PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1575036
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1575036
Turbocompressor Market size was valued at USD 5,601.90 Million in 2023, expanding at a CAGR of 6.82% from 2024 to 2032.
A turbocompressor is a type of compressor that increases the pressure of a gas, typically air, by using a rotating impeller. This mechanical device is widely used in applications where high-pressure gas is needed, such as in industrial processes, automotive engines, and refrigeration systems. The main types of turbocompressors include centrifugal compressors, axial compressors, and mixed-flow compressors.
Turbocompressor Market- Market Dynamics
Increasing demand from automotive & oil & gas industries and adoption of renewable energy is expected to propel market demand
The automotive sector's focus on producing fuel-efficient and high-performance vehicles has led to increased adoption of turbochargers, which use centrifugal turbocompressors. This trend is driven by stringent emission regulations and consumer demand for vehicles with better mileage and lower emissions. The oil & gas sector is one of the largest consumers of turbocompressors, used in natural gas processing, gas transportation, and other upstream and downstream activities. As demand for natural gas and its by-products increases, so does the need for efficient turbocompressors to handle large volumes, thereby boosting market growth.
With the increasing adoption of renewable energy sources like wind and solar, there is a demand for efficient energy storage and management systems. Turbocompressors can be used in various energy storage technologies, contributing to the renewable energy infrastructure. Further, turbocompressors play a crucial role in processes like gas separation, cooling, and compression in chemical and petrochemical plants. The growing demand for chemicals and specialty products is driving the installation of more turbocompressors in these industries. These drivers collectively contribute to the expansion of the turbocompressor market across multiple industries.
Turbocompressor Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.82% over the forecast period (2024-2032)
Based on Product Type segmentation, the centrifugal turbocompressors segment was predicted to show maximum market share in the year 2023, owing to their high energy efficiency capabilities.
Based on Application segmentation, power generation segment was the leading Application segment in 2023, due to the rising demand for energy & power.
Based on End User segmentation, oil & gas segment was the leading End User segment in 2023, due to the increasing demand from pumping, electricity generation, compression, etc.
On the basis of region, North America was the leading revenue generator in 2023, due to the high technology adoption and presence of top manufacturers.
Global Turbocompressor Market is segmented on the basis of Product Type, Application, End User, and Region.
The market is divided into three categories based on Product Type: centrifugal turbocompressor, axial turbocomrepssor, and mixed flow turbocompressors. The centrifugal turbocompressor segment dominates the market. Greater energy efficiency offered by centrifugal turbocompressors over other types is expected to bolster segment growth.
The market is divided into three categories based on Application: power generation, water & wastewater, and others. The power generation segment dominates the market. Growing demand for turbocompressors from energy & power grid for pumping & compressing operation is fueling segment demand.
The market is divided into five categories based on End User: oil & gas, automotive, chemical, mining, and others. The oil & gas segment dominates the market and is expected to maintain its high dominance during the forecast period. Increasing demand from upstream, downstream applications is fostering market growth.
Turbocompressor Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The North American turbocompressor market is primarily driven by the strong presence of the oil & gas industry, as well as significant investments in natural gas infrastructure. The United States is a major player due to its shale gas production and refining activities. In Asia Pacific, China and India are major growth markets due to their expanding oil & gas, chemical, and manufacturing industries. Increased investments in renewable energy and water treatment are also contributing to market expansion.
The turbocompressor market is highly competitive and consists of several global and regional players. The competition is driven by technological innovations, energy efficiency standards, and industry-specific demands. Companies are focusing on developing high-efficiency, low-emission turbocompressors that meet stringent environmental regulations. New products often feature advanced materials, integrated control systems, and energy recovery technologies. Large companies are establishing manufacturing and service centers in key growth regions like Asia-Pacific and the Middle East to cater to local demand and reduce logistical costs.
In August 2023, MITSUI E&S Co., received MET Turbocharger orders from Mitsubishi Heavy Industries Ltd.
In 2022, Atlas Copco introduced the ZH 1000+ oil-free centrifugal air compressor, targeting industries that require 100% oil-free air.