Turbo compressors are used for injection or compression of gases. Turbo compressors are consists of three major parts; compressor wheel, diffuser and housing. It has a wide range of application in chemical and oil and gas industries. Turbo compressors are essentially used for transmission and processing of all kind of natural gases. Apart from the industrial application, turbo compressors are used to supercharge the piston engines.
“Turbo Compressor Market: Global Demand Analysis & Opportunity Outlook 2024”
The global turbo compressor market is segmented into product such as axial turbo compressor and centrifugal turbo compressor. Among these segments, centrifugal turbo compressor segment is expected to occupy the top position in turbo compressor market during the forecast period.
This can be attributed to the high adoption rate of centrifugal turbo compressors in auxiliary power units and gas turbines. Moreover, rising utilization of centrifugal turbo compressors in pipeline compressors of natural gas is believed to impel the growth of the centrifugal turbo compressor.
Global Turbo Compressor Market is expected to flourish at a CAGR of 6.2% over the forecast period. Moreover, the global turbo compressor market was valued at USD 12.2 Billion by the end of 2024.
Presence and evolution of new oil and gas industry in Middle East region is anticipated to intensify the demand for turbo compressor market in the upcoming years.
North America accounted for the highest market share in overall turbo compressor market in 2016. Further, North America is expected to continue its dominance over the forecast period owing to the rise in the natural gas production in the region.
Further, rising production of crude oil in U.S. is widening the demand for turbo compressors in the region.
U.S. is the major country contributing to the growth of the turbo compressor market. Asia Pacific is expected to witness significant growth over the forecast period.
Rising industrialization in the region is anticipated to garner the growth of the turbo compressor market in Asia Pacific. Middle East and Africa is projected to make significant contribution to the growth of the turbo compressor market.
Rapid Industrialization across the Globe
Expansion of oil & gas industries in the world is paving the way for the growth of turbo compressor market. Turbo compressors are witnessing increasing utilization in power production utilities which further is anticipated to aid the growth of the turbo compressor market.
Moreover, rapid industrialization in developing nations such as China and India is envisioned to strengthen the growth of the market.
Growing Adoption in Natural Gas Sector
Increasing application of turbo compressor in natural gas transportation is anticipated to accelerate the growth of the turbo compressors market. Moreover, rising production of natural gas and crude oil in various geographies such as U.S., and Middle East are expected to impel the growth of turbo compressor market during the forecast period.
Although, availability of alternatives such as rotary screw compressors is likely to inhibit the growth of the global turbo compressor market in the near future.
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The report titled “Turbo Compressor Market : Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global turbo compressor market in terms of market segmentation by product, by stage, by output pressure, by application and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global turbo compressor market which includes company profiling of Siemen AG, Mitsubishi Heavy Industries Ltd., GE Oil & Gas, Ingersoll-Rand PLC, Howden Group, Kobe Steel Ltd., MAN Diesel & Turbo, Atlas Copco AB, Elliot Group Ltd., Sulzer Ltd., Kawasaki Heavy Industries, Ltd. . The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global turbo compressor market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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