Turbomachinery - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026-2031)

The global turbomachinery market size is expected to increase from USD 27.12 billion in 2025 to USD 28.37 billion in 2026 and reach USD 31.45 billion by 2031, and is expected to grow at a CAGR of 2.1% over 2026-2031. This report is Segmented by Equipment Type (Compressors, Gas Turbines, Steam Turbines, Expanders, Pumps, Other), Technology (Axial Flow, Centrifugal, Mixed Flow), Power Rating (below 50 MW, 50-150 MW, Above 150 MW), End-User (Oil and Gas, Power Generation, and More), and Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa). Market Forecasts are Provided in Value (USD).

Global Turbomachinery Market Trends and Insights

LNG, Refining, and Petrochemical Capacity Additions Drive Turbomachinery Procurement Queues

The global turbomachinery market continues to benefit from the LNG build cycle that accelerated in 2025. Global LNG supply grew by 38 billion cubic meters in 2025 and is set to expand by another 7% in 2026, with North America accounting for most new supply additions. Each new LNG train requires centrifugal compressors, gas turbine mechanical drives, and related rotating equipment that is ordered well before plant startup. Baker Hughes reinforced this order pattern in March 2026 when it was selected to supply compression and power generation equipment for ST LNG's 8.4 metric tonnes per annum (MTPA) offshore terminal in Texas. Refining and petrochemical expansions add another stream of demand for large compressor packages and support systems. This pipeline of LNG and downstream work keeps oil and gas at the core of the global turbomachinery market and supports multiyear OEM backlogs.

Asset-Life Extension Spending Rises as Replacement Cycles Compress

The installed base across the global turbomachinery market is now old enough that operators increasingly favor major upgrades over full replacement. ORNL documented in 2026 that delivery delays for large-frame gas turbines had stretched to 5 to 7 years because of forging and casting bottlenecks. That delay changes capital decisions, since efficiency upgrades and rotor work can lift output faster than waiting for a new unit. GE Vernova's April 2026 order in Egypt for Advanced Gas Path upgrades on two 9F gas turbines, paired with 8-year and 15-year service agreements, shows how OEMs are monetizing aging fleets. Upgrade programs also help plant owners maintain output and efficiency without reopening full project financing cycles. This service layer gives the global turbomachinery market a steadier revenue base and makes lifecycle capability a stronger competitive differentiator.

Long Project Approval Cycles Limit Order-to-Delivery Conversion Rates

Long approval cycles still slow the conversion of project plans into booked orders across the global turbomachinery market. LNG, pipeline, and large compression projects often move through environmental and commercial reviews for several years before equipment contracts are released. This lag creates a mismatch between visible demand and near-term order intake, especially in permitting-intensive markets. The EU decision to phase out Russian gas imports by November 2027 increases the need for LNG-linked infrastructure, but it also concentrates project schedules and regulatory review across multiple member states. Developers therefore face tighter windows between project approval and equipment availability. The result is a larger queue of commercially attractive projects that take longer to translate into revenue for suppliers in the global turbomachinery market.

Other drivers and restraints analyzed in the detailed report include:

• Energy Transition Redirects Capital Toward High-Efficiency and Hydrogen-Ready Turbomachinery
• Data-Center and AI Infrastructure Power Demand Expands Gas Turbine Addressable Market
• Turbine-Grade Alloy and Casting Bottlenecks Introduce Structural Supply Constraints

Segment Analysis

Compressors accounted for 33.8% of the global turbomachinery market size in 2025, which kept them as the largest equipment segment. Their lead reflects steady demand from LNG terminals, gas-processing trains, refinery upgrades, and other continuous-duty applications. The segment also benefits from a wide operating range, from smaller distribution-network units to very large centrifugal trains used in liquefaction. This range gives suppliers exposure to both project work and recurring replacement demand. It also keeps compressors as one of the most stable anchors of the global turbomachinery market.

Gas turbines are projected to grow at a 3.8% CAGR through 2031, which makes them the fastest-growing equipment category in the global turbomachinery market. Demand is rising from power generation, grid-support requirements, and data-center self-generation, alongside traditional oil and gas mechanical-drive use. Steam turbines remain important in power and process-heat recovery applications, while hydraulic turbines and expanders stay more niche. Pumps continue to add volume through water, wastewater, and process industries, even if they do not drive the same order spikes as gas turbines or LNG compressors. Mitsubishi Heavy Industries reported that the global gas turbine market reached 57.4 GW in 2024 and that the first half of 2025 had already reached 41.7 GW, which shows why gas turbines are carrying much of the near-term upside inside the global turbomachinery market.

