New York, United States , July 10, 2024 (GLOBE NEWSWIRE) -- The Global Turbocompressor Market Size is to Grow from USD 18.5 Billion in 2023 to USD 30.8 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.23% during the projected period.
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A turbocompressor is a hanging device that is used for compressing and injecting gases. They help much more to eliminate the pressure rise that the injected gas brings with it. These compressors experience a rise in pressure when angular momentum from a high-speed impeller is continually transformed into static pressure. They are also involved in every stage of the development of resources related to natural gas. These compressors are heavily used in the oil and gas sector, and demand for them has increased significantly due to the growing need for power-generating capabilities. The continuing market research and development, together with product developments like real-time data monitoring and advanced process control features, are driving investments from new and significant players in the oil and gas industry. The industry's expansion is being fueled by these causes. Modern turbocompressors have several advantages over conventional engines, such as improved combustion chamber air intake, high engine performance, and the capacity to repurpose combustion exhaust. However, throughout the anticipated period, the presence of substitute compressors, including rotary compressors, would probably prevent market growth.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Turbocompressor Market Size, Share, and COVID-19 Impact Analysis, By Type (Centrifugal and Axial Turbocompressor), By Stage (Single-Stage and Multi-Stage), By Application (Oil & Gas, Power Generation, Chemical, Water & Wastewater, Automotive, Mining, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The centrifugal segment is anticipated to hold the greatest share of the global turbocompressor market during the projected timeframe.
Based on the type, the global turbocompressor market is divided into centrifugal and axial turbocompressor. Among these, the centrifugal segment is anticipated to hold the greatest share of the global turbocompressor market during the projected timeframe. These compressors are particularly designed to fit the demands of the facility and consume less energy than typical compressor kinds. Numerous end-use sectors, including mining, power plants, municipal (water and wastewater facilities), automotive, and other industries, might have use for them.
The single-stage segment is anticipated to hold the greatest share of the global turbocompressor market during the projected timeframe.
Based on the stage, the global turbocompressor market is divided into single-stage and multi-stage. Among these, the single-stage segment is anticipated to hold the greatest share of the global turbocompressor market during the projected timeframe. These compressors are designed for use in difficult and unclean settings, including petrochemical plants, power plants, refineries, natural gas processing plants, and coal gasification.
The oil & gas segment is predicted to hold the greatest share of the turbocompressor market during the estimated period.
Based on the application, the global turbocompressor market is divided into oil & gas, power generation, chemical, water & wastewater, automotive, mining, and others. Among these, the oil & gas segment is predicted to hold the greatest share of the turbocompressor market during the estimated period. The oil and gas application segment is expected to lead the market since these compressors work so well for pumping, compressing, and generating electricity in the oil and gas industry. Within the oil and gas sector, the product is used in upstream, midstream, and downstream applications.
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North America is expected to hold the largest share of the global turbocompressor market over the forecast period.
North America is expected to hold the largest share of the global turbocompressor market over the forecast period. The rise of the regional market has been reported to be fuelled by the presence of major companies. Manufacturers such as GE Power, Elliot Group, and others have done well in the regional market. Estimates indicate that the market outlook will be driven by the wastewater and water sectors. Rising R&D and product technological advancements are responsible for this.
Asia Pacific is predicted to grow at the fastest pace in the global turbocompressor market during the projected timeframe. The Asia Pacific market is expanding due to a number of causes, including modern agriculture, urbanization, and industrialization, as well as the region's fast development and subsequent rise in economic activity.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global turbocompressor market include Atlas Copco AG, Sulzer Ltd., Kobe Steel Ltd., Elliott Group, General Electric, Howden Group, Ingersoll Rand, Kawasaki Heavy Industries, Ltd., KOBE STEEL, LTD., MAN, Energy Solutions, MITSUBISHI HEAVY INDUSTRIES, LTD., Siemens, Others.
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Recent Developments
- In August 2023, MITSUI E&S Co., Ltd. completed the first two orders for MET turbochargers placed by Mitsubishi Heavy Industries Marine Machinery & Equipment Co., Ltd. Turbochargers would be installed to the marine main engine, model number 6G80ME-C10.6-EGRTC.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global turbocompressor market based on the below-mentioned segments:
Global Turbocompressor Market, By Type
- Centrifugal Turbocompressor
- Axial Turbocompressor
Global Turbocompressor Market, By Stage
- Single-Stage
- Multi-Stage
Global Turbocompressor Market, By Application
- Oil & Gas
- Power Generation
- Chemical
- Water & Wastewater
- Automotive
- Mining
- Others
Global Turbocompressor Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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