According to the latest report by IMARC Group “Turbocompressors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global turbocompressors market size reached a value of US$ 17.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 25.5 Billion by 2027, exhibiting at a CAGR of 6.4% during 2022-2027.
Turbocompressor is a turbomachine that is mainly employed in manufacturing plants for concentrating a compressible gas through dynamic principles. It is also utilized for energy recovery, petrochemical production, and power generation during natural gas processing. A turbocompressor includes a turbocharger, compressor, and center hub rotating assembly. At present, it is available in the form of axial and centrifugal compressors.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The widespread adoption of turbocompressors for chemical processing and power generation, along with the increasing trade of liquefied natural gas (LNG) across the globe is one of the primary factors driving the turbocompressor market toward growth. Moreover, the increasing utilization of turbocompressors for storing, lifting, injecting, compressing, transmitting, and gathering gas is further inducing the market growth. In line with this,the escalating demand for optimized turbocompressors account of their fuel-saving and high-power density properties are creating a positive outlook for the market across the globe.
Breakup by Type:
- Centrifugal Compressors
- Axial Compressors
Breakup by Stage:
- Single Stage
- Multi-stage
Breakup by End User:
- Oil and Gas
- Power Generation
- Chemical
- Water and Wastewater
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Atlas Copco AB
- BorgWarner Inc.
- Continental AG
- Cummins Inc.
- Eaton Corporation plc
- Howden Group Holdings Ltd
- Ingersoll Rand Inc.
- Kawasaki Heavy Industries Ltd.
- MAN Energy Solutions SE (Volkswagen AG)
- Mitsubishi Heavy Industries Ltd
- Siemens AG and Sulzer Ltd.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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