Global Turbocompressor Market Trends, Demand And Forecast To 2023
Market Research Future has published a upcoming research report on the Global Turbocompressor Market.
The Global Turbocompressor Market has been experiencing steady growth and profitability since the last few years, which Market Research Future (MRFR) perceives should continue with a moderate CAGR in the coming years. Turbocompressors find extensive application in diverse industries such as manufacturing, food & beverage, chemical, pharmaceuticals, and others. Rapid industrialization across the globe is expected to impel the growth of the global turbocompressor market.
Turbocompressors are mostly used in wastewater treatment plants and in the oil and gas industry. In the oil & gas industry, turbocompressors are used in almost all the stages. In the treatment and processing of liquid natural gas (LNG), turbocompressors are used heavily. The growth of the oil and refinery sector coupled with the growing trade of LNG between nations drives the growth of the market.
The power generation sector is increasingly adopting turbocompressors for its processes. Various nations are trying to expand their power generation capabilities which are anticipated to impel the growth of the global turbocompressor market. Turbocompressors are used in the automotive sector as well, and growth in the automotive industry translates into a growth in the global turbocompressor market.
With the increase in demand for energy-efficiency and emphasis on clean air technology, the global turbocompressor market is expected to make progress. Compressed air being an essential utility, more number of manufacturers are seeking for technologies to trim energy consumption and curtail energy costs. Progress made in the technical aspects of turbocompressors further augment the market growth. However, the growth of the market might be hindered by the availability of alternative technologies, and stringent environmental regulations in the oil & gas sector. With the evolution of technology, turbocompressors are used in CO2 transmissions which are expected to be an opportunity for the global turbocompressor market.
Segmentation
The global turbocompressor market has been segmented based on application, type, and stage. By application, the market has been segmented into chemical, oil & gas, power generation, offshore, and others. By type, the market has been segmented into centrifugal and axial. By stage, the market has been segmented into single stage and multi-stage.
Regional Analysis
North America, Asia Pacific, Europe, and the Rest of the World are the key markets for turbocompressor. Asia Pacific is a robust market driven by rapid industrialization and favorable regulations which support the growth of the market. Also, falling oil prices in countries such as India and China too favors market growth.
North America is a vital investment pocket and is largely driven by the shale gas revolution and expanding energy sector and crude oil production in the region.
Europe market is strong owing to the presence of major turbocompressor manufacturing bases in Europe.
The growth of the oil & gas sector is expected to boost the market in the Middle East & Africa.
Competitive Landscape
The global turbocompressor market is highly competitive. To sustain in the intensely competitive market, the market participants are endeavoring towards increasing their geographic presence and penetrate in the untapped markets through new product launches and other strategies. The key players are also investing heavily in R&D activities to come up with advanced technology and superior products. Ingersoll Rand, Rotating Machinery Services, Inc., Atlas Copco AG, Sundyne Corporation, SKF, Elliott Group, GE Oil & Gas, Hitachi Ltd., Gardner Denver, Inc., Mitsubishi Heavy Industries, Ltd., Sullivan-Palatek, Inc., Bauer Compressors, Inc., Sulzer Ltd., Man Diesel & Turbo SE, Howden Group Ltd, Kawasaki Heavy Industries, Ltd., Siemens AG, and Kobe Steel Ltd are the key players operating in the global turbocompressor market.