Turbocompressor Market : 2022 Upcoming Opportunities, Growth Prospects, Size, Share, and key Country Outlook To 2028
Research Reports
Mar 08, 2022
The prevalence of market factors such as the growing demand for natural gas is likely to help in leading to a growing gas pipeline network. This is expected to be one of the most significant drivers for the compressor market during the ongoing forecast period that will be ending in 2028.
However, the sudden arrival of the pandemic has created adversities for the functions of the turbocompressor market and hence, the market has been at a standstill in 2022.
As per the industry report and the circulated statistics, the Turbocompressors Market is expected to grow at a CAGR of over 3% for the ongoing forecast period that will be ending in 2028.
Also, the growth of market trends in various countries such as China and India in steel and chemical industries is likely to have helped the market for turbocompressors grow in recent years in both the historic and the ongoing forecast period. However, the reports suggest product saturation in the European region. The developments of new technologies like rotary screw compressors need to be worked upon for a futuristic approach to the market that has been foreseen for the ongoing forecast period.
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Market Segmentation
The turbocompressor market has been segmented based on the following owing to the rising demand and market functions.
- Type-based Segmentation
- Centrifugal Turbocompressors
- Axial Turbocompressors
- Application-based Segmentation
- Oil & Gas
- Power Generation
- Chemical
- Others
- Stage-based Segmentation
- Single Stage
- Multi-Stage
- Output Pressure-based Segmentation
- 0 bar–20 bar
- 21 bar–100 bar
- Above 100 bar
- Regional Segmentation
- North America
- South America
- Europe
- Asia-Pacific
- Middle East
- Africa
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Regional Analysis
In 2015, the Asian Pacific region had held more than 60% share in the functions of the global market. Moreover, a rapid degree of industrialization in Asia Pacific countries including India and China is being coupled with a decline in oil prices that is further projected to drive the growth in the APAC region. Further, the North American and European region is projected to witness steady growth during the ongoing forecast period. However, there has been an increase in the LNG trade in North America that is expected to fuel the demand for turbo-compressors as they are widely identified and used for storage and gas transportation. Further, the Middle East and African region are expected to witness significant growth shortly. There has been a stupendous growth of the oil and gas sector in this region which is anticipated to escalate the demand for turbo-compressors in the developing region. Some of the prominent market players of the turbocompressor market are Siemens G, Sulzer Ltd., and others like Mitsubishi Heavy and General Electric.
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Industry News
As per the turbocompressor market trends, there has been an increase in LNG (liquefied natural gas) transport. This is anticipated to upsurge the demand for turbo-compressors during the forecast period that ends in 2028. Furthermore, there has been a substantial emergence of new oil and gas industry in regions like the Middle East & Africa region that is projected to escalate the demand for turbo-compressors in the upcoming future. Additionally, there has been an increase in the adoption of turbo-compressors in the functioning of the power generation processes that are expected to create lucrative growth opportunities.
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