USD 5.4 billion
Turbo Compressor Market Size, Share, Growth Analysis, By Type(Centrifugal Turbo Compressors and Axial Turbo Compressors.), By Application(Oil and gas, Power Generation, Chemical and Petrochemical, Manufacturing and Others.), By End - use(Process Industry, Industrial Manufacturing, Oil and gas Industry, Power Generation Industry and Others.), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG55B2006 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
90
|Figures:
76
Turbo Compressor Market Insights
Turbo Compressor Market size was valued at USD 0 Billion in 2023 and is poised to grow from USD 0 Billion in 2024 to USD 0 Billion by 2032, growing at a CAGR of 6.4% during the forecast period (2025-2032).
The global turbo compressor market has been experiencing significant growth in recent years, driven by various factors such as increasing demand for energy-efficient solutions, rising industrialization, and expanding applications across multiple industries. A turbo compressor is a type of rotary compressor that utilises a turbocharger or a turboexpander to compress gases. One of the key drivers for the turbo compressor market is the growing need for energy-efficient solutions in industries. Turbo compressors offer high efficiency and enhanced performance, resulting in reduced energy consumption and lower operating costs. With the increasing focus on sustainability and environmental regulations, industries are actively seeking energy-efficient solutions, and turbo compressors provide an effective solution to meet these requirements. Another factor contributing to the market growth is the rapid industrialization observed across various regions. Industries such as oil and gas, power generation, chemical processing, and manufacturing require efficient compression systems to enhance productivity and ensure smooth operations. Turbo compressors offer higher compression ratios, improved reliability, and lower maintenance requirements, making them ideal for these industries.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Centrifugal Turbo Compressors
Fastest Growth
Centrifugal Turbo Compressors
Growth Rate
6.4% CAGR
Global Turbo Compressors By Country ($ Bn)
Country Share for North America Region (%)
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Turbo Compressor Market Segmental Analysis
The global turbo compressor market is segmented based on type, application, end-use, and region. Based on type, the market can be segmented into Centrifugal Turbo Compressors, and Axial Turbo Compressors. Based on application, the market is segmented Oil and gas, Power Generation, Chemical and Petrochemical, Manufacturing, and Others. By End-use, the market can be segmented into Process Industry, Industrial Manufacturing, Oil and gas Industry, Power Generation Industry, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
Analysis by type indicates that among centrifugal turbo compressors and axial turbo compressors, centrifugal turbo compressors are the dominant type in the global turbo compressors market. They hold a significant market share due to their widespread usage across various industries and applications. Centrifugal turbo compressors are known for their high efficiency, compact design, and capability to handle a wide range of flow rates and pressures, making them suitable for diverse industrial processes.
In terms of the fastest-growing type, axial turbo compressors are witnessing rapid growth in the global market. Axial turbo compressors are increasingly being adopted in applications that require high flow rates and relatively lower compression ratios. Industries such as oil and gas, power generation, and chemical processing are driving the demand for axial turbo compressors. Their ability to provide efficient compression for large volumes of gas or air makes them ideal for applications such as natural gas transportation, refrigeration, and liquefaction.
Analysis by Application
The dominant application segment in the global turbo compressors market is the Oil and Gas sector. This sector extensively utilises turbo compressors for various processes such as gas boosting, gas transmission, natural gas liquefaction, and enhanced oil recovery. The oil and gas industry requires high-performance turbo compressors to handle the demanding conditions of upstream, midstream, and downstream operations. Factors such as the increasing global energy demand, exploration and production activities, and the need for efficient compression systems contribute to the dominance of turbo compressors in the oil and gas sector.
The fastest-growing application segment in the global turbo compressors market is the Power Generation sector. With the shift towards cleaner energy sources and the increasing focus on renewable energy, the demand for turbo compressors in the power generation sector is witnessing rapid growth. Turbo compressors play a crucial role in gas turbine power plants, combined-cycle power plants, and integrated gasification combined cycle (IGCC) plants. These compressors are used for gas compression, combustion air supply, and air separation processes. The growing adoption of natural gas-based power generation and the emphasis on energy efficiency are driving the demand for turbo compressors in the power generation sector.
Global Turbo Compressors By Type
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Turbo Compressor Market Regional Insights
In terms of dominance, North America holds a prominent position in the global turbo compressors market. The region's dominance can be attributed to factors such as the presence of key market players, robust manufacturing and industrial sectors, and a focus on technological advancements. Countries like the US and Canada have a well-established industrial infrastructure, which includes oil and gas, chemical, and power generation industries that extensively utilise turbo compressors. Additionally, the region's emphasis on energy efficiency and sustainability further boosts the adoption of turbo compressors in various applications.
