The global turbocompressor market size was $15,748.7 million in 2020, and is expected to reach $29,356.4 million by 2030, with a CAGR of 6.3% from 2021 to 2030. A turbocompressor is a dynamic type of compressor used for the compression and injection of gases. In these compressors, the required pressure rise takes place during the continuous conversion of angular momentum imparted to the refrigerant vapor by a high-speed impeller into static pressure. The unique design and reliability of turbocompressors makes them applicable in industries where large amounts of air need to be compressed. Metallurgical, chemical, and petrochemical plants and refineries are amongst the most common applications for turbo compression solutions.
The major driving factor for the growth of the turbocompressor market is the rise in trade of the liquefied natural gas (LNG) in countries such as Australia and the U.S., which is promoting more use of the cleaner source of energy for different industries, such as generating electricity, manufacturing and heating industry. This is leading to the rise in trade of the liquefied natural gas over different countries and turbocompressor are used for the LNG for maintaining the pressure ratios. In addition, various government regulations over the use of cleaner energy such as the Clean Energy Act prompt the use of cleaner energy for different industries. In addition, for the wastewater plant applications, the turbocompressor are used to provide more efficiency to remove pollutants and requires less maintenance, which drives the growth of turbocompressor market.
However, in countries such as Japan and South Korea, due to warmer weathers the temperature in certain places is high and use of liquefied natural gas in such places is restricted as the use of LNG in such weather could lead to explosion. In addition, screw compressors provide an advantage over turbocompressors, as screw compressors provide greater efficiency over the part load and provide more capacity control over the output range. Hence, making the screw compressors getting more preferred over the turbocompressor, which restraints the growth of the turbocompressor market.
However, the demand for passenger vehicles increases over the years. With the growing electric vehicles market, the fuel vehicles provide more features such as increase in fuel efficiency by more than 10%. In addition, the turbocompressor used for diesel engines reduces the NOx that causes environmental pollution, which is increases the adoption of the thermocompressor. Various companies manufacture their own turbocompressors considering the diesel engines applications. In addition, the rise in the automotive industry with the increase in government regulations build new opportunities for the turbocompressor market.
The turbocompressor market is segmented into type, stage, end user, and region. On the basis of type, the market is divided into centrifugal and axial. On the basis of stage, the market is divided into single stage and multi-stage. On the basis of end user, the market is egmented into oil & gas, power generation, chemical, water & wastewater, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Competition Analysis
The major players profiled in the turbocompressor market include Atlas Copco AB, Elliott Group, General Electric, Howden Group, Ingersoll Rand, Kawasaki Heavy Industries, Ltd., KOBE STEEL, LTD., MAN Energy Solutions, MITSUBISHI HEAVY INDUSTRIES, LTD. and Siemens. Major companies in the market have adopted agreement, product launch, business expansion, and acquisition as their key developmental strategies to offer better products and services to customers in the turbocompressor market.
The major driving factor for the growth of the turbocompressor market is the rise in trade of the liquefied natural gas (LNG) in countries such as Australia and the U.S., which is promoting more use of the cleaner source of energy for different industries, such as generating electricity, manufacturing and heating industry. This is leading to the rise in trade of the liquefied natural gas over different countries and turbocompressor are used for the LNG for maintaining the pressure ratios. In addition, various government regulations over the use of cleaner energy such as the Clean Energy Act prompt the use of cleaner energy for different industries. In addition, for the wastewater plant applications, the turbocompressor are used to provide more efficiency to remove pollutants and requires less maintenance, which drives the growth of turbocompressor market.
However, in countries such as Japan and South Korea, due to warmer weathers the temperature in certain places is high and use of liquefied natural gas in such places is restricted as the use of LNG in such weather could lead to explosion. In addition, screw compressors provide an advantage over turbocompressors, as screw compressors provide greater efficiency over the part load and provide more capacity control over the output range. Hence, making the screw compressors getting more preferred over the turbocompressor, which restraints the growth of the turbocompressor market.
However, the demand for passenger vehicles increases over the years. With the growing electric vehicles market, the fuel vehicles provide more features such as increase in fuel efficiency by more than 10%. In addition, the turbocompressor used for diesel engines reduces the NOx that causes environmental pollution, which is increases the adoption of the thermocompressor. Various companies manufacture their own turbocompressors considering the diesel engines applications. In addition, the rise in the automotive industry with the increase in government regulations build new opportunities for the turbocompressor market.
