According to a new report published by Allied Market Research, titled, “Global Turbocompressors Market: Opportunity Analysis and Industry Forecast, 2014–2022,” the global turbocompressors market size was estimated to be $11,703 million in 2015 and is expected to reach $18,424 million by 2022 growing at a CAGR of 6.5%. Oil & gas segment is expected to dominate the end-user sector in the global turbocompressors market from 2015 to 2022. Asia-Pacific region dominated the market contributing to 37.0% of the global turbocompressors market share in 2015.
Turbocompressors are turbo machines that concentrate a compressible gas with the help of a dynamic principle. In turbocompressors, the gas continuously enters the rotating impeller through which the mechanical shaft power is distributed to the fluid with the help of the blades that results in a significant pressure and temperature increase. The remaining kinetic flow energy is then mostly converted into pressure in the diffusor. The compressed gas is then either collected in a volute or transferred to a second compressor stage with the help of a return channel. Turbocompressors are highly used in dirty and corrosive applications such as petrochemical plants, refineries, natural gas processing, coal gasification & power stations due to their longer life, low maintenance, and continuous service.
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The global turbocompressors market is segmented based on type, stages, end-user industries, and geography. By type, the turbocompressors market is segmented into centrifugal compressors and axial compressors. Centrifugal compressor was the most dominant type accounting for 80.7% of the overall market in 2015. The centrifugal compressors market is projected to grow at a CAGR of 5.5% during the forecast period. Centrifugal compressors have high adoption in gas turbines and auxiliary power units. These compressors are also used in pipeline compressors of natural gas, which help move the gas from the production site to the end consumer.
Based on stage, the global turbocompressors market is classified into single-stage turbocompressors and multi-stage turbocompressors. Single-stage compressors dominated the market in 2015 and is estimated to grow at a CAGR of 5.9% during the forecast period 2016-2022. Single stage turbocompressors are adopted in a wide range of end-user industries owing to their higher efficiencies, ease of maintenance, and smooth operation that ensures reliable performance.
The global turbocompressors market based on end-user industries has been classified into oil & gas, power generation, chemical, and others. The oil & gas segment dominated the turbocompressors market in 2015 accounting for $5,014 million. In the oil & gas industry, there is a wide requirement for turbomachinery equipment that are reliable and energy efficient. The oil & gas industry requires turbo equipment from the stage of oil recovery and oil/gas separation to gas treatment and processing. The increasing trade of LNG globally is also a key driver for turbocompressors industry in the oil & gas segment.
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By geography, the turbocompressors market is analyzed across four regions, namely North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries. Asia-Pacific was the most dominant geographical market in 2015, is estimated to grow at a CAGR of 7.6%. Asia-Pacific’s energy demand has been continuously increasing due to the growing population and rising consumer class. The major demand for oil in the region is being witnessed from the transportation sectors in developing regions. Turbocompressors in Asia-Pacific are used in the oil & gas upstream, midstream, and downstream sector. They are also being highly used in the power generation industry for smooth functioning of coal as well as gas power plants.
The key players in the turbocompressors market focus on collaborations, partnerships, and product developments to remain competitive in the market. Some of the key players in the turbocompressors market include Atlas Copco AB, Elliot Group Ltd, GE Oil & Gas, Howden Group Ltd, Ingersoll Rand PLC, Kawasaki Heavy Industries Ltd, Kobe Steel Ltd, Man Diesel & Turbo, Mitsubishi Heavy Industries Ltd, and Siemens AG.