Global Turbocompressors Market Overview
The key driver impacting the turbocompressors market is the rising oil and natural gas demand coupled with the growing demand for power leads to more power generation globally, thus boosting market demand in the coming years. solar inverters are majorly used in the processing, transmission, and storage of natural gas and oil. In power generation, solar inverters are utilized in various applications such as cooling turbines and reactor cores, initiating and taking away air, nitrous oxide treatment, booting fuel gas, soot blowing, and desulphurization, etc. for instance, according to the International Association of Oil and Gas producer report (2018), the worldwide demand for oil in 2018 was 30% higher than in 2000. In addition, demand for natural gas was surged by 60% during 2018. As per the International Energy Outlook(Stated Policies Scenario), In 2019 electricity demand globally grows at 2.1% every year till 2040, twice the primary energy demand rate. this increases total electricity’s share in final energy consumption to 24% in 2040 from 19% in 2018. moreover, the increased trade and growth of natural gas worldwide is also a significant determinant that boosts the market.
According to Value Market Research, the global turbocompressors market size was valued at around USD 14,000 million in 2020 and is estimated to grow at a CAGR of about 5.25% during the forecast period of 2021 to 2027.
The considerable investments in the power sector lead to more power generation, thus estimated to augment turbo compressor demand in the forecast period. for instance, according to the International Energy Outlook (Stated Policies Scenario), in 2019, the worldwide total power sector investment accounts $20 trillion over the period to 2040. It is 20% high than yearly spending from 2010 to 2018. the power sector stands for 50% of total energy supply investment globally. In the Sustainable Development Scenario, power sector investment is almost $1.2 trillion for each year on an average to 2040, and it is around 60% more than recent spending levels. however, the availability of alternate technologies may hamper the global turbocompressors market in the long run. also, reducing LNG imports in Japan and South Korea are negatively impacting the market growth. the current industry trends, such as the advent of advanced technologies and the increasing use of turbocompressors in CO2 transmissions, are expected to provide profitable opportunities for the market players.
The turbocompressors market is vast, with many local and global players. the key leaders follow different strategies to improve their market position, such as contracts, mergers, contracts, extending product portfolio, acquisitions, expansions, and product innovations to improve their market share globally. The major players included in the report are Mitsubishi Heavy Industries Ltd., Seimen AG, GE Oil & Gas, Kobel Steel Ltd., Sulzer Ltd., Man Diesel & Turbo, Ingersoll-Rand PLC, Atlas Copco AB, Howden Group Ltd., SKF, and Kawasaki Heavy Industries Ltd., and Elliot Group Ltd., among others.
In this research report, the turbocompressors market is segmented by type, stage, output pressure application, and region.
Analysis by Type:
By type, the report is categorized into Centrifugal & Axial. The centrifugal-type dominates the application segment with over 55% share in 2020. It is due to the high adoption of centrifugal turbocompressors in LNG transport and crude oil refineries. Moreover, the increasing demand from the rapidly expanding chemical and pharmaceutical-manufacturing companies contributes to the high turbocompressors market demand in the forecast period.
Analysis by Stage:
By stage, the report is categorized into Single & Multi. The single-stage dominates the end-user segment with over 60% share in 2020. It is due to the widespread adoption in various industries. Moreover, the numerous advantages of single-stage turbocompressors such as higher efficiencies, ease of maintenance, and smooth operation that ensure reliable performance as compared to multi-stage are driving the single-stage turbocompressors market demand in the forecast period.
Analysis by Output Pressure:
By output pressure, the report is categorized into 0–20, 21–100, Above 100 Bar. The 0- 20 dominates the output pressure segment with over 40% shares in 2020. It is due to the extensive usage of turbocompressors inside this range for numerous applications, such as ethylene and fertilizer plants, refineries, liquid nitrogen freezers (LNF) for refrigeration, and air compression. Moreover, the rising number of oil refineries contributes to the vast market demand in the forecast period.
Analysis by Application:
By application, the report is categorized into oil & gas, chemical, and power generation. The oil and gas sector’s considered the biggest end-user of turbocompressors. It is due to the extensive usage of turbocompressors at all the stages of the oil & gas industry, right from the extraction of oil & gas to its transportation and storage. Moreover, the rising production of oil and gas and the growing LNG trade globally contribute to the vast market demand from the oil and gas segment in the forecast period.
Analysis by Region:
In the regional outlook of the global turbocompressors market, the North America region dominates with a 35% market share during the forecast period. It is due to the massive number of continuing LNG and shale gas projects with the rising focus on the high power generation across the U.S. Moreover, the rising crude oil production, growing resource base, and high improvement in the production efficiencies across the region contribute to the development of the turbocompressors market across North America.
Market Segmentation covered in the Report:
- Centrifugal Turbocompressors
- Axial Turbocompressors
By Output Pressure
- Oil & Gas
- Power Generation
- 0 bar–20 bar
- 21 bar–100 bar
- Above 100 bar
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
In case you have any custom requirements, do write to us. Our research team can offer a customized report as per your need.