Global Turbocompressor Market Size to USD 7.77 billion by 2028
The Global Turbocompressor Market Size is projected to grow from USD 5.05 billion in 2021 to USD 7.77 billion by 2028 at a CAGR of 6.4%
The Global Turbocompressor Market Size is projected to grow from USD 5.05 billion in 2021 to USD 7.77 billion by 2028 at a CAGR of 6.4% during the forecast period. Turbocompressor is a machine utilized for the injection and compression of gases. They are prominently used for natural gas processing and transmission.
Turbocompressor is a machine utilized for the injection and compression of gases. They are prominently used for natural gas processing and transmission. They have wide-scale applications in the oil & gas sector, and the demand for these compressors has risen substantially due to the need for growing power generation capabilities. Moreover, innovations in products coupled with advanced technology are expected to have a positive impact on the global turbocompressor market during the forecast period.
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The abrupt spread of COVID-19 has affected several industries across the globe due to national & state level lockdowns, social distancing guidelines, and constrained global interactions to limit the spread of the virus. The industries have been significantly affected by the unavailability of sufficient funds, disturbances in the supply chain, shutdown of industrial facilities, and other factors. Therefore, key players of turbocompressor are facing various challenges related to order closures on time and delay obtaining raw material from suppliers due to national and state-level lockdowns. due to this factor turbocompressor market players such as Howden, Atlas Copco, Sulzer, and Kobe Steel, registered a decline in sales for 2020.
High Reliability and High Efficiency of Turbocompressors are Provide Opportunity
The high reliability and high efficiency for energy conversion are the major advantages of turbocompressors that have increased the product demand, which is expected to boost the market growth during the forecast period. In addition, growing gas demand for energy production is increasing the installation of gas pipeline networks, which is expected to boost demand for the market. Moreover, the growing utilization of turbocompressors in CO2 transmissions is provide potential growth opportunities.
Increasing R&D and Technological Advancements to Boost Industry Growth
The rising research and development activity with technological advancements in the product, such as real-time data monitoring, and advanced process control features are anticipated to offer better growth opportunities for major players in the oil and gas industry. Further, industrial players and various research organizations are continuously focusing on developing advanced compressors.
For instance, in October 2021, Atlas Copco compressors demonstrated a large array of technologies, including aeration technologies and a variety of blowers for wastewater treatment. The firm has the unique ability to deliver integrated packages for blowers, compressors, industrial chillers, vacuum pumps, nitrogen systems, and control systems.
Increasing Adoption of Turbocompressors in End-Use Industries to Propel Industry Growth
The growing adoption of Turbocompressors across end-use industries such as chemical industry, power generation, and oil & gas, is anticipated to drive market growth during the forecast period. Compressors have large-scale applications in the oil & gas industry, and the demand for these products increased significantly in this industry, due to the need for rising power generation capabilities. Also, compressors are also used for air-conditioning, ventilation, and heating in electric hybrid vehicles.
North America is estimated to dominate the turbocompressor market due to the increasing R&D and technological advancements in products. In addition, the presence of major product manufacturers is expected to boost the market growth in this region. Manufacturers such as Elliot Group, GE Power, and others, have dominated the market share in North America. Also, water and wastewater industries are expected to propel market demand during the forecast period.
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The Asia Pacific is expected to rise at the highest CAGR during the forecast period. The turbocompressor market growth in this region is attributed to various factors such as rapid growth in economic activities, increasing industrialization, urbanization, and modern agriculture. Moreover, China, South Korea, India, and Indonesia hold a significant market share in this region.
Europe is the third-largest market for turbocompressors due to the penetration of the Oil & Gas sector and the rising demand for smart water systems. In addition, the rising installation of water and wastewater plants with increasing demand for clean water across various sectors in Europe is propelling the market demand during the forecast period.
KEY INDUSTRY DEVELOPMENTS:
August 2021: R&D Dynamics Corporation, based in Bloomfield, Connecticut, secured a contract from the U.S. Department of Energy to produce air management system compressors for heavy-duty truck applications under its Million Mile Fuel Cell Truck program. The firm pioneered the production, manufacturing, and development of clean energy technology products, including turbocompressors for fuel cell turbogenerators for waste heat recovery power generation, and others.
February 2020: Siemens, a German engineering company, secured an agreement to supply boil-off compressor (BOG) packages containing STC-SV turbocompressors for Venture Global’s LNG project, a liquefied natural gas (LNG) producer based in the U.S. The LNG export facility is estimated to develop 10 million tonnes per annum of clean energy, which is anticipated to be exported globally.
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