The global turbocompressors market size reached US$ 18.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 26.9 Billion by 2028, exhibiting a growth rate (CAGR) of 6.1% during 2023-2028.
Turbocompressors are widely used in process plants to concentrate a compressible gas via dynamic principles. They also find application in the gas supply chain, energy recovery, and power generation during natural gas processing and petrochemical production. At present, they are widely available in various types, depending on the requirement of end users. For instance, water turbocompressors help produce refrigerants for the liquefaction of gases, such as oxygen, nitrogen, and helium, in different industrial processes. In addition, product variants operated by radial turbines provide a large capacity to absorb or deliver power, which helps boost the power of diesel engines.
Turbocompressors Market Trends:
Surging energy needs, along with a rapid rise in the installation of turboexpanders in offshore oil production sites, represents one of the major factors fueling the demand for turbocompressors in oil and gas facilities across the globe. Moreover, industries worldwide are emphasizing upgrading their existing turbocompressors with the latest high-efficiency impellers, blades, and sealing technologies. This is propelling leading players in improving the overall performance and reducing operational expenditures (OPEX) of machines. Apart from this, due to high requirements on efficiency and optimized specific power consumption, these players are focusing on improving the aerodynamic features of rotating equipment. They are also introducing lightweight, compact, and high-performance product variants with low energy costs and user-friendly microprocessors to stay competitive in the market. These variants have high power density and reliability, which help reduce the noise level and save fuel, resources, and energy. This, coupled with the boosting sales of vehicles on account of inflating income levels, is anticipated to increase the utilization of turbocompressors in the automotive industry for a reliable and cost-effective supply of oil-free compressed air.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global turbocompressors market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, stage and end user.
Breakup by Type:
Breakup by Stage:
Breakup by End User:
Oil and Gas
Water and Wastewater
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
Base Year of the Analysis
Type, Stage, End User, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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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Key Questions Answered in This Report
The global turbocompressors market was valued at US$ 18.8 Billion in 2022.
We expect the global turbocompressors market to exhibit a CAGR of 6.1% during 2023-2028.
The introduction of lightweight, compact, and high-performance turbocompressors variants that have high power density and reliability, which help to reduce the noise level and save fuel, resources, and energy, is primarily driving the global turbocompressors market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries for turbocompressors.
Based on the type, the global turbocompressors market can be segmented into centrifugal compressors and axial compressors. Currently, centrifugal compressors hold the majority of the total market share.
Based on the stage, the global turbocompressors market has been divided into single stage and multi-stage, where single stage currently exhibits a clear dominance in the market.
Based on the end user, the global turbocompressors market can be categorized into oil and gas, power generation, chemical, water and wastewater, and others. Among these, oil and gas accounts for the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global turbocompressors market 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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