Global Turbocompressor Market Insights Forecasts to 2033

• The Global Turbocompressor Market Size was Valued at USD 18.5 Billion in 2023
• The Market Size is Growing at a CAGR of 5.23% from 2023 to 2033
• The Worldwide Turbocompressor Market Size is Expected to Reach USD 30.8 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Turbocompressor Market Size is Anticipated to Exceed USD 30.8 Billion by 2033, Growing at a CAGR of 5.23% from 2023 to 2033.

Market Overview

The compressing and injecting gases is done with a hanging device called a turbocompressor. They also help to eliminate the pressure rise that the injected gas delivers with it. Pressure in these compressors increases as angular momentum from a high-speed impeller is continuously converted to static pressure. They also work in every phase of the development of natural gas resources. The oil and gas industry uses them extensively, and the rising requirement for power production capabilities has led to a significant increase in demand for these compressors. A particular kind of machinery called a turbocompressor helps engines run more efficiently while also producing more power. The dynamic concept is utilized by turbocompressors, which are turbomachines that concentrate a compressible gas. With the help of blades that significantly raise temperature and pressure, the gas constantly enters the revolving impeller of a turbocompressor, which distributes mechanical shaft power to the fluid. After this, the diffusor primarily transforms the residual kinetic flow energy into pressure. In several industrial operations, water turbocompressors are utilized to generate refrigerants that facilitate the liquefaction of gases, including helium, nitrogen, and oxygen.

Report Coverage

This research report categorizes the market for the global turbocompressor market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global turbocompressor market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global turbocompressor market.

Driving Factors

The new and important companies in the oil and gas sector are investing because of the continuous market research and development as well as product innovations including real-time data monitoring and sophisticated process control features. These factors are fueling the industry's growth. In comparison to conventional engines, the contemporary turbocompressor has a number of benefits, including enhanced air intake in the combustion chamber, high engine performance, and the ability to reuse combustion exhaust. Twin turbocompressors are becoming more common in new car models from automakers since they perform better in high-speed engines and don't require extra power sources. The demand for turbocompressors in oil and gas facilities worldwide is mostly driven by rising energy demands and a sharp increase in the installation of turboexpanders in offshore oil production sites. It is anticipated that the increasing utilization of these compressors in various end-use industries such as oil and gas, chemical industry, and power generation would improve the market outlook. Due to the growing requirement for improved power production capabilities, the oil and gas industry has seen a considerable growth in demand for these compressors, which find widespread use. These compressors are also utilized for wastewater treatment, wastewater ventilation, air conditioning, heating in electric hybrid cars, and other applications.

Restraining Factors

The availability of substitutes for these compressors, particularly rotary compressors, would probably hamper market growth. Market development is further hindered by tight environmental regulations in the oil and gas industry and rising customization demand from various end-user industries. About efficiency and capacity control, however, screw compressors outperform centrifugal compressors. Over the part load and output range, screw compressors offer greater efficiency and capacity control. Turbocompressor demand is declining globally as a result of the high temperature above LNG, which poses a risk of explosion and limits their usage in these regions.

Market Segmentation

The global Turbocompressor market share is classified into type, stage and application.

• The centrifugal segment is expected to hold the largest share of the global turbocompressor market during the forecast period.   

Based on the type, the global turbocompressor market is divided into centrifugal and axial turbocompressor. Among these, the centrifugal segment is expected to hold the largest share of the global turbocompressor market during the forecast period. These compressors use less energy than traditional compressor types and are built specifically to meet the needs of the facility. Applications for them might be found in a number of end-use industries, such as mining, power plants, municipal (water and wastewater facilities), automotive, and other industries. Axial turbocompressors are also used in chemical and steel facilities, among other sectors, because of their short frontal surface and high peak efficiency.  

• The single-stage segment is expected to hold the largest share of the global turbocompressor market during the forecast period.   

Based on the stage, the global turbocompressor market is divided into single-stage and multi-stage. Among these, the single-stage segment is expected to hold the largest share of the global turbocompressor market during the forecast period. These compressors are made to last a long time in corrosive and dirty environments, such as petrochemical factories, power plants, natural gas processing facilities, refineries, and coal gasification. They are also made to require little maintenance and to operate continuously. Also, a wide variety of end-use sectors utilize single-stage turbocompressors for their dependable performance, smooth operation, and ease of maintenance. However, as most high-compression jet engines run on multi-stage axial compressors, multi-stage turbocompressors are utilized in the aerospace sector.   

• The oil & gas segment is expected to hold the largest share of the global turbocompressor market during the forecast 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 expected to hold the largest share of the global turbocompressor market during the forecast period. Due to the optimal functioning of these compressors for pumping, compression, and power generation in the oil and gas sector, the oil and gas application segment is anticipated to dominate the market. The product finds usage in downstream, upstream, and midstream applications within the oil and gas industry. These compressors are also used in the mining, chemical, pharmaceutical, wastewater treatment, and power generating sectors, among other end-use industries. In the upcoming years, these applications will present the product with several growth potential. There is an increase in product applications in these sectors as companies shift toward automation.

Regional Segment Analysis of the Global Turbocompressor Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global turbocompressor market over the predicted timeframe.

North America is anticipated to hold the largest share of the global turbocompressor market over the predicted timeframe. The rise of the regional market has been reported to be fueled by the presence of major companies. In the regional market, manufacturers like Elliot Group, GE Power, and others have prevailed. According to estimates, the water and wastewater sectors will drive the market outlook. This is a result of rising R&D and product technology developments. Moreover, it is anticipated that the existence of significant product makers would accelerate market expansion in this region.

Asia Pacific is expected to grow at the fastest pace in the global turbocompressor market during the forecast period. The rapid expansion and ensuing rise in economic activity, such as industrialization, modern agriculture, and urbanization, are some of the factors contributing to the growth of the Asia Pacific market. The two industries in this region that use natural gas the most are manufacturing and power generation. The need for natural gas is predicted to rise in response to rising energy use in nations like China and India.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global turbocompressor 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.

List of Key Companies

• 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

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In August 2023, Mitsubishi Heavy Industries Marine Machinery & Equipment Co., Ltd.'s first two orders for MET turbochargers were fulfilled by MITSUI E&S Co., Ltd. The marine main engine, model number 6G80ME-C10.6-EGRTC, would have the turbochargers added.

• In June 2023, IHI created a lightweight and portable electric turbo compressor using patented air bearing technology. The development of fuel cell propulsion systems for airplanes might be helped by this invention.

• In November 2022, In Kotka, Finland, Sulzer established a brand-new, highly automated, digitalized pump manufacturing and logistics facility. It is a major supplier to the market for high-speed turbocompressors, configurable process pumps, and agitators.

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 Applications

• Oil & Gas
• Power Generation
• Chemical
• Water & Wastewater
• Automotive
• Mining
• Others

Global Turbocompressor Market, Regional

• 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