNG compressor market include Mitsubishi Heavy Industries, General Electric Company, Seimens, EagleBurgmann, Kobelco Compressors America Inc., Elliott Company, and IMW Industries Ltd.
Designs of LNG Compressor Covered:
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