Centrifugal technology held 56.4% of the global turbomachinery market share in 2025, which made it the dominant technology base. Its position comes from a strong fit across LNG, gas processing, combined-cycle power, and industrial compression duties. OEMs also benefit from a mature centrifugal supply base that supports customization across power classes and pressure ratios. The design is well-suited to continuous-duty service where reliability and operating range matter more than layout novelty. This keeps centrifugal systems at the center of the global turbomachinery market.

Mixed flow technology is forecast to expand at a 3.5% CAGR through 2031, led by compact applications that need high pressure ratios without long axial layouts. These use cases include micro-gas turbines, unmanned aerial vehicle propulsion, and smaller industrial compression systems. A 2025 study in Aerotecnica Missili & Spazio found that vaneless gap optimization in mixed flow compressors extended the stable operating range, which supports broader adoption in demanding duty cycles. Axial flow technology remains important where very high mass flow and strong efficiency are needed, especially in steam turbines and large gas turbine compressor sections. This leaves the global turbomachinery industry with a clear split, where centrifugal systems dominate broad industrial service while mixed flow and axial systems defend more specialized performance needs.

Complete Report Scope:

• By Equipment Type
  • Compressors
  • Gas Turbines
  • Steam Turbines
  • Hydraulic Turbines
  • Expanders
  • Pumps
  • Other Turbomachinery
• By Technology
  • Axial Flow
  • Centrifugal
  • Mixed Flow
• By Power Rating
  • Below 50 MW
  • 50 to 150 MW
  • Above 150 MW
• By End-User Industry
  • Oil and Gas
  • Power Generation
  • Petrochemical and Chemical
  • Industrial Manufacturing
  • Aerospace and Defense
  • Marine
  • Mining and Metals
  • Water and Wastewater
  • Other End-User Industries
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • United Kingdom
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Rest of Asia-Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Qatar
    • Turkey
    • Africa
    • South Africa
    • Nigeria
    • Egypt
    • Rest of Middle East and Africa

Geography Analysis

Asia-Pacific held 36.5% of the market in 2025 and is projected to grow at a 4.2% CAGR through 2031, which makes it both the largest and fastest-growing regional block in the global turbomachinery market. China is shaping demand through dual-carbon compliance efforts that influence coal retirements and combined-cycle procurement. India is building domestic energy equipment manufacturing capacity, which can improve regional supply depth and future project economics. Southeast Asia adds another layer of demand as coal-to-gas transitions in countries such as Vietnam and Indonesia support new gas-fired capacity. Japan is also pushing hydrogen-linked turbomachinery deployment, and Kawasaki Heavy Industries announced in March 2026 that a next-generation hydrogen fuel supply system for gas turbine power generation had started operation from January 2026.

North America and Europe remain the next largest regional pillars of the global turbomachinery market. The IEA expects the U.S. share of global LNG supply to rise from 25% in 2025 to 33% by the end of the decade, which supports ongoing demand for compression and gas-turbine mechanical drives. North America also benefits from rising private power demand that adds a second equipment stream alongside LNG and pipeline investment. Europe is working through a faster infrastructure timetable because the region plans to phase out Russian gas imports by November 2027. GE Vernova's November 2025 order for two 9HA.01 combined-cycle blocks for Poland's Kozienice power station shows how replacement of coal-fired assets is supporting the regional role of the global turbomachinery market.

The Middle East and Africa remain a high-value zone for large-frame gas turbines, compression systems, and cogeneration equipment in the global turbomachinery market. Mitsubishi Power's January 2026 order for four M701JAC turbines for Qatar's Facility E Independent Water and Power Project (IWPP) added 2.4 GW of capacity and showed the scale of Gulf Cooperation Council (GCC) procurement. South America is building opportunity through offshore and pipeline-linked gas infrastructure, including Baker Hughes' April 2026 order for three NovaLT16 gas turbines and centrifugal compressors for Argentina's San Matias pipeline project. Baker Hughes' June 2026 lifecycle agreement for Nigeria's ANOH plant, which includes Cordant-powered iCenter digital monitoring, shows that African projects are adopting service-integrated solutions rather than stand-alone equipment purchases.

List of Companies Covered in this Report:

• General Electric Company
• Siemens AG
• Mitsubishi Heavy Industries, Ltd.
• Everllence SE
• Atlas Copco AB
• Sulzer Ltd
• Baker Hughes Company
• Howden Group Holdings Limited
• Kobe Steel, Ltd.
• Elliott Group, Ltd.
• Caterpillar Inc.
• Ansaldo Energia S.p.A.
• Siemens Energy AG
• Kawasaki Heavy Industries, Ltd.
• Hitachi, Ltd.
• Toshiba Energy Systems & Solutions Corporation
• Fuji Electric Co., Ltd.
• Doosan Enerbility Co., Ltd.
• Shanghai Electric Group Company Limited
• Bharat Heavy Electricals Limited

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support