Turbocompressor Market Industry Analysis, Share, Forecast 2023

Posted by amol on July 9th, 2019

Turbocompressors are dynamic type of compressors which are used for injection and compression of gases. These compressors help to eliminate pressure surges in the injected gas. They are sometimes used for the supercharging of piston engines. Additionally, turbocompressors are used in all the aspects of the natural gas development. The largest end-user segment for turbocompressors is the oil and gas sector and the demand for these compressors has increased substantially in this sector, owing to the need for increasing power generation capabilities.

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Turbocompressors are primarily used in the processing and transmission of natural gas. They are also used in the storage segments of the oil and gas industry. Their application areas include oil refineries, chemical and petrochemical plants. Thus the increased trade and growth of natural gas is majorly driving the global market. Turbocompressors are also deployed widely in gas turbines and auxiliary power units. Both centrifugal and axial turbocompressors are used in gas turbines to provide compression. Moreover, these compressors are also used for heating, ventilation and air-conditioning in electric hybrid vehicles.

The growth of the global turbocompressor market can be primarily ascribed to the increasing adoption of turbocompressors for power generation and chemical processes along with the growing liquefied natural gas (LNG) trade between nations. In addition, rapid industrialization in the Asian countries such as China and India due to lower oil prices is fueling the global market. Increased industrialization in the industries such as automotive production and assembly and emergence of new industrial of non-oil and gas sector in the Middle East are set to bolster the growth of the turbocompressor market. Moreover, advanced technologies are helping to bring down the cost of turbocompressors, which is impacting the global market positively. However, stringent environmental regulations in the oil and gas sector and increasing customization demand from the end-user industries are hindering the growth of the market. Meanwhile, emergence of advanced technologies and increasing use of turbocompressors in CO2 transmissions are offering potential growth opportunities to the turbocompressor market.

The global turbocompressor market can be segmented, on the basis of types into centrifugal and axial turbocompressors. The most widely used compressors are the centrifugal compressors. The market for turbocompressors can be classified based on its application into the following areas: oil and gas, chemical processes, power generation and offshore. On the basis of stage, the global market can be bifurcated into single-stage and multi-stage. Furthermore, the turbocompressor market can be geographically segmented into five broad regions, namely: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA) and Latin America. The market is witnessing steady growth in the Asia Pacific region. The presence of manufacturing facilities which belong to refineries, chemical companies and power generation projects and the emergence of new industrial sectors are paving the way for continuous growth of the turbocompressor market in this region.