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Turbocompressor Market Research Report Information By Application (Chemical, Oil & Gas, Power Generation, Offshore And Others), By Type (Centrifugal And Axial), By Stage (Single Stage And Multi Stage) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Global Industry Size, Share, Growth, Trends and Forecast To 2032

ID: MRFR/E&P/5147-HCR | 100 Pages | Author: Priya Nagrale| June 2024

Global Turbocompressor Market Overview:

Turbocompressor Market Size was valued at USD 19.3 Billion in 2023. The Turbocompressor Market industry is projected to grow from USD 20.52 Billion in 2024 to USD 31.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.51% during the forecast period (2024–2032). Advanced technology development and rising demand throughout end-user industries are the key market drivers enhancing the market growth.

Global Turbocompressor Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Turbocompressor Market Trends

  • Continuous Technological Advancement to Drive Market Growth

Market CAGR for Turbocompressor is being driven by the continuous market research and development, as well as product innovations such as sophisticated process control features and real-time data monitoring, are expected to provide better growth prospects for emerging and significant companies in the oil and gas industry. As a result, research institutions and industry players are constantly concentrating on commercialising and developing better compressors. Atlas Coco compressors, for example, showed a wide range of technologies in October 2021, including aeration technologies and a variety of blowers for wastewater treatment. The company is one of the only ones that can provide integrated packages for compressors, vacuum pumps, blowers, industrial chillers, control systems, and nitrogen systems.

The increasing usage of these compressors across end-use sectors such as power generation, chemical industry, and oil & gas is expected to boost market outlook throughout the forecast period. These compressors are widely used in the oil and gas industry, and demand for the product has expanded dramatically as a result of the industry's requirement for increased power generating capabilities. Furthermore, these compressors are employed in electric hybrid automobiles for ventilation, air conditioning, and heating.

Additionally, the increase in trade of liquefied natural gas (LNG) in countries such as Australia and the United States is promoting more use of the cleaner source of energy for various industries such as generating electricity, manufacturing, and the heating industry, which is promoting more use of the cleaner source of energy for different industries such as generating electricity, manufacturing, and heating. This is causing an increase in the commerce of liquefied natural gas between different countries, and turbocompressors are utilised for LNG to maintain pressure ratios. Furthermore, many government rules governing the use of cleaner energy, such as the Clean Energy Act, encourage the use of cleaner energy in various businesses. Thus, driving the Turbocompressor Market revenue.

Turbocompressor Market Segment Insights:

Turbocompressor Application Insights

The Turbocompressor Market segmentation, based on application includes chemical, oil & gas, power generation, offshore and others. The oil & gas application sector is expected to lead the market due to the suitability of these compressors for pumping, compression, and electricity generation in the oil and gas industry. The product is utilised in downstream, upstream, and midstream applications in the oil and gas industry. These compressors are also used in wastewater management, power generating, mining, pharmaceutical, chemical, and other industries. These applications provide numerous chances for the product to flourish in the next years. As industries move towards automation, the product's applicability in these areas expands.

Turbocompressor Type Insights

The Turbocompressor Market segmentation, based on type includes centrifugal and axial. In 2022, the centrifugal segment dominated the market. Centrifugal Turbocompressors are a form of rotor dynamic compressor. The needed pressure rise occurs in these Turbocompressors as a result of the constant conversion of angular momentum imparted to the refrigerant vapour by a high-speed impeller into static pressure. Centrifugal Turbocompressors are steady-flow devices, thus they experience less vibration and noise, fueling the growth of the Turbocompressor Market. In an axial flow compressor, air travels from one stage to the next, with each stage slightly increasing the pressure.

Turbocompressor Stage Insights

The Turbocompressor Market segmentation, based on stage, includes single stage and multi stage. In 2022, single-stage category dominated the market. These compressors are built for minimum maintenance, extended life, and continuous operation in corrosive and dirty environments such as refineries, natural gas processing, petrochemical facilities, power plants, and coal gasification. Furthermore, single-stage Turbocompressors are widely used in a variety of stage sectors due to their smooth operation, ease of maintenance, and improved efficiencies that assure consistent performance.

Figure1: Turbocompressor Market, by Stage, 2024 & 2032 (USD Billion)

Turbocompressor Market, by Stage, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Turbocompressor Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Turbocompressor Market area will dominate this market, owing to rapid economic expansion; growing industrialisation, urbanisation, and modern agriculture are all factors. Furthermore, China, South Korea, India, and Indonesia have a sizable market share in this area. Moreover, China’s Turbocompressor Market held the largest market share, and the Indian Turbocompressor Market was the fastest growing market in the Asia-Pacific region

Further, the major countries studiedin the market reportare The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2:Turbocompressor Market Share By Region 2022 (USD Billion)

Turbocompressor Market Share By Region 2022

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Turbocompressor Market accounts for the second-largest market share due to the rising water and wastewater plant installation, combined with rising need for clean water across various sectors in Europe, is driving market demand over the projection period. Further, the German Turbocompressor Market held the largest market share, and the UK Turbocompressor Market was the fastest growing market in the European region

The North America Turbocompressor Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the increasing R&D and technological advancements in products. In addition, the presence of major product manufacturers is expected to boost the market growth in this region.

