Global Booster Compressor Market Size, Share, Growth Analysis, By Cooling Type(Air, Water), By Compression Stages(Single stage, Double stage), By Discharge Pressure(Below 999 PSI, 1000-1499 PSI) - Industry Forecast 2024-2031

Global Booster Compressor Market size was valued at USD 8.15 billion in 2022 and is poised to grow from USD 8.52 billion in 2023 to USD 12.22 billion by 2031, growing at a CAGR of 4.60% during the forecast period (2024-2031).

The escalating investments in sectors like oil and gas, chemicals, and power generation within emerging economies are set to drive the demand for booster compressors. According to the World Investment Report, Asia Pacific secured substantial foreign direct investment amounting to USD 476 billion, with China and Singapore being the focal points of these investments. Concurrently, governments are actively concentrating on enhancing industrial policies and regulations to cultivate an environment conducive to exploring new industries and fostering sustainable competition.

Supportive regulatory measures such as strategic investment policy priorities, facilitation of foreign investor entry and establishment, and the promotion of investment policies collectively contribute to expanding industrial applications, thereby propelling market growth.

The significance of booster compressors spans every phase of oil and gas production, from initial discovery to ultimate utilization. For instance, during exploration, these compressors are extensively employed in onshore and offshore drilling operations, nitrogen generation, hydrocarbon blanketing, and compression stations. Furthermore, booster compressors are integral to the downstream sector, ensuring pressure maintenance during gas transit. Anticipated growth in the booster compressor market is closely linked to the surging demand for petroleum fuels and compressed natural gas (CNG) products within developing nations such as China, Brazil, India, Australia, and South Korea. This burgeoning demand, driven by growing economies and rapid shifts toward natural gas-powered vehicles, is projected to lead to a heightened requirement for gas stations, subsequently escalating the need for booster compressors and fostering market expansion in the coming years.

Moreover, the booster compressor market's dynamics are intricately interwoven with the demand for automobiles, a sector experiencing rapid growth in emerging economies like India, China, and Brazil. Beyond their direct applications, booster compressors are integral to various air-filled products such as deodorants, basketballs, buoyancy compensators, and portable cylinders. The popularity of personal care items like deodorants and hair sprays, coupled with increased tourism activities necessitating portable butane cylinders, contributes significantly to the surge in booster compressor demand and serves as a pivotal market driver for these devices. Additionally, booster compressors play a role in inflating sports equipment like footballs and basketballs, further stimulating demand and propelling market expansion in the projected period.

US Booster Compressor Market is poised to grow at a sustainable CAGR for the next forecast year.