Global increase in natural gas demand coupled with growing energy consumption in countries such as U.S., Canada and China is expected drive liquefied natural gas (LNG) demand and in turn augment Liquefied Natural Gas (LNG) Compressor Market growth over the next seven years. Increasing LNG trade and manufacturing technology development is anticipated to complement LNG compressor market growth over the forecast period. Growing LNG production from U.S. shale gas reserves and offshore African locations has resulted in increased LNG trade thus enhancing supply equipments market growth associated with LNG.
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Capacity expansion in ongoing plants and new projects specifically in Australia and U.S. is expected to propel LNG compressor market growth over the forecast period. Increasing LNG terminals and stringent governmental norms have resulted in increased LNG compressor demand for superior liquefaction. High raw material cost and complex fabrication is slated to obstruct LNG compressor market growth and pose challenges to industry participants over the forecast period. Unconventional natural gas reserves development is expected to require optimized compressor systems with reliability to handle various gas streams. This in turn is anticipated to create lucrative opportunities for industry participants over the forecast period.
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North America is slated to remain key regional LNG compressor market over the next seven years owing to rapidly improving LNG terminal infrastructure and new LNG gasification terminals particularly in U.S. and Canada. Middle East & Africa is expected to witness significant LNG compressor market growth due to huge investments on improving existing infrastructure in countries such as Qatar. The region is expected to witness surge in LNG compressor market growth owing to increasing LNG compressor market demand in countries such as Nigeria, UAE, Egypt, Kuwait and Algeria. Asia Pacific is expected to witness high LNG compressor market growth due to rising natural gas consumption as a key power generation source and increasing LNG gasification terminals in the region. Major LNG compressor demand is slated from countries including U.S., China, UAE, India, Japan, Indonesia, Pakistan, Albania and Malaysia over the forecast period.
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Key players operating in LNG compressor market include Seimens, Mitsubishi Heavy Industries, EagleBurgmann, Elliott Company, Kobelco Compressors America, Inc., General Electric Company and IMW Industries Ltd.
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