The Global Turbocompressor Market was worth US$ 5.42 billion in 2022 and is anticipated to reach a valuation of US$ 7.77 billion by 2028 and register a CAGR of 6.46% during 2023-2028.
The rise of liquefied natural gas, which uses axial and centrifugal compressors to create pressure ratios, is the main reason driving the turbocompressor market growth. The increase in exports from several nations, including Australia and the U.S., has contributed to the rise of the LNG trade. A variety of businesses use LNG for manufacturing, cooking, heating, and other purposes, and different nations have distinct needs for greener energy sources. On the other hand, the turbocompressor is often utilized in wastewater treatment facilities because its uses require little maintenance. Additionally, it increases pressure and improves efficiency in eliminating pollutants, which boosts the use of turbocompressors in wastewater treatment facilities.
Market Drivers:
The primary factor that drives the global turbocompressor market share forward is the high efficiency and reliability of turbocompressors. Additional factors that are expected to significantly influence the turbocompressor industry include the rising demand for natural gas and the expansion of the gas pipeline network. Additionally, the advent of technological advancements in the product and the expanding use of these compressors in CO2 transfers are expected to present opportunities for global turbocompressor market expansion.
Furthermore, R&D and technological advancements are anticipated to propel the global turbocompressor market forward during the forecast period. For developing and important players in the oil and gas industry, the ongoing market research and development with improvements in the product, such as advanced process control features and real-time data monitoring, are predicted to give better growth chances. Therefore, commercializing and creating advanced compressors is a constant focus for research groups and industry players.
Over the projection period, it is anticipated that the increasing usage of these compressors across end-use industries, including oil & gas, chemical manufacturing, and power generation, will improve the global turbocompressor market size. These compressors are widely used in the oil and gas industry, and the industry's need for more powerful power production capabilities has resulted in a major growth in demand for the product. Additionally, these compressors are employed in electric hybrid automobiles for heating, cooling, and ventilation.
Market Restraints:
Over the projection period, it is anticipated that the presence of alternatives to these compressors, such as rotary compressors, will limit global turbocompressor market expansion. Additionally, the oil and gas industry's strict environmental requirements as well as the increased need for customization across a range of end-user industries are impeding market expansion. Additionally, it is anticipated that the market would be hampered by the maturity of goods in Europe and the introduction of new compressor technology, such as screw compressors.
Market Recent Developments:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
6.46% |
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Segments Covered |
By Type, Stage, Application, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Atlas Copco AB, Elliott Group, General Electric, Howden Group, Ingersoll Rand, Kawasaki Heavy Industries, Ltd., KOBE STEEL, LTD., MAN Energy Solutions, MITSUBISHI HEAVY INDUSTRIES, LTD., Siemens, and Others. |
Market Segmentation:
Based on type, centrifugal has the largest global turbocompressor market share. Due to their characteristics and advantages over traditional compressors, centrifugal turbocompressors are predicted to account for a significant portion of the turbocompressor industry. These compressors are built specifically for the plant in question and use significantly less energy than other compressor models. They have uses in a range of end-use industries, such as mining, power plants, automotive, and other end-use sectors. Due to their high peak efficiency and minimal frontal area for a given flow, axial turbocompressors are also used in the chemical and steel industries, among others.
Based on stage, the single-stage type dominated the global turbocompressor market. These compressors are made for corrosive applications including refineries, natural gas processing facilities, petrochemical plants, power plants, and coal gasification. They are also made for minimum maintenance, long life, and continuous service. Additionally, single-stage turbocompressors are used in a wide variety of end-use sectors because of their dependable performance, streamlined operation, and low maintenance requirements. On the other hand, multi-stage axial compressors, which are employed by the majority of high-compression jet engines, are what multi-stage turbocompressors are used for in the aerospace sector.
Due to the efficient operation of these compressors for pumping, compression, and electricity generation in the oil and gas industry, the oil and gas application segment is anticipated to dominate the global turbocompressor market. The product is utilized in downstream, upstream, and midstream applications in the oil and gas industry.
Market Regional Analysis:
The Global Turbocompressor Market Report includes the segmentation of Regions:
North America dominates the global turbocompressor market due to the region's high rate of technological product adoption. Additionally, it is predicted that the presence of major companies will fuel the regional market's expansion. Manufacturers have dominated the local market, including GE Power, Elliot Group, and others. The market outlook is anticipated to be driven by the water and wastewater industries.
Over the forecast period, Asia Pacific is anticipated to develop at the greatest CAGR. Various factors, including rapid developments and consequent increases in economic activity, such as industrialization, modern agriculture, and urbanization, can be attributed to the market rise in the Asia Pacific region. Additionally, a major market for the product is the chemical sector, which is heavily concentrated in China, India, South Korea, Indonesia, and Taiwan.
The global turbocompressor market is expected to increase throughout Europe during 2022-2027. Rising demand for smart water systems and the penetration of the automobile industry are the main drivers of growth in the region. Due to the expanding need for clean water across numerous industries, Europe is seeing an increase in the development of water and wastewater treatment facilities.
Turbocompressor Market Key Players:
Frequently Asked Questions
The Turbocompressor Market was worth US$ 5.42 billion in 2022 and is anticipated to reach a valuation of US$ 7.77 billion by 2028 with a CAGR of 6.46% during 2023-2028.
The North American region is expected to have the largest market share of the global Turbocompressor Market.
Kawasaki Heavy Industries, Ltd., KOBE STEEL, LTD. And MAN Energy Solutions are the global Turbocompressor Market.
Over the projection period, it is anticipated that the presence of alternatives to these compressors, such as rotary compressors, will limit global turbocompressor market expansion
The primary factor that drives the global turbocompressor market share forward is the high efficiency and reliability of turbocompressor.
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