Global Turbo Compressor Market was valued US$ 13.2 Bn in 2017 and is expected to reach US$ 22.0 Bn by 2026, at a CAGR of 6.8 % during a forecast period.
Turbo compressor is turbo machines that focus a compressible gas with the help of a dynamic principle. Turbo compressor is mostly used in dirty and corrosive applications such as petrochemical plants, refineries, natural gas processing, coal gasification & power stations. It offers longer life, low maintenance, and continuous service.
Growing global LNG trade is one of the key drivers for the global turbo compressor market. Turbo compressor plays a key function in the LNG trade. Turbo compressor also helps the natural gas industry to advance the efficiency and reduce their overall cost. Increasing number of wastewater treatment plants, and growing investments in the power generation sector are driving the growth in the global turbo compressor market. Furthermore, rising adoption of rotary compressors over turbo compressor is limiting the growth in the global turbo compressor market.
The centrifugal compressors segment is estimated to dominate the global turbo compressor market. Centrifugal compressors most preferred in gas turbines and auxiliary power units. These compressors are comprises in pipeline compressors of natural gas, which help move the gas from the product manufacture site to the end consumer.
Single stage turbo compressor is expected to hold significant growth in the turbo compressor market. These compressors are adopted in a wide range of end-user industries owing to their feature like higher efficiencies, smooth operation and ease of maintenance that ensures consistent performance.
The oil & gas segment is projected to hold large market share in the global turbo compressor market .In oil & gas industry, there is a wide requirement for turbo machinery equipment that are consistent and energy efficient. Turbo equipment offers suitable solution in the stage of oil recovery and oil or gas separation to gas treatment and processing. The growing trade of LNG internationally is one of the key drivers for turbo compressor market in the oil & gas industry.
The report provides a detailed overview of the global smart washroom market including regional analysis information .Asia-Pacific is expected to grow at high rate of CAGR in the global turbo compressor market owing to the presence of large chemical plants infrastructure and oil refineries industries . Rapid industrialization in developing economies likes India and China coupled with a decline in oil prices is projected to booming turbo compressor market growth in this region. Furthermore, North America was the second most dominant market for turbo compressor market. The market is largely driven by the U.S. owing to shale gas revolution has improved the production to peak levels. The increasing crude oil production in the region also boosts the turbo compressor market growth in North America.
The report provides key information on the market status of the leading market players. Some of the major key players includes in the global turbo compressor market such as Ingersoll-Rand PLC, Kobel Steel Ltd., Man Diesel & Turbo, Atlas Copco AB, Howden Group Ltd., Elliot Group Ltd., Sulzer Ltd., SKF and Kawasaki Heavy Industries Ltd., Seimen AG, Mitsubishi Heavy Industries Ltd., GE Oil & Gas, among others.
The scope of the report for Global Turbo Compressor Market