Global Tandem Piston Compressors Market - Growth, Trends, and Forecast (2018 - 2023)
The global tandem piston compressors market is likely to register healthy growth over the forecast period, on account of expansion of industrial infrastructure. Tandem piston compressors are gas compressors with two valves that control the flow of air into the cylinder, in order to produce a continuous pulse of air. Due its high efficiency, it is used in multiple sectors, including refrigeration, air cooling, and air separation. It is also used in the chemical, food & beverage sectors. Tandem piston compressors are also used in chemical, petrochemical, and natural gas cooling facilities. These industries across the world are witnessing growth, thus boosting the tandem piston compressor market. The petrochemical and refinery industries in developing regions are witnessing significant infrastructure development. The Middle Eastern countries, which have been highly dependent on upstream sector, have focused on the development of downstream sector, in order to diversify their economies. Additionally, the robust industrial infrastructure in developed countries is likely to offer business opportunities, for the replacement of tandem piton compressors. The booming natural gas, food & beverage, chemical industries is expected to result in a considerable growth for refrigeration systems, thus bolstering the demand for tandem piton compressors during the forecast period.
Growing Natural Gas Industry Driving the Market
The natural gas sector is in a growth phase across the world, due to the increased focus on clean energy usage. 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. Subsequently, growth of the natural gas industry is expected to boost the tandem piston compressors market over the forecast period.
Asia-Pacific Accounts for the Largest Share
The Asia-Pacific region accounts for the largest share in the global tandem piston compressors market, owing to robust industrial growth in the region. The growing economies of Asia-Pacific countries have focused on embarking on opportunities, to develop industrial infrastructure, thus bolstering the tandem piston compressors market over the forecast period.
China to Dominate the Market’s Growth
China offers considerable business opportunities for tandem piston compressors, on account of its huge industrial sector. As the country is the most populated nation in the world, the food & beverage sector is enormous and has registered rapid growth. Additionally, the natural gas sector in China is growing rapidly, owing to governmental push to drive the usage of clean energy. Thus, due to the growing end-user industries, the Chinese segment of the tandem piston compressors market is anticipated to dominate the global market.
Key Developments in the Market