Global Industrial Turbo Compressor Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Industrial Turbo Compressor Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Turbo compressors are turbomachines that concentrate a compressible gas with the help of a dynamic principle. In turbo compressor, the gas continuously enters the rotating impeller through which the mechanical shaft power is distributed to the fluid with the help of the 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. Industrial turbo compressors both, axial and centrifugal types are widely used for the compression and injection of gases and offer various benefits which includes low noise level and high power density.

Market Overview:

The latest research study on the global Industrial Turbo Compressor market finds that the global Industrial Turbo Compressor market reached a value of USD 15221.39 million in 2022. It’s expected that the market will achieve USD 17440.12 million by 2028, exhibiting a CAGR of 2.29% during the forecast period.

Upstream and downstream interactions will lead to disruption of business

The epidemic will have a short-term impact on Industrial Turbo Compressor industry, but it is relatively limited. Due to the impact of the epidemic, the production of raw materials and equipment procurement and transportation supply are difficult to be in place, and upstream enterprises affect the work schedule of downstream enterprises. Equipment manufacturing and product manufacturing enterprises in Industrial Turbo Compressor industry are affected to different degrees, and the production and delivery work may be delayed to some extent. Meanwhile, if it fails to meet the customer's delivery time requirements according to the contract, it may lead to the customer looking for another enterprise and lose business. Apart from this, the COVID-19 outbreak has resulted in the closing down of several manufacturing facilities across the globe. The pandemic caused huge revenue losses in end-use industry. The coronavirus lockdown put a brake on the production of several key raw materials in the global market, which, in turn, spiked the prices and lowered the demand for the product. The strict lockdown mandates imposed by governments have restricted cross-border trade between countries, another factor proving to be detrimental for the Industrial Turbo Compressor market share. In addition, Industrial Turbo Compressor manufacturers are drawing up plans for the international market as a new supply link in the global Industrial Turbo Compressor industry, as companies look to re-engineer supply chains in the aftermath of COVID-19. Also, it is expected that the product demand in end-user sectors could pick up following the uplift of the lockdown in numerous countries.

Strength

Turbo compressors are widely preferred for injecting and compressing gases. These compressors are more efficient in comparison to reciprocating compressors as they eliminate the pressure which develops in the injected gas. Turbo-compressors are primarily used for natural gas processing and transmission. Both, axial and centrifugal turbo-compressors are used in gas turbines for compression purposes. Industrial turbo compressors provide various advantages such as high efficiency of the energy conversion and high reliability, thereby boosting demand for industrial turbo compressors which in turn is expected to drive the growth of the global industrial turbo compressor market over the forecast period.

Weakness

Availability of substitute products, such as rotary compressors is expected to hamper growth of the target market over the forecast period. The industrial turbo compressor market growth is restrained by factors such as the increasing adoption of rotary compressors over industrial turbo compressors.
Stringent environmental regulations in the oil and gas sector and increasing customization demand from the end-user industries are hindering the growth of the market.

Region Overview:

In 2021, the share of the Industrial Turbo Compressor market in Asia-Pacific stood at 38.91%.

Company Overview:

GE Oil & Gas is one of the major players operating in the Industrial Turbo Compressor market, holding a share of 9.36% in 2022.

GE Oil & Gas

GE Oil & Gas was the division of General Electric that owned its investments in the petroleum industry. In July 2017, this division was merged with Baker Hughes. The division supplied equipment for the petroleum industry including drilling, subsea and offshore, onshore, LNG, distributed gas, oil pipeline and oil storage, oil refinery and petrochemical.

Siemens energy

Siemens Energy AG is an energy company formed by the spin off of the former Gas and Power division of Siemens Group and includes a 67% share of Siemens Gamesa. Siemens Energy is a global team of more than 91,000 dedicated employees.

Segmentation Overview:

As for product types, the Centrifugal Turbo Compressors segment held the largest market share in 2021.

Axial Turbo Compressors

By type, the industrial turbo compressor market includes centrifugal compressors and axial compressors. The market for axial turbo compressors is set to grow at a faster rate, due to their extensive use in LNG transport and crude oil refineries.

Centrifugal Turbo Compressors

In terms of type, centrifugal turbo compressors are estimated to account for the largest market share; Centrifugal turbo compressor are manufactured uniquely according to plant specifications and consume significantly less energy when compared with other compressor designs. Centrifugal industrial turbo compressors are widely used in chemical and pharmaceutical-manufacturing companies. These compressors are also used in pipeline compressors of natural gas, which help move the gas from the production site to the end consumer.

Application Overview:

By application, the Oil & Gas segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Industrial Turbo Compressor market covered in Chapter 3:

GE Oil & Gas
Mitsubishi Heavy Industries
Sulzer
Siemens energy
Atlas Copco
Kobe Steel Group
Kawasaki Heavy Industries
Howden Group
MAN Energy Solutions
Elliott Group
Ingersoll-Rand

In Chapter 4 and Chapter 14.2, on the basis of types, the Industrial Turbo Compressor market from 2018 to 2029 is primarily split into:

Axial Turbo Compressors
Centrifugal Turbo Compressors

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Industrial Turbo Compressor market from 2018 to 2029 covers:

Oil & Gas
Power Generation
Chemical

Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)