Turbocompressor Market Outlook: Trends, Growth, and Future Opportunities by 2032
Turbocompressor Market Outlook: Trends, Growth, and Future Opportunities by 2032
According to a new report published by Allied Market Research, titled, “Turbocompressor Market by Type, Stage, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global turbocompressor market size was valued at $15.7 billion in 2020, and is expected to reach $29.3 billion by 2030, with a CAGR of 6.3% from 2021 to 2030.
Turbocompressors are a type of machine that increases the capacity of fuel in addition with the increased energy of the engines. 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 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. Turbocompressors are highly used in dirty and corrosive applications such as petrochemical plants, refineries, natural gas processing, coal gasification, and power stations due to their longer life, low maintenance, and continuous service.
The driving factor for the turbocompressor market is the application of turbocompressor in the water & wastewater treatment. Turbocompressors are used to provide more efficiency and lower maintenance, which saves cost during wastewater treatment for removing pollutants. In addition, the rise in regulations over the use of clean energy, such as the Clean Air Act, increases the use of liquified natural gas trade over different countries, including the U.S. and Australia. Turbocompressors are used for the liquified natural gas applications that maintain the pressure ratio, which creates more demand for the turbocompressor, further driving the turbocompressor market growth.
However, turbocompressors are used for liquefied natural gas applications, the use of liquified natural gas in countries such as Japan and South Korea is prevented due to warm weathers at certain places, which leads to higher temperature causing liquified natural gas to explode. In addition, screw compressors are preferred more than turbocompressors, as screw compressors provide more efficiency and capacity control for the part load and output range. Hence, restraining the use of turbocompressors.
In addition, the outbreak of COVID-19 led to halt in logistic and manufacturing activities across the globe, which in turn, has led to interruption of supply chain, thereby hindering growth of the turbocompressor market. However, this situation is expected to improve as governments are relaxing norms globally, to resume business activities.
However, many companies manufacture turbocompressors for fuel efficiency by more than 10%. In addition, with the rise in the electric vehicle market, companies manufacturing fuel vehicle are modifying their diesel engines to create more environment-friendly engines, where turbocompressors are installed for reducing NOx emission that causes pollution. Moreover, the rise in the automotive industry with growing government regulations is creating new opportunities for the turbocompressor market.
The turbocompressor market is segmented on the basis of type, stage, end user, and region. On the basis of type, the market is divided into centrifugal and axial. On the basis of stage, the market is divided into single stage and multistage. On the basis of end user, the market is segmented into oil & gas, power generation, chemical, and others.
Region wise, the global turbocompressor market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2020, Asia-Pacific was the highest contributor to the global turbocompressor market share, and LAMEA is anticipated to secure a leading position during the forecast period.
The major players profiled in the turbocompressor industry include Atlas Copco AB, Elliott Group, General Electric, Howden Group, Ingersoll Rand, Kawasaki Heavy Industries, Ltd., KOBE STEEL, LTD., MAN Energy Solutions, MITSUBISHI HEAVY INDUSTRIES, LTD. And Siemens.
Key Findings Of Study
- The report provides an extensive analysis of the current and emerging global turbocompressor market trends and dynamics.
- On the basis of type, the centrifugal segment was the largest revenue generator in 2020.
- On the basis of stage, the single stage segment generated the highest revenue in 2020.
- On the basis of end user, the power generation segment dominated the market in 2020.
- Region wise, Asia-Pacific is anticipated to dominate the global turbocompressor during the forecast period.
- The report provides an extensive analysis of the global market trends and emerging opportunities of the market.
- The global turbocompressor market forecast analysis from 2021 to 2030 is included in the report.
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