TurboCompressors Market Size (2024 - 2029)

The turbocompressors market is anticipated to experience growth driven by the increasing demand for natural gas and the expansion of gas pipeline networks. The market's expansion is further supported by the growth of the steel and chemical industries in countries like China and India. Despite challenges such as product saturation in Europe and the emergence of alternative technologies like rotary screw compressors, the oil and gas sector remains a dominant force due to the diverse applications of turbocompressors. Emerging markets in Asia Pacific, particularly India and China, are expected to contribute significantly to the market's expansion, fueled by rising gas demand and manufacturing activities.

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Market Size of TurboCompressors Industry

Turbo Compressors Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 3.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Turbo Compressors Market Major Players

*Disclaimer: Major Players sorted in no particular order

Turbocompressors Market Analysis

The turbocompressors market is expected to grow at a CAGR of over 3% over the period of 2020-2025. Factors such as growing demand for natural gas which, in turn, is leading to growing gas pipeline network is expected to be one of the most significant drivers for the compressor market during the forecast period. Also growth of countries such as China and India in steel and chemical industries have helped the market for turbocompressors grow in recent years. However, product saturation in Europe region and development of new technologies such as rotary screw compressors are the restraining factors during the forecast period.

  • Oil and gas end-user industry is likely to dominate the turbocompressors market owing to the increased use of gas and thereby increased use of turbocompressors for different applications such as transmission, storage, gas gathering, gas lift, gas injection, flash gas compression, refrigeration, etc.
  • Rising clean electricity demand in emerging markets, such as India, China, Brazil, and Mexico are expected to provide a huge potential for natural gas market in power generation sector, which in turn is expected to provide an opportunity for turbocompressors market.
  • Asia Pacific have dominated the market in recent years and is expected to show substantial market growth owing to the increase in gas demand and rise in manufacturing industry in countries such as India, China, Australia, etc.

Turbocompressors Industry Segmentation

The turbocompressors market report include:

Type
Centrifugal
Axial
End-User Industry
Oil & Gas
Chemical
Metals & Mining
Others
Geography
North America
Europe
Asia-Pacific
South America
Middle-East and Africa
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TurboCompressors Market Size Summary

The turbocompressors market is poised for growth, driven by the increasing demand for natural gas and the expansion of gas pipeline networks. This demand is particularly evident in rapidly developing economies like China and India, where the steel and chemical industries are flourishing. However, the market faces challenges such as product saturation in Europe and the emergence of new technologies like rotary screw compressors. The oil and gas sector remains a dominant end-user, with turbocompressors being essential for various applications including gas transmission, storage, and refrigeration. The rising demand for clean electricity in emerging markets is expected to further bolster the market, providing significant opportunities for growth.

The Asia Pacific region has been a leader in the turbocompressors market, with substantial growth anticipated due to increased gas demand and a burgeoning manufacturing industry in countries such as India, China, and Australia. The midstream oil and gas industry is also expected to see increased demand for turbocompressors, driven by the growing trade of natural gas between producing countries like the US and Russia and consuming countries such as China and the European Union. The shift from coal to gas in energy production, particularly in the US and other developed nations, underscores the market's potential. Major companies like Siemens AG, Atlas Copco, and General Electric Company dominate the market, reflecting a consolidated industry landscape.

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TurboCompressors Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast, in USD billion, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Industry Attractiveness: Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION AND ANALYSIS

    1. 2.1 Type

      1. 2.1.1 Centrifugal

      2. 2.1.2 Axial

    2. 2.2 End-User Industry

      1. 2.2.1 Oil & Gas

      2. 2.2.2 Chemical

      3. 2.2.3 Metals & Mining

      4. 2.2.4 Others

    3. 2.3 Geography

      1. 2.3.1 North America

      2. 2.3.2 Europe

      3. 2.3.3 Asia-Pacific

      4. 2.3.4 South America

      5. 2.3.5 Middle-East and Africa

TurboCompressors Market Size FAQs

The TurboCompressors Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

Siemens AG , Atlas Copco AB , MAN SE , Ingersoll-Rand PLC and Elliott Group Ltd. are the major companies operating in the TurboCompressors Market.

TurboCompressors Report Snapshots

TurboCompressors Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)