Asia Pacific is emerging as the fastest growing region in the global turbo compressors market. The region's rapid growth can be attributed to several factors, including the increasing industrialization and urbanisation, rising investments in infrastructure development, and a growing focus on clean energy generation. Countries such as China, India, and Japan are witnessing significant growth in their industrial sectors, driving the demand for turbo compressors across industries such as oil and gas, power generation, and manufacturing. Moreover, government initiatives promoting energy efficiency and environmental sustainability are further propelling the adoption of turbo compressors in the region.
Global Turbo Compressors By Geography
- Largest
- Fastest
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Turbo Compressor Market Dynamics
Drivers
Increasing Industrialization
- The rapid pace of industrialization across sectors such as oil and gas, power generation, chemical, and manufacturing serves as a significant driving force behind the turbo compressors market. These compressors play a crucial role in crucial processes like compression, refrigeration, and aeration, making them indispensable in these industries.
Restraints
Intense Competition
- The global turbo compressors market experiences intense competition, characterised by the presence of numerous established players and continuous technological advancements. This high level of competition exerts pressure on pricing and reduces profit margins for market participants, thereby acting as a restraint, particularly for new entrants or smaller companies.
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Turbo Compressor Market Competitive Landscape
The global turbo compressors market is characterised by intense competition among various players operating in the industry. Key players in the turbo compressors market compete based on their ability to provide efficient and reliable solutions that meet the diverse needs of end-users. These players invest in research and development activities to enhance the performance and energy efficiency of their turbo compressors, enabling them to gain a competitive advantage in the market. Additionally, they focus on improving product designs, materials, and control systems to meet evolving customer requirements and industry standards.
Top Player’s Company Profiles
- Siemens AG (Germany)
- GE Oil & Gas (US)
- MAN Energy Solutions SE (Germany)
- Elliott Group (US)
- Atlas Copco AB (Sweden)
- Howden Group Ltd. (UK)
- Kobe Steel, Ltd. (Japan)
- Ingersoll Rand (Ireland)
- SKF Group (Sweden)
- Dresser-Rand Group Inc. (US)
- Siemens Energy AG (Germany)
- Sulzer Ltd. (Switzerland)
- ABB Ltd. (Switzerland)
- Baker Hughes (US)
- Gardner Denver Holdings Inc. (US)
- Hitachi, Ltd. (Japan)
- Bauer Compressors Inc. (Germany)
- Kobelco Compressors America, Inc. (Japan)
- Sullair, LLC (US)
Recent Developments
- In May 2023, Howden announced that it had opened a new manufacturing facility in India to meet the growing demand for turbo compressors in the country.
- In April 2023, Elliott announced that it had entered into a partnership with a Chinese company to develop and manufacture turbo compressors for the Chinese market.
- In March 2023, Siemens announced that it had won a contract to supply 10 reciprocating compressors to a chemical company in Europe. The compressors will be used in a new plastics plant.
- In February 2023, GE announced that it had received an order for 5 axial compressors from a power generation company in Asia. The compressors will be used in a new combined cycle power plant.
- In January 2023, Atlas Copco announced that it had signed a contract to supply 10 centrifugal compressors to a major oil and gas company in the Middle East. The compressors will be used in a gas processing plant.
Turbo Compressor Key Market Trends
- The rising adoption of turbo compressors in the automotive industry is a key market trend. Turbo Compressors are used in the automotive industry to improve the fuel efficiency and performance of vehicles. As the automotive industry continues to shift towards more fuel-efficient and high-performance vehicles, the demand for turbo compressors is expected to grow in the coming years. In addition, the increasing adoption of turbo compressors in other end-use industries, such as oil & gas, power generation, and chemical industry, is also expected to drive the growth of the global turbo compressor market in the coming years.
Turbo Compressor Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to the global turbo compressor analysis, the increasing industrialization, rising energy and power demands, and the need for energy-efficient solutions are the key drivers. A recent report provides a comprehensive analysis of the market, outlining key trends, market size, growth drivers, challenges, and future prospects. According to the report, the turbo compressors market is witnessing substantial growth due to the ongoing industrialization across sectors such as oil and gas, power generation, chemical, and manufacturing. Turbo compressors play a vital role in compression, refrigeration, and aeration processes, making them essential in these industries. The demand for turbo compressors is further fueled by the growing energy and power sectors, where they are extensively used in power plants, gas turbines, and wind energy systems to enhance efficiency and power generation. Technological advancements play a crucial role in the market's growth, and the report emphasises continuous innovations in turbo compressor technology. Improved designs, materials, and control systems have enhanced the performance, reliability, and durability of turbo compressors, meeting the evolving demands of end-users. These advancements contribute to the market's expansion, attracting investments from industry players.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.4 billion |
| Market size value in 2031 | USD 9.14 billion |
| Growth Rate | 6.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Turbo Compressor Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Turbo Compressor Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Turbo Compressor Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Turbo Compressor Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Turbo Compressor Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Turbo Compressor Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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