- North America held the largest market share, followed by Asia-Pacific and Europe.
- Oil and Gas industry to lead the turbocompressor market.
- Axial turbocompressor the fastest growing segment of turbocompressor market.
The turbocompressor market is projected to grow from an estimated $12.15 billion in 2016 to $15.81 billion by 2021, at a CAGR of 5.4% from 2016 to 2021. The increasing LNG trade between nations and rapid industrialization in regions such as Asia-Pacific, Europe, and the Middle East & Africa., the growing demand for energy, and investments in sectors other than oil and gas are expected to drive the market for turbocompressor.
North America: The largest market for turbocompressor
North America held the largest market share, followed by Asia-Pacific and Europe. The turbocompressor 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 market, as turbocompressor are used for gas transportation and storage. In terms of individual countries, the market is dominated by the U.S., on account of the large number of ongoing shale gas and LNG projects and the increasing focus on the manufacturing sector in the country. Turbocompressor are expected to be extensively used in gas transportation and storage and manufacturing applications in industries such as chemical, food processing, and pharmaceutical.
Oil and Gas industry to lead the turbocompressor market
The turbocompressor market has been segmented according to application into oil and gas, power generation, chemical, and others. The oil and gas sector accounted for approximately 50% of the market share. The oil and gas industry is the largest end-user. The turbocompressor are used in almost all the stages of the oil and gas industry, from the extraction of oil and gas to its transport and storage. The growing number of LNG projects will likely increase the demand for turbocompressor. This is expected to drive the market in the oil and gas industry.
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Axial turbocompressor the fastest growing segment of turbocompressor market
The turbocompressor market has been segmented on the basis of type into axial and centrifugal turbocompressor. Axial is set to grow at a faster rate, due to their extensive use in LNG transport and crude oil refineries. Centrifugal are estimated to dominate the market. Axial turbocompressor are used as compressors in gas turbines and in the steel and chemical industries. These turbocompressor are primarily used for applications that require a high intake volume of flow, and are more efficient than centrifugal. Most axial turbocompressor produce pressures higher than 100 psi, at intake volumes between 23,500 acfm to 588,500 acfm. The market for axial is expected to grow at the highest CAGR during the forecast period.
The ecosystem of the turbocompressor market is divided into in-house and outsourced tasks. In-house activities mainly focus on the critical aspects and components of a product, while the required auxiliary parts are often outsourced. These components are then assembled according to the required specifications in the assembly stage. All parts are configured before the final packaging of the product. The product is then introduced in the market through the process of distribution, marketing, and sales.
Original equipment manufacturers of turbocompressor include Siemens AG (Germany), General Electric (U.S.), Howden (U.K.), and Mitsubishi Electric Corporation (Japan). The end-users, on the other hand, include Duke Energy (U.S.), National Grid (U.K.), Ruwais Refinery (Abu Dhabi Oil Refining Company) (UAE), Exxon Mobil (U.S.), and Reliance Industries (India).