#Power booster industries free

The increasing investments in industries such as oil & gas, chemical, and power generation in the developing economies will fuel the demand for booster compressor. Increasing Focus on Manufacturing & Processing Industries to Boost Market Development

#Power booster industries free

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Hence, COVID-19 impact has hampered the consumer behavior oil gas industry, dramatically impacting this market. In addition, the supply chain has also mainly been impacted, as there were national lockdowns. In the oil and gas industry, compressor manufacturers have also experienced a negative impact on their business.īoosters are also used to optimize air supply in industrial processes that require compressed air, which has also witnessed unprecedented challenges and changes in the wake of the Covid-19 pandemic due to the shut-down of industries worldwide.

Boosters are used to raise input air pressure to increase drilling speed and depth. According to International energy agency, oil demand is anticipated to fall by a record of 9.3 million barrels per day (mbd) year-on-year in 2020. Petroleum products are extensively used in the transportation sector, and power generation plants are among various industrial applications. Almost every country is reporting infected cases, and significant measures are adopted to curb coronavirus transmission. The outbreak of COVID-19 has affected several industries around the world. The rise in CAGR during the market forecast is attributable to this market's demand and growth rate, returning to pre-pandemic levels once the epidemic is over.īlockades in Supply Chain Harmed Booster Compressor Market Growth Amid COVID-19 Based on our analysis, the global market outlook exhibited a decline of -4.9% in 2020 compared to the average year-on-year growth during the 2017-2019 time period. The impact of COVID-19 globally has been unmatched and staggering, with this market witnessing a negative demand amid the pandemic across all regions. The market is projected to grow from USD 1.25 billion in 2021 to USD 1.99 billion in 2028 growing at a CAGR of 6.9% in the 2021-2028 period.

The booster compressor market size was USD 1.20 billion in 2020.