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(MoneyNewsWire.Net, February 22, 2018 ) The global axial compressor market is dependent on various industry such as refinery, air separation, liquefied natural gas, and others. The demand for LNG is expected to grow at 4-5% annually between 2015 and 2030. According to OPEC, the global refinery capacity is expected to increase at a CAGR of 0.96% between 2016 and 2022, led by Asia-Pacific with a CAGR of 1.7% during the same period. However, China’s steel production cut plans are expected to hinder the demand for air separation unit to a comparatively smaller extent. As a result, the global axial compressor market is expected to grow at a considerable pace during the forecast period.
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Increasing LNG Trade – Increasing Demand for Axial Compressors
According to Shell LNG Outlook, the global demand for natural gas is expected to increase by 2%, annually, between 2015 and 2030, while demand for LNG is expected to grow at 4 to 5%, almost double. The United States and Australia are expected to lead the strong growth, while the demand is expected to be concentrated in Asia. Asia is expected to be the center of gravity of global LNG demand, importing more than 70% of the fuel until 2030. Europe is also expected to increase its LNG consumption to meet the growing gap in energy supply caused by a decline in its domestic production. Australia’s LNG supply is expected to be absorbed within Asia. While the US LNG exports are expected to be more diversified, supplying LNG to Europe, South, and Central America and Asia.
Increasing Refining Capacity in Asia-Pacific
Axial compressors are widely popular in the fluid catalytic cracking unit used in refineries. The share of Asia-Pacific in global refining capacity has increased from 26% in 2000 to 34% in 2016. National Oil Companies in the region have taken the lead in investing in and developing the oil & gas industry. Several new naphtha crackers are expected to come online by 2021-22 in China, India, Vietnam, and other countries. Sinopec is expected to lead the investment in the refineries & petrochemical industry and is expected to add 9 million metric ton/year of additional ethylene capacity in China. As a result, the growth of the refining industry in the region is expected to drive the demand for axial compressors in the fluid catalytic cracking unit.
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Opposite Trends Expected in China and India
The steel industry is one of the largest customers of air separation units. The axial compressor is an integrated part of the air separation unit used in the industry. China, India, and Japan are the top three producers of steel. The steel industry in China and India is following opposite trends. China had cut its steel production by 50 million metric ton in 2017. The country is further planning to cut 150 million metric ton by the end of 2018. On the other hand, India is aiming to overtake Japan, in terms of steel production, by the end of 2018. The country plans to build a globally competitive steel industry in the country and achieve 300 million metric ton of steel, annually, by 2025-2030. As a result, the demand trend for air separation units is expected to follow the opposite trend in both countries, along with the axial compressors used in them.
Notable Developments in the Market
• November 2017: Indian steel exporter - JSW Steel Limited, ordered two MAX1 compressor trains from MAN Diesel & Turbo
• September 2017: MAN Diesel & Turbo launched MAX1 axial compressor technology for the fertilizer sector
• April 2017: MAN Diesel & Turbo secured order for its latest MAX1 axial compressor technology from Swedish SSAB, a leading European manufacturer of special steel products
MAJOR PLAYERS: DRESSER-RAND GROUP Inc., SEIMENS AG, MITSUI ENGINEERING & SHIPBUILDING Co. Ltd, MAN Se, HOWDEN COMPRESSORS Ltd, GENERAL ELECTRIC Co, INGERSOLL-RAND PLC, WARTSILA Oyj Abp, amongst others
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Reasons to Purchase This Report
• Identify the drivers, restraints, and opportunities possessed by the global axial compressor market, with in-depth analysis.
• Analyzing the various perspectives of the market with the help of Porter’s five forces analysis.
• Identify the trends in demand for various types of axial compressor among the end-user industries, with in-depth analysis.
• Identify regions witnessing fastest growth during the forecast period.
• Identify the latest developments, market shares, and strategies employed by the major market players.
• 3 months analyst support, along with the Market Estimate sheet (in excel).
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