Global Turbocompressor Market Share, Size, Growth & Trends 2020-2027
The Global Turbocompressor market size was valued at USD 12.99 billion in 2019, the market is anticipated to reach a market size of USD 19.25 billion by 2027, growing at a CAGR of 4.9 % over the forecast period. The exponential rise in LNG trade Among various countries and substantial growth in the manufacturing sector worldwide is anticipated to boost the market growth. The turbo-compressor is widely used for the compression of liquid nitrogen freezers which is the key material used in the refrigeration industry. The turbocompressor is also used in the oil and gas industry for the process starting from extraction until the storage. The extracted gas is transferred to a turbo compressor which is compressed into a liquid form using high speed rotating shafts and mechanical force, the formed liquid is then collected into a vessel or transferred to another compressor for further processing.
The key advantages of a turbo compressor include high-performance, reliability, and lo lower noise levels compared to the normal compressors. However the turbo compressor work on a dynamic operating principle that minimizes the operating area and therefore low output compared to the normal compressor. The thermal management in the turbo compressor is also a challenging task, as it works on high power density. Also, the turbo compressor is efficient for a limited pressure ratio only, and in order to achieve a higher pressure ratio, need to connect a large number of turbo compressor in series.
The Global Turbocompressor market has been segmented based on type into Centrifugal and axial Turbocompressor. The Centrifugal Turbocompressor segment dominated the market in 2019, owing to the growing demand for such type of turbo compressors in Pharmaceutical and chemical manufacturing.
The axial Turbocompressor Expected witnessed the fastest growth rate during the forecast period as the importance of axial Turbocompressor is growing due to their application in the oil and gas industry for LNG transport and refineries.
Based on the application, the market can be segmented into oil and gas, power generation, chemical, and others. The oil and gas industry dominated the global market, as Turbocompressor is highly crucial for the transportation of LNG. The chemical segment is emerging as the fastest-growing market, turbocompressor used in the chemical industry for applications such as transportation and storage.
Segmented based on stage into single-stage turbocompressor and multistage turbocompressor. The single-stage Turbocompressor segment dominated the marketing 2019 going to its application in the oil and gas industry. The multistage compressor is Horizontally split units, visa company new technology offering high-performance and low maintenance cost. Therefore the multistage compressor market is anticipated to witness a high growth rate over the forecast period.
The global turbocompressor market can be segmented based on the output pressure into 0 bar–20 bar, 21 bar–100 bar, and Above 100 bar. The 0 to 20 bar Turbo compressors are widely used in a liquid nitrogen freezer (LNF), ethylene production plants, and air compression.
The North America Turbocompressor market dominated the Global market in 2019, increasing government investment in the Shale gas and LNG projects in the United States anticipated to drive the market growth. Moreover, the chemical and pharmaceutical industry in the North America region and is also growing steadily since the last 5 years, which acts as a positive growth driver.
The Asia-pacific region is emerging as the fastest-growing market for Turbo compressors, the substantial growth in the Pharmaceutical plants in China, and India is expected to drive the market growth for Turbocompressor over the forecast period. The Middle East and Africa region is growing at a steady growth rate since the last few years, unstable economy, fluctuation in demand for oil, and geopolitical tensions are affecting the regional market growth for the MEA turbocompressor industry.
Following is the list of top turbocompressor manufacturers in the world mention in this report:
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