Market Size of TurboCompressors Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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 |
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.
TurboCompressors 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 Industry Attractiveness: 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
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION AND ANALYSIS
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2.1 Type
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2.1.1 Centrifugal
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2.1.2 Axial
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2.2 End-User Industry
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2.2.1 Oil & Gas
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2.2.2 Chemical
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2.2.3 Metals & Mining
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2.2.4 Others
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South America
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2.3.5 Middle-East and Africa
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TurboCompressors Market Size FAQs
What is the current TurboCompressors Market size?
The TurboCompressors Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in TurboCompressors Market?
Siemens AG , Atlas Copco AB , MAN SE , Ingersoll-Rand PLC and Elliott Group Ltd. are the major companies operating in the TurboCompressors Market.
