Liquefied Natural Gas Compressor Global Market Report 2024

The liquefied natural gas compressor market has grown strongly in recent years. It will grow from $4.04 billion in 2023 to $4.28 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The expansion observed in the historical period can be attributed to factors such as the global growth in liquefied natural gas (LNG) demand, increasing demands for operational efficiency, adherence to regulatory and environmental compliance standards, and the penetration of LNG in global markets.

The liquefied natural gas compressor market is expected to see strong growth in the next few years. It will grow to $5.26 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The anticipated growth in the forecast period can be attributed to investments in LNG infrastructure, a focus on operational efficiency and cost reduction, market expansion in emerging economies, the global transition to cleaner energy sources, and the increasing demand and trade of LNG. Key trends expected in the forecast period include the growth of LNG demand and production, the expansion of LNG infrastructure, the adoption of cleaner fuels as part of the energy transition, global market expansion, and a continued focus on operational efficiency within the LNG industry.

The anticipated surge in natural gas production from shale reserves is set to drive the growth of the liquefied natural gas (LNG) compressor market. Shale reserves, sedimentary rock deposits utilized for oil and gas extraction, play a crucial role in boosting LNG compressor demand. These compressors are instrumental in the liquefaction process of natural gas, a vital step for its efficient transportation. Notably, data from the Energy Information Administration in October 2022 revealed that 79% of the United States' natural gas production originated from shale deposits. The consistent growth in production, exemplified by a 4% increase in Natural Gas Pipeline Company of America production in 2021, substantiates the upward trajectory observed over the past 15 years. Consequently, the heightened production of natural gas from shale reserves serves as a catalyst for the LNG compressor market.

The upward trajectory of industrialization is poised to fuel the growth of the LNG compressor market. Industrialization, characterized by economic and social transformation through widespread industrial methods adoption, contributes to increased energy demand. As manufacturing processes become more mechanized and energy-intensive, the demand for efficient energy compression and transportation systems, including LNG compressors, experiences a notable surge. For instance, statistics from the National Bureau of Statistics of China in September 2023 reported a 4.5% year-on-year rise in industrial production in August, reflecting a growing industrial sector's energy requirements. Hence, the ongoing trend of industrialization acts as a driving force behind the expansion of the LNG compressor market.

Technological innovation emerges as a prominent trend embraced by major companies striving to fortify their market positions. ConocoPhillips, a US-based oil and natural gas producer, introduced innovative technologies such as the Traditional OCP Configuration - OCP Pro and the Latest OCP Configuration - OCP Compass. The former enhances turndown capabilities and yearly availability while maintaining thermal efficiency across a broad operating range. On the other hand, the latter reduces overall installed costs by streamlining the liquefaction train's equipment count and size, simplifying modularization, and maintaining high efficiency and low greenhouse gas emissions. This focus on technological advancement reinforces companies' competitiveness in the LNG compressor market.

Leading companies in the LNG compressor market prioritize product solutions, such as FH LNG trucks, to solidify their market standing. FH LNG trucks, renowned for their potential to reduce greenhouse gas emissions and contribute to environmentally sustainable transportation, exemplify this strategic approach. Volvo Trucks, a Sweden-based manufacturer, deployed FH LNG trucks in an exclusive pilot program in collaboration with Linde Canada, an industrial gas and engineering company. This pilot program involves importing five Volvo FH LNG-powered trucks to Canada to assess their performance, CO2 emission reductions, and operational benefits. The deployment of these LNG-powered trucks showcases Volvo Trucks' commitment to environmentally friendly transportation solutions.

In October 2022, Enerflex Ltd., a Canada-based manufacturer specializing in LNG compressors and related gas production products, completed the acquisition of Exterran Corporation for an undisclosed amount. This strategic move positions Enerflex to capitalize on global macro trends, leveraging its robust global platform and diverse services to meet the growing demand for natural gas and energy security worldwide, irrespective of commodity cycles. Exterran Corporation, a US-based company engaged in natural gas processing, treatment, and compression products and services, aligns with Enerflex's strategic goals in the dynamic LNG compressor market.

Major companies operating in the liquefied natural gas compressor market report are EagleBurgmann, General Electric Company, Siemens AG, Mitsubishi Heavy Industries Ltd., Elliott Group, Kobelco Compressors America Inc., IMW Industries Ltd., Sundyne, IHI Rotating Machinery Engineering Co Ltd., NEUMAN & ESSER GROUP, Atlas Copco AB, Burckhardt Compression AG, MOLGAS ENERGY SAU, Howden Group, Sulzer Ltd., Ariel Corporation, Bauer Compressor Inc., Ingersoll Rand Inc., HYDRAULIC MACHINES & SYSTEMS GROUP PLC. , Clean Energy Fuels Corp, Kobe Steel Ltd., Ebara Corporation, Hitachi Ltd., Gardner Denver Holdings Inc., Sullair LLC, Quincy Compressor LLC, Kaeser Kompressoren SE, Corken Inc., Baker Hughes Company, MAN Energy Solutions SE, Mitsui Seiki Kogyo Co Ltd., Rolls-Royce Holdings plc, Worthington Industries Inc.

North America was the largest region in the liquefied natural gas compressor market in 2023. The regions covered in the liquefied natural gas compressor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the liquefied natural gas compressor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary design types of liquefied natural gas compressors include vertically-split barrels, horizontally-split barrels, and axial compressors. Axial compressors are smaller and somewhat more efficient compared to centrifugal compressors. They find applications in various settings such as low-pressure and medium-pressure applications. These compressors are utilized in various industries, including vehicles, electrical, industrial, residential, and others.

The liquefied natural gas compressor (LNG Compressor) market research report provides liquefied natural gas compressor (LNG Compressor) market statistics, including liquefied natural gas compressor (LNG Compressor) industry global market size, regional shares, competitors with a liquefied natural gas compressor (LNG Compressor) market share, detailed liquefied natural gas compressor (LNG Compressor) market segments, market trends, and opportunities, and any further data you may need to thrive in the liquefied natural gas compressor (LNG Compressor) industry. This liquefied natural gas compressor (LNG Compressor) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The liquefied natural gas compressor market consists of sales of LNG centrifugal compressors, off-gas compressors, regeneration gas compressors, refrigerant compressors, boil-off gas compressors, and end flash gas compressors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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