Increase in LNG (liquefied natural gas) transport is anticipated to upsurge the demand for turbo-compressors during the forecast period.
New York, NY -- (SBWIRE) -- 07/18/2017 -- 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. Innovations in products coupled with advancement in technology is expected to have a positive impact over the global turbo-compressor market.
Based on product type, the hydraulic turbo-compressor is expected to dominate the product type segment during the forecast period. However, axial turbo-compressors are projected to grow at a significant rate during the forecast period. Axial turbo-compressors are widely preferred in steel plants, chemical industry, etc. Based on application, the oil & gas segment is estimated to dominate the market over the forecast period. Turbo-compressors are widely preferred in oil & gas industry for extraction, refining, etc.
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Turbo-compressor Market: Drivers
Furthermore, the emergence of new oil & gas industry in Middle East & Africa region is projected to escalate the demand for turbo-compressors in near future. Additionally, increasing adoption of turbo-compressors in the power generation processes is expected to create lucrative growth opportunities in near future.
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Turbo-compressor Market: Restraints
Maturity of the product in the European market is expected to hamper the growth of global turbo-compressors during the forecast period. Moreover, introduction of new turbo-compressor technology like the rotary screw compressors is anticipated to restrict the growth of the global turbo-compressor market during the forecast period.
Turbo-compressor Market: Segmentation
The global turbo-compressor market can be segmented on the basis of product type, stage, output pressure and applications. On the basis of product type, the market can be segmented into axial turbo-compressors and centrifugal turbo-compressors. On the basis of stage, the global turbo-compressor market can be segmented into single stage and multiple stage. On the basis of output pressure, the market can be segmented into 0 bar – 20 bar, 21 bar – 100 bar and 100 bar and above. On the basis of application, the global turbo-compressor market is segmented into power generation, oil & gas, and others (pharmaceuticals, mining, etc.).
Turbo-compressor Market: Region Wise Analysis
On the basis of region, the Asia Pacific is expected to be the most promising and revenue generating region in the global turbo-compressor market due to the presence of large chemical plants, oil refineries, etc. In 2015, the Asia Pacific region held more than 60% share in the global chemical sales market. Moreover, rapid industrialization in Asia Pacific countries like India and China coupled with decline in oil prices is further projected to drive the growth in this region. North America and Europe are projected to witness steady growth during the forecast period. However, increasing LNG trade in North America is expected to fuel the demand for turbo-compressors in near future as they are widely used for storage and gas transportation. Middle East & Africa is expected to witness significant growth in near future. The growth of oil & gas sector in this region is anticipated to escalate the demand for turbo-compressors in this region.
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Turbo-compressor Market: Market Participants
Some of the market participants identified in the global turbo-compressor market are mentioned below:
Sulzer Ltd., Siemens AG, Mitsubishi Heavy Industries Compressor Corporation, General Electric, MAN Diesel & Turbo, Atlas Copco AB, Kawasaki Heavy Industries, Ltd., Howden Group Ltd, Elliott Group, Ingersoll Rand