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 2024-2031

Global Turbo Compressor Market size was valued at USD 5.4 billion in 2021 and is poised to grow from USD 5.56 billion in 2022 to USD 9.14 billion by 2030, growing at a CAGR of 6.4% in the forecast period (2023-2030).

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.