According to the latest report by IMARC Group, titled "Turbocompressors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global turbocompressors market reached a value of US$ 17.5 Billion in 2021.Turbocompressorsrefer to overhung machines that are generally utilized for compressing the airflow present in the engine cylinder. They are usually manufactured using aluminum, stainless steel, titanium alloys, and magnesium, due to which they can withstand high temperatures. Additionally, they are also used for enhancing the power of diesel engines, which are operated by radial turbines. In comparison to reciprocating compressors, they are efficient and capable of eliminating the pressure that develops in the injected gas. They are gaining widespread prominence across the globe due to the growing power generation capacity of turbocompressors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Turbocompressors Market Trends:
The global market is primarily driven by the rising product utilization across the oil and gas industry. This is supported by the growing demand for natural gas and the increasing installation activities of the gas pipeline networks across multiple countries. In line with this, the adoption of product variants for carbon dioxide transmissions is creating a positive market outlook. Moreover, continual technological advancements, such as the integration of high-efficiency sealing, blades and impellers with turbocompressors, are favorably impacting the market. Additionally, numerous leading manufacturers are heavily investing in launching lightweight products for reducing noise levels and saving energy and fuel due to an enhanced focus on sustainable development. The market is further driven by the widespread utilization of turbocompressors for wastewater management and regulating the airflow of systems and plants across the pharmaceutical industry. Other factors, including continual product innovations, rapid industrialization and extensive research and development (R&D) activities, are also positively influencing the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 25.5 Billion by 2027, expanding at a CAGR of 6.4% during 2022-2027.
- Based on the type, the market has been bifurcated into centrifugal and axial compressors.
- On the basis of the stage, the market has been segmented into single- and multi-stages.
- Based on the end-user, the market has been segregated into oil and gas, power generation, chemical, water and wastewater, and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Atlas Copco AB, BorgWarner Inc., Continental AG, Cummins Inc., Eaton Corporation plc, Howden Group Holdings Ltd, Ingersoll Rand Inc., Kawasaki Heavy Industries Ltd., MAN Energy Solutions SE (Volkswagen AG), Mitsubishi Heavy Industries Ltd, Siemens AG and Sulzer Ltd.
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