Our-in depth analysis of the global Tandem Piston Compressor Market includes the following segments:
By Industry Type
On the basis of regional analysis, Global Tandem Piston Compressor market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific is expected to witness the largest share in global Tandem Piston Compressor market on the heels of increasing development in power and food & beverages industries backed by regulations on improved product qualities.
North America is panned to observe substantial growth in Tandem Piston Compressor market backed by increasing productivity of oil and new installments of liquefaction trains. Europe is also expected to show tremendous growth in Tandem Piston Compressor market on the heels of increased industrial operations.
Global Tandem Piston Compressor Market is further classified on the basis of region as follows:
The global Tandem Piston Compressor market is anticipated to record a significant CAGR over the forecast period. On the basis of regional platform, global Tandem Piston Compressor Market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia pacific is expected to dominate the Tandem Piston Compressor market till forecast period 2019-2027. Additionally, rising growth in power generation and food & beverages industry backed by government policies of ISO (International Standardization Organization) for improving quality of product is expected to robust the market in future. Moreover, China, India and Australia are also supporting for the successive growth of market by increased exploration activities for gas reserves in oil and gas industries. North America is also slated for exhibiting significant growth rate in Tandem Piston Compressor market on the advent of increased production of gas and construction of gas liquefaction trains in U.S.
Middle Eastern region is also anticipated to exhibit mounting growth in Tandem Piston Compressor market backed by rising growth in energy and semiconductors & electronics. Africa is also expected to showcase positive growth for Tandem Piston Compressor marketing in future backed by increasing healthcare services.
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Growing Natural Gas Industry Driving the Market
Due to increasing focus on clean energy usage, the natural gas sector is mounting. Amidst growing demand for natural gas, the LNG infrastructure across the world is expanding rapidly, due to the development of LNG terminals. The production of natural gas has increased, due to a surge in the production from shale reserves. Tandem piston compressors are widely used in the gas industry. For instance, According to a report published by International Energy Agency, the global demand for natural gas increased by 3.2% in 2017, compared to 2016, rising to 3 757 Billion cubic metres. Subsequently, growth of the natural gas industry is expected to propel the tandem piston compressors market over the forecast period
Reduce energy consumption and increased lifetime of piston compressor
Tandem piston compressor uses less energy and reduce the consumption of energy up to 20% at the time of operation drives the growth of market. Additionally, with reducing heat rejection from cylinder improved the lifetime of piston compressor.
Transportation of gas from one country with liquefaction trains
Increasing gas network and transport of gas from one country to another via gas line demands for high operating pressure, which drives the growth of tandem piston compressor market.
Rising of industrial applications
All industrial sectors such as refineries, oil and gas, food beverages and manufacturing demands for double acting air compressor, which drives the growth of tandem piston compressor market.
Noise and overheating problems
One of the challenging factors are excessive vibrations and noise produced at the time of running the compressor. Additionally, overheating and discharging of air sometimes is restraining the growth of tandem piston compressor market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Payel Roy, Dhruv Bhatia