Oil & Gas Industry Turbomachinery Market Size (2024 - 2029)

Oil & Gas Industry Turbomachinery Market Size Summary

The turbomachinery market is poised for growth, driven by the upstream, midstream, and downstream sectors, with a positive outlook in the upstream sector due to rising crude oil prices. The midstream sector is bolstered by the development of natural gas infrastructure, particularly in North America, while the downstream sector is expected to dominate the market during the forecast period. This dominance is attributed to the increasing demand for refined products from the chemical and petrochemical industries. Despite the high capital, installation, and maintenance costs associated with turbomachinery, advancements in modern technology are expected to enhance efficiency and reduce start-up times, further propelling market growth. North America currently holds the largest share in the oil and gas industry turbomachinery market, followed by Asia-Pacific and Europe, with emerging markets like India, China, Brazil, and Mexico driving demand in the downstream sector.

The global demand for natural gas is anticipated to rise, driven by its environmental benefits compared to other fossil fuels, aligning with the global shift towards cleaner energy sources. This trend, coupled with urbanization and industrialization in developing countries, is increasing the demand for refined and petrochemical products, prompting turbomachinery suppliers to focus on markets such as China and India. In North America, the upstream industry is expected to experience rapid growth, particularly in the United States and Canada, due to private sector investments and significant oil reserves. The moderately fragmented market features key players like General Electric, Siemens AG, and Sulzer Ltd, among others. Overall, the stability in the oil and gas industry is expected to lead to increased investments across all sectors, driving the growth of the turbomachinery market during the forecast period.