Turbocompressor Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Turbocompressor Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Turbocompressorindustry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Turbocompressor industry to benefit clients and increase the market sector. In recent years, the Turbocompressor industry has offered some of the most significant advantages to medicine. Major players in the Turbocompressor Market, including Elliott Group, Rotating Machinery Services, Inc., Sundyne Corporation, Sullivan-Palatek, Inc., Gardner Denver, Inc, and Bauer Compressors, Inc. and others, are attempting to increase market demand by investing in research and development operations.

Siemens is a German multinational conglomerate and Europe's largest industrial manufacturing firm. Its headquarters are in Munich, and it has a number of foreign branch offices. The company's primary divisions are Digital Industries, Smart Infrastructure, Mobility, Healthcare (named Siemens Healthineers), and Financial Services. The firm is a notable manufacturer of medical diagnostics equipment; its medical health-care segment, which accounts for around 12% of total revenues, is the corporation's second-most lucrative unit after the industrial automation division. It is considered as a pioneer in this field and the corporation with the largest revenue in the world. In February 2020, Siemens, a German engineering firm, has agreed to supply boil-off compressor (BOG) packages incorporating STC-SV Turbocompressors for Venture Global's LNG project, a US-based liquefied natural gas (LNG) producer. The LNG export project is expected to generate 10 million tonnes of clean energy per year, which will be shipped globally.

Dynamics Research Corporation (DRC) was an American publicly traded firm created in 1955. The corporation was primarily an engineering services provider to the United States Department of Defence. DRC provided technical and consulting skills in high-performance computing, cybersecurity, financial and regulatory reform, programme, engineering, and life-cycle support, as well as IT modernisation and sustainment. In August 2021, The United States Department of Energy awarded R&D Dynamics Corporation, based in Bloomfield, Connecticut, a contract to manufacture air management system compressors for heavy-duty vehicle applications as part of its Million Mile Fuel Cell vehicle programme. The company was a pioneer in the manufacture, manufacturing, and research of clean energy technology items such as Turbocompressors for fuel cells and turbogenerators for waste heat recovery power generation.

Key Companies in the Turbocompressor market include

  • Atlas Copco AG

  • Sulzer Ltd.

  • Kobe Steel Ltd.

  • GE Oil & Gas

  • Man Diesel & Turbo SE

  • Siemens AG

  • Kawasaki Heavy Industries Lid.

  • Ingersoll Rand

  • Howden Group Ltd

  • Hitachi Ltd.

  • Mitsubishi Heavy Industries Ltd.

  • SKF

  • Elliott Group

  • Rotating Machinery Services InC

  • Sundyne Corporation

  • Sullivan-Palatek Inc

  • Gardner Denver Inc

TurbocompressorIndustry Developments

In September 2020,BorgWamer announced that it will supply a OEM with its cutting-edge variable turbine geometry (VT) Turbocompressor for a number of vehicle types. The VT Turbocompressor's better power output, reduced emissions, and higher temperature capabilities assist modern hybrid and combustion engines.

In November 2020,Continental announced the expansion of their aftermarket Turbocompressor line for BMW, MINI, and VW. In these vehicles, Continental's RAAX turbine technology is used, which improves engine response and lowers emissions by enhancing efficiency.

In November 2020,Cummins will add a new compressor stage to the Series 800 Holset turbocharger. The Series 800 Turbocompressor has been improved significantly in terms of performance, flow range, temperature capability, and seal toughness.

Turbocompressor Market Segmentation:

Turbocompressor Market Application Outlook

  • Chemical

  • Oil & Gas

  • Power Generation

  • Offshore

  • Others

Turbocompressor Market Type Outlook

  • Centrifugal

  • Axial

Turbocompressor Market Stage Outlook

  • Single Stage

  • Multi Stage

Turbocompressor Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2023 USD 19.3 Billion
Market Size 2024 USD 20.52 Billion
Market Size 2032 USD 31.5 Billion
Compound Annual Growth Rate (CAGR) 5.51% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Application, Type, Stage and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled  Atlas Copco AG, Sulzer Ltd., Kobe Steel Lid., GE Oil & Gas, Man Diesel & Turbo SE, Siemens AG, Kawasaki Heavy Industries, Ltd., Ingersoll Rand, Howden Group Ltd, Hitachi Ltd., Mitsubishi Hervy Industries, Ltd, SKF, Elliott Group, Rotating Machinery Services, Inc., Sundyne Corporation, Sullivan-Palatek, Inc., Gardner Denver, Inc, and Bauer Compressors, Inc.
Key Market Opportunities Product releases and R&D by significant critical players.
Key Market Dynamics Rapid industrialisation and high technology development.

Frequently Asked Questions (FAQ) :

The global Turbocompressor Market size was valued at USD 19.3 Billion in 2023.

The global market is projected to grow at a CAGR of 5.51% during the forecast period, 2024-2032.

Asia Pacific had the largest share in the global market

The key players in the market are Elliott Group, Rotating Machinery Services, Inc., Sundyne Corporation, Sullivan-Palatek, Inc., Gardner Denver, Inc, and Bauer Compressors, Inc.

The centrifugal turbo-compressor category dominated the market in 2022.

The oil and gas had the largest share in the global market.

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