Turbocompressor Market

Turbocompressor Market

Growth Factors of Turbocompressor Market

The turbocompressor market size was valued at USD 5.59 billion in 2023, and the market is now projected to grow from USD 5.92 billion in 2024 to USD 10.04 billion by 2032, exhibiting a CAGR of 6.8% during the forecast period of 2023-2030.

COVID- 19 pandemic has extremely affected the complete world. It affected many unexpected disruption and affected the industry. The pandemic caused in declined demand due to a disturbed supply chain, drop in sales of products, delivery lists. Travel bans imposed affected business relationship and partnership. Demand had lately condensed due to travel bans and lockdown during the COVID-19 pandemic. Producers of compressors faced numerous issues associated to order closures on time due to the worldwide lockdown.

The constant market research and improvement with innovations in the product, such as progressive process control features and actual data monitoring, are motivating development and encouraging investments from developing and key players in the oil and gas industry. The modern turbocompressor deals several advantages compared to traditional engines, such as augmented air intake in the combustion chamber, great engine performance, and reprocess of drained air from combustion. As turbocompressors work enhanced in high-speed engines and do not demand further power sources, more automotive manufacturers have involved twin turbocompressors in their innovative models which will upsurge the turbocompressor market growth.

Turbocompressors have several benefits, such as high dependability and high competence for energy conversion, therefore activating the demand for the product, which is projected to motivate the market growth over the anticipated period. Furthermore, growing demand for natural gas, which is rising the fixing of gas pipeline networks, is projected to be between the most remarkable drivers for the compressor market.

Comprehensive Analysis of Turbocompressor Market

The market can be segmented in various ways, depending on the focus of analysis such as by type, by stage and by application. Based on type, the market is classified into centrifugal and axial turbocompressor. By stage, the market is divided into single-stage and multi-stage. Based on application, the global market is segmented into oil & gas, power generation, chemical, water & wastewater, automotive, mining, and others.

North America region is dominating the turbocompressor market share due to high acceptance of technological product innovations. Presence of leading players is projected to motivate the regional market's growth.

The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include Ingersoll Rand (Ireland), Atlas Copco (Sweden), Elliot Group (U.S.), Howden (Scotland), Kawasaki Heavy Industries, Ltd. (Japan), Kobe Steel (Japan), MAN (Germany), Mitsubishi Heavy Industries (Japan), GE (U.S.), Sulzer (Switzerland), SKF (Sweden), Siemens Energy (Germany) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.

In November 2022, Sulzer opened a new highly automated and digitized pump production and logistics center in Kotka, Finland. It is a significant provider of agitators, configured process pumps, and high-speed turbocompressors for the market.

Segmentation Table

TTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 6.8% from 2024 to 2032

Segmentation By Type

- Centrifugal Turbocompressor

- Axial Turbocompressor

By Stage

- Single-Stage

- Multi-Stage

By Application

- Oil & Gas

- Power Generation

- Chemical

- Water & Wastewater

- Automotive

- Mining

- Others

By Geography

- North America (By Type, By Stage, By Application, By Country)

- U.S. (By Application)

- Canada (By Application)

- Europe (By Type, By Stage, By Application, By Country)

- U.K. (By Application)

- Germany (By Application)

- France (By Application)

- Italy (By Application)

- Spain (By Application)

- Russia (By Application)

- Rest of Europe (By Application)

- Asia Pacific (By Type, By Stage, By Application, By Country)

- China (By Application)

- India (By Application)

- Japan (By Application)

- Australia (By Application)

- Southeast Asia (By Application)

- Rest of Asia Pacific (By Application)

- Latin America (By Type, By Stage, By Application, By Country)

- Brazil (By Application)

- Mexico (By Application)

- Rest of Latin America (By Application)

- Middle East and Africa (By Type, By Stage, By Application, By Country)

- GCC (By Application)

- South Africa (By Application)

- Rest of Middle East and Africa (By Application)


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