LNG Compressor Market Estimated to Experience a Hike in Growth by 2024
The pressing demand for LNG worldwide has brought about the development of various equipment in the value chain for LNG. One of them is the LNG compressor which are used to liquefy LNG. These systems precede the refrigeration process in the LNG plant and are also referred to as refrigeration compressors. The LPG compressors can be classified broadly on the basis of their design into vertically-split barrel compressors, horizontally-split compressors, and axial compressors.
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The horizontally-split compressors are slated to hold a sway over the market due to their effective designs and ease in maintenance. Axial and vertical-split compressors, however, will likely provide stiff competition to it on account of their increasing use in upcoming projects. A report by Transparency Market Research offers essential information about the global LNG compressor market. It presents a granular analysis of the factors promoting or hindering it. It also profiles leading companies in the market and leverages market-leading analytical tools to gauge the threats and opportunities.
At the forefront of driving growth in the global LNG compressor market is the massive production of natural gas. For example, the boom in natural gas production from the U.S. shale reserves and myriad offshore locations in Africa, has majorly boosted the LNG trade worldwide. This has spurred demand for LNG compressors that are used in their liquefaction.
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