By 2010, the market is projected to reach $10.1 billion. And rising fuel prices and dwindling supplies have led to more natural gas extraction, which, in turn, boosts the market for compressors and vacuum-pumps.
Development of extraction, processing, and transportation equipment for natural gas should propel global demand for compressors. The compressors and vacuum-pumps market in Asia-Pacific, for example, is poised to grow by $90 million by 2010. In Latin America, the market is expected to grow by 16% in the same period. Combined, Germany and the U.K. comprise over 55% of the European market for compressors and vacuum pumps. France and Italy, combined, are expected to reach $917 million by 2010.
The industry has come a long way since 1991, when global sales of compressors and vacuum pumps generated $3.73 billion. By 2003, sales reached $6.85 billion, according to the recent report by Global Industry Analysts, Inc.