Turbo Compressor Market Analysis, Geographical Market Forecast to 2027
The global turbo compressor market analysis is predicted to develop at a healthy CAGR between 2018- 2023, states the recent Market Research Future (MRFR) analysis. Turbocompressors are commonly used to inject and compress gases. They are more efficient compared to reciprocating compressors as it helps to eliminate the pressure that develops in injected gas. These compressors are mostly utilized for natural gas processing & transmission. They have wide applications in power generation, offshore, chemical, oil and gas, and others.
Various factors are propelling the global turbocompressor market share. According to the recent
MRFR report, such factors include the increasing investments in the manufacturing industry & power generation sector, growing LNG trade amid countries, rise in wastewater treatment plants, increasing adoption in chemical processes, and rapid industrialization. Additional factors fuelling market growth include the increasing use in automotive production and CO2 transmissions, and the emergence of innovative technologies.
On the contrary, slowing LNG trade in South Korea and Japan, growing adoption of rotary compressors, increasing demand for customization from various end user industries, strict environmental regulations in the oil & gas industry, and the on-going COVID-19 impact are factors that may impede the global turbocompressor market growth.
The MRFR report highlights an inclusive segmental analysis of the global turbocompressor market based on stages, type, and application.
By application, the global turbocompressor market is segmented into power generation, offshore, chemical, oil and gas, and others. Among these, the oil & gas application segment will lead the market over the forecast period.
By type, the global turbocompressor market is segmented into axial and centrifugal. Of these, the centrifugal type segment will dominate the market over the forecast period.
By stages, the global turbocompressor market is segmented into multi-stage and single-stage. Of these, the single stage segment will have a major share in the market over the forecast period.
Based on the region, the turbocompressor market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, the APAC region will dominate the market over the forecast period. The booming industrial sector in China & India, the burgeoning demand for gas in Australia, and growing use in power generation and manufacturing industry that has resulted in higher adoption of natural gas are adding to the global turbocompressor market growth in the region. Additional factors adding market growth include the growing demand for electricity, increasing steel production, especially in India, demand for natural gas, and high investments in the refining and petrochemical industry.
The global turbocompressor market in North America is predicted to have sound growth over the forecast period. The presence of several manufacturing facilities which belong to refineries, power generation projects, and chemical companies, increasing LNG trade, development of new industrial sectors, constant technological innovations, and leading manufacturers to stay at the forefront devising schemes to provide customized products which can improve the efficiency of compressors are adding to the global turbocompressor market growth in the region.
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The global turbocompressor market in Europe is predicted to have healthy growth over the forecast period.
The global turbocompressor market in the MEA is predicted to have steady growth over the forecast period. The booming oil and gas sector is adding to the global turbocompressor market growth in the region.
Eminent contenders profiled in the global turbocompressor market report include Bauer Compressors, Inc., Gardner Denver, Inc., Sullivan-Palatek, Inc., Sundyne Corporation, Rotating Machinery Services, Inc., Elliott Group, SKF, Mitsubishi Heavy Industries, Ltd., Howden Group Ltd, Hitachi Ltd., Ingersoll Rand, Kawasaki Heavy Industries, Ltd., Siemens AG, Man Diesel & Turbo SE, GE Oil & Gas, Kobe Steel Ltd., Sulzer Ltd., and Atlas Copco AG.
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