Market Research Future (MRFR) projects the turbocompressor market 2021 to record considerable growth over the review period (between 2018 and 2023). We will provide COVID-19 impact analysis with the report.
Primary Boosters and Main Deterrents
The COVID-19 analysis in the report sheds light on the shrinking demand as well as the plummeting prices of power all across the world, leading to a profound effect on the energy and power industry. Keeping in mind the long-term impact of COVID-19, a majority of companies are currently striving to bring down the costs of safeguarding the liquidity, complete with efforts to ensure ceaseless operations in a bid to curb revenue loss. While countries are rushing to achieve a COVID-19 breakthrough, the present lockdown situation is restraining the movement of materials across construction sites. The short turn impact of the pandemic on companies has been unsparing, with a drastic drop in the investment capacity in line with the decline in power prices along with political uncertainty.
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On the bright side, the turbocompressor market is expected to remain resilient in the face of the ongoing crisis. The increasing deployment of turbocompressors for chemical processes and power generation coupled with the surge in liquefied natural gas trade between countries will ensure smooth run for the market in the approaching years. The speedily rising industrialization across Asian countries like India and China in line with the cheap oil prices also benefits the worldwide market to a large extent. The boom in automotive production along with the non-oil and gas sector, especially in the Middle East can also boost the expansion rate of the turbocompressor market.
Emergence of innovative technologies has facilitated the reduction in the cost of turbocompressors, leading to higher demand across the globe. In addition to this, the rising deployment of turbocompressors for CO2 transmissions gives rise to lucrative opportunities in the global market.
Turbocompressor market share across the globe has been studied extensively by MRFR experts, while considering application, type, and stage as the primary segments.
The application-wise segments that have been covered in the market study are oil & gas, chemical, offshore, power generation, and others.
The types of turbocompressors are centrifugal as well as axial.
The stages broadly covered are single stage and multi-stage.
The regional segregation of the turbocompressors market includes North America, APAC or Asia Pacific, Europe, along with the Rest of the World or RoW.
APAC has materialized into a formidable market for turbocompressors, in correspondence with the growth in the industrial sector in India and China. The rampant demand for gas in Australia and the increasing use of turbocompressors in the power generation as well as the manufacturing industry has led to higher intake of natural gas in the region. The mounting demand for electricity in the region and the consequent rise in the demand for natural gas has boosted the growth of the turbocompressor market. High investment rate in petrochemicals and refining industry combined with the rising steel production in India has helped turbocompressors emerged as a profitable market in the country.
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The North American market stands on the shoulders of the large number of manufacturing facilities across the region that belong to chemical companies, power generation projects and refineries. The development of new industrial sectors and the increasing LNG trade also ensure relentless market growth in the region. To remain one step ahead in the race, most of the leading manufacturers in the region are devising schemes to offer customized products that can enhance the efficiency of compressors. These kinds of strategies in the form of technological innovations can propel the market position in North America in the following years. On the other hand, the rapid expansion of the oil & gas sector can boost the growth of the turbocompressor market in the Middle East & Africa.
Leading participants in the turbocompressor market include Kawasaki Heavy Industries, Ltd., Gardner Denver, Inc., Ingersoll Rand, Hitachi Ltd., Sundyne Corporation, Sulzer Ltd., Mitsubishi Heavy Industries Ltd., Siemens AG, GE Oil & Gas, Rotating Machinery Services, Inc., SKF, Howden Group Ltd, Kobe Steel Ltd, Man Diesel & Turbo SE, Sullivan-Palatek, Inc., Elliott Group, Atlas Copco AG, Bauer Compressors, Inc., to name a few.
Celeroton recently launched a new turbocompressor called CT-NG-2000, which is electrically driven, gas bearing and high-speed machine that is used for inert and noble gases. The turbocompressor can connect to various units in parallel configurations, boosting the pressure ratio as well as mass flow.
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