The turbocompressor market is segmented into type, stage, end user, and region. On the basis of type, the market is divided into centrifugal and axial. On the basis of stage, the market is divided into single stage and multi-stage. On the basis of end user, the market is egmented into oil & gas, power generation, chemical, water & wastewater, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Competition Analysis
The major players profiled in the turbocompressor market include Atlas Copco AB, Elliott Group, General Electric, Howden Group, Ingersoll Rand, Kawasaki Heavy Industries, Ltd., KOBE STEEL, LTD., MAN Energy Solutions, MITSUBISHI HEAVY INDUSTRIES, LTD. and Siemens. Major companies in the market have adopted agreement, product launch, business expansion, and acquisition as their key developmental strategies to offer better products and services to customers in the turbocompressor market.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive analysis of the current trends, future estimations, and dynamics of the turbocompressor market
- In-depth turbocompressor market analysis is conducted by estimations for the key segments between 2021 and 2030
- Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework
- A comprehensive analysis of four major regions is provided to determine the prevailing opportunities
- The market forecast analysis from 2021 to 2030 is included in the report
- The key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the market industry
KEY MARKET SEGMENTS
By Type
- Centrifugal Compressors
- Axial Compressors
By Stage
- Single Stage
- Multi-stage
By End User
- Oil & Gas
- Power Generation
- Chemical
- Water & Wastewater
- Others
By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Players
- Atlas Copco AB
- Elliott Group
- General Electric
- Howden Group
- Ingersoll Rand
- Kawasaki Heavy Industries, Ltd
- KOBE STEEL, LTD
- MAN Energy Solutions
- MITSUBISHI HEAVY INDUSTRIES, LTD
- Siemens
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Table of Contents
Chapter 1 Introduction
Chapter 2 Executive Summary
Chapter 3 Market Overview
Chapter 4 Global Turbocompressor Market, by Type
Chapter 5 Global Turbocompressor Market, by Stage
Chapter 6 Global Turbocompressor Market, End-User Industry
Chapter 7 Global Turbocompressor Market, by Geography
Chapter 8 Company Profiles
List of Tables
List of Figures
Executive Summary
According to a new report titled, “Turbocompressor Market by Type, Stage, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global turbocompressor market size was valued at $15.7 billion in 2020, and is expected to reach $29.3 billion by 2030, with a CAGR of 6.3% from 2021 to 2030.Turbocompressors are a type of machine that increases the capacity of fuel in addition with the increased energy of the engines. Turbocompressor are turbo machines that concentrate a compressible gas with the help of a dynamic principle. In turbocompressor, the gas continuously enters the rotating impeller, through which the mechanical shaft power is distributed to the fluid with the help of 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, and power stations due to their longer life, low maintenance, and continuous service.
The driving factor for the turbocompressor market is the application of turbocompressor in the water & wastewater treatment. Turbocompressors are used to provide more efficiency and lower maintenance, which saves cost during wastewater treatment for removing pollutants. In addition, the rise in regulations over the use of clean energy, such as the Clean Air Act, increases the use of liquified natural gas trade over different countries, including the U.S. and Australia. Turbocompressors are used for the liquified natural gas applications that maintain the pressure ratio, which creates more demand for the turbocompressor, further driving the turbocompressor market growth.
However, turbocompressors are used for liquefied natural gas applications, the use of liquified natural gas in countries such as Japan and South Korea is prevented due to warm weathers at certain places, which leads to higher temperature causing liquified natural gas to explode. In addition, screw compressors are preferred more than turbocompressors, as screw compressors provide more efficiency and capacity control for the part load and output range. Hence, restraining the use of turbocompressors.
In addition, the outbreak of COVID-19 led to halt in logistic and manufacturing activities across the globe, which in turn, has led to interruption of supply chain, thereby hindering growth of the turbocompressor market. However, this situation is expected to improve as governments are relaxing norms globally, to resume business activities.
However, many companies manufacture turbocompressors for fuel efficiency by more than 10%. In addition, with the rise in the electric vehicle market, companies manufacturing fuel vehicle are modifying their diesel engines to create more environment-friendly engines, where turbocompressors are installed for reducing NOx emission that causes pollution. Moreover, the rise in the automotive industry with growing government regulations is creating new opportunities for the turbocompressor market.
The turbocompressor market is segmented on the basis of type, stage, end user, and region. On the basis of type, the market is divided into centrifugal and axial. On the basis of stage, the market is divided into single stage and multistage. On the basis of end user, the market is segmented into oil & gas, power generation, chemical, and others.
Region wise, the global turbocompressor market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2020, Asia-Pacific was the highest contributor to the global turbocompressor market share, and LAMEA is anticipated to secure a leading position during the forecast period.
The major players profiled in the turbocompressor industry include Atlas Copco AB, Elliott Group, General Electric, Howden Group, Ingersoll Rand, Kawasaki Heavy Industries, Ltd., KOBE STEEL, LTD., MAN Energy Solutions, MITSUBISHI HEAVY INDUSTRIES, LTD. And Siemens.
Key Findings Of Study
- The report provides an extensive analysis of the current and emerging global turbocompressor market trends and dynamics
- On the basis of type, the centrifugal segment was the largest revenue generator in 2020
- On the basis of stage, the single stage segment generated the highest revenue in 2020
- On the basis of end user, the power generation segment dominated the market in 2020
- Region wise, Asia-Pacific is anticipated to dominate the global turbocompressor during the forecast period
- The report provides an extensive analysis of the global market trends and emerging opportunities of the market
Companies Mentioned
- Atlas Copco AB
- Elliott Group
- General Electric
- Howden Group
- Ingersoll Rand
- Kawasaki Heavy Industries, Ltd.
- KOBE STEEL, LTD.
- MAN Energy Solutions
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- Siemens.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 189 |
| Published | February 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 15935.66 million |
| Forecasted Market Value ( USD | $ 29356.4 million |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
