Market Size of Oil & Gas Industry Turbomachinery Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oil & Gas Turbomachinery Market Analysis
The turbomachinery market is expected to witness growth at a CAGR greater than 4% and majorly dependent on the upstream, midstream, and downstream sectors. The outlook for the upstream sector is expected to be positive with the rising crude oil price. The midstream sector is driven by the under construction and upcoming natural gas infrastructure, led by North America. Growth in all the sectors is expected to drive the demand for oil and gas turbomachinery market. However, the turbomachinery require high capital and has high installation as well as maintenance cost. Moreover, the functioning of the turbo-machines are often associated with the emission of green house gases which pose environmental threats.
- Downstream sector is expected to dominate the market in forecast period. The global refining sector is witnessing significant growth in demand, on account of increasing demand for refined products from the chemical and petrochemical industry. As a result, the demand for refined products are expected to drive the growth of the turbomachinery market in the forecast period.
- Major industries as a turbomachinery manufacturer are pumping high investments in R&D of modern technology to reduce the start-up time, increase the productivity at idle speeds and enhance the sensitivity to modification in power demands for increasing the overall efficiency of the turbomachines. With the modern technologies, the turbomachinery market is expected to grow further after the forecast period.
- North America holds the highest share in the oil and gas industry turbo-machinery market and is expected to lead further during the forecast period. It is followed by the Asia-Pacific and Europe respectively.
Oil & Gas Turbomachinery Industry Segmentation
The oil & gas industry turbomachinery market report include:
| Deployment | |
| Onshore | |
| Offshore |
| Industry | |
| Upstream | |
| Midstream | |
| Downstream |
| Type | |
| Gas & Steam Turbine | |
| Gas Compressor | |
| Pump | |
| Others |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
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.
Oil & Gas Industry Turbomachinery Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast, in USD billion, till 2025
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Deployment
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2.1.1 Onshore
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2.1.2 Offshore
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2.2 Industry
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2.2.1 Upstream
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2.2.2 Midstream
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2.2.3 Downstream
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2.3 Type
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2.3.1 Gas & Steam Turbine
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2.3.2 Gas Compressor
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2.3.3 Pump
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2.3.4 Others
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2.4 Geography
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2.4.1 North America
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2.4.2 Europe
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2.4.3 Asia-Pacific
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2.4.4 South America
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2.4.5 Middle-East and Africa
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Oil & Gas Industry Turbomachinery Market Size FAQs
What is the current Oil & Gas Industry Turbomachinery Market size?
The Oil & Gas Industry Turbomachinery Market is projected to register a CAGR of 4% during the forecast period (2024-2029)
Who are the key players in Oil & Gas Industry Turbomachinery Market?
General Electric , Siemens AG , Sulzer Ltd , Air Products & Chemicals and MAN SE are the major companies operating in the Oil & Gas Industry Turbomachinery Market.
