The turbocompressor market is projected to grow from an estimated USD 12.15 Billion in 2016 to USD 15.81 Billion by 2021, at a CAGR of 5.4%. Increasing LNG trade between nations, the growing demand for energy, and investments in sectors other than oil & gas are expected to drive the market for turbocompressor.
Oil & gas sector to dominate the turbocompressor market during the forecast period
The turbocompressor market has been segmented according to application into oil & gas, power generation, chemical, and others. The oil & gas sector accounted for approximately 50% of the market share in 2015. The growing number of LNG projects will likely increase the demand for turbocompressor. This is expected to drive the market for turbocompressors in the oil & gas sector.
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Axial turbocompressors to hold the largest share of the turbocompressors market, by type, during the forecast period
The turbocompressors market has been segmented on the basis of type into axial and centrifugal turbocompressors. Centrifugal turbocompressors are estimated to dominate the market. Axial turbocompressors are used as compressors in gas turbines and in the steel and chemical industries. These turbocompressors are primarily used for applications that require a high intake volume of flow, and are more efficient than centrifugal turbocompressors. Most axial turbocompressors produce pressures higher than 100 psi, at intake volumes between 23,500 acfm to 588,500 acfm. The market for axial turbocompressors is expected to grow at the highest CAGR during the forecast period.
North American turbocompressors market to witness the highest growth during the forecast period
The report covers six regions, namely, North America, Asia-Pacific, Europe, the Middle East, South America, and Africa. The turbocompressors market in North America is expected to witness the highest growth from 2016 to 2021, owing to the growing manufacturing sector in the region. The increase in the LNG trade between nations would drive the North American turbocompressors market, as turbocompressors are used for gas transportation and storage.
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The report also provides an in-depth analysis of the competitive landscape, along with profiles of leading market players such as Atlas Copco AG (Sweden), GE Oil & Gas (U.K.), Siemens AG (Germany), Ingersoll Rand (Ireland), Hitachi Ltd. (Japan), and Mitsubishi Heavy Industries, Ltd. (Japan).