North American Compressors Market in the Oil and Gas Industry, Forecast to 2023
This research service analyzes current and future trends in the North American compressors market in the oil and gas industry. It analyses the trends seen in the North American process gas and air compressor market across the oil and gas industry. The market analysis is based on end users and product types segmented into rotary, reciprocating, and centrifugal compressors. Market drivers and restraints and their impact over the forecast period are discussed. The research service outlines the competitive structure and provides the total market share analysis. The study concludes with 3 big market predictions. The forecast period is from 2017 to 2023, with 2016 as the base year.
The North American oil and gas compressor market size is expected to exceed USD 1.2 billion by 2020. Oil prices had been in decline over the past two years, hitting a low of $26 per barrel in first quarter of 2016. This severely impacted new investments in the oil and gas industry both in upstream and midstream. Even many projects in the chemicals industry were affected. As oil prices have stabilized and stayed above $50 for the past few months, there has been optimism in the industry after 3 years. As commodity prices (such as oil and gas, metals, and minerals) stay low, end users need to reduce the cost of operation to increase profitability. Companies not only need to develop energy-efficient solutions but also focus on increasing customer awareness by developing and marketing case studies and white papers to show the expected return on investment. This will facilitate customer adoption of such solutions.
Digital transformation caused by convergence of industry forces is driving unprecedented change. Data is the new currency, and there is demand from end users to generate and mine the data to convert it into actionable insights. This will transform the compressors market, and it is poised to experience strong growth in the next few years. In developed economies such as North America, IIoT has a major impact in terms of transforming companies and countries, opening up a new era of economic growth and competitiveness. To succeed in IIoT, companies need to develop new business models such as gain sharing, pay-per-use, and product-as-a-service. This requires developing new strategies as end users themselves are unaware of the requirements and need to refer to use cases and best practices.
Key questions this study will answer:
Is the compressor market in oil and gas growing, how long will it continue to grow, and at what rate?
Who are the main competitors in the North American compressor market in oil and gas applications?
What are the qualitative and quantitative trends affecting the compressors market?
How will the structure of the market change with time? Is it ripe for acquisitions?
Are the products/services offered today meeting customer needs or is additional development needed?
What are the dynamics of this mature market and how does it look to pan out during the coming years?
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