Report Description:

Global Turbocompressor Market was valued at $11,703 million in 2015 and it is projected to grow at a CAGR of 6.5% and is forecast to reach $18,424 million by 2022. 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 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.

 

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The global turbocompressor industry is largely driven by the growing number of wastewater treatment plants, increasing global LNG trade, and increasing investments in the power generation sector. However, the turbocompressor market growth is restrained by factors such as an increasing adoption of rotary compressors over turbocompressor and slowing LNG trade in Japan and South Korea.

Segment Overview:

The global turbocompressor market is segmented based on type, stages, end-user industries, and geography. By type, the turbocompressor market includes centrifugal compressors and axial compressors. Geographically, the market is analyzed across four regions, namely, North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries. The centrifugal compressors segment was the most dominant type in 2015 constituting for 80.7% of the overall market. 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.

On the basis of stage, the turbocompressor market is classified into single stage and multi-stage compressors. Single stage turbocompressor market attributed for a majority of the share in 2015. Single stage turbocompressor 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.

 

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The global turbocompressor market based on end-user industries has been classified into oil & gas, power generation, chemical, and others. The oil & gas segment dominated the turbocompressor 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 turbocompressor market in the oil & gas industry.

By geography, Asia-Pacific generated the maximum revenue, and is estimated to grow at a CAGR of 7.2%, followed by Europe. Asia-Pacific is expected to be the most promising and revenue generating region in the global turbocompressor market due to the presence of large chemical plants and oil refineries. Moreover, rapid industrialization in Asia-Pacific countries such as India and China coupled with a decline in oil prices is further projected to drive the turbocompressor market growth in this region.