Portland, OR -- (SBWIRE) -- 02/26/2018 -- Global Turbocompressor Market size was estimated to be $11,703 million in 2015 and is expected to reach $18,424 million by 2022 growing at a CAGR of 6.5%, according to a new report published by Allied Market Research. Oil & gas segment is expected to dominate the end-user sector in the global turbocompressor market from 2015 to 2022. Asia-Pacific region dominated the market contributing to 37.0% of the global turbocompressor market share in 2015.

Turbocompressor are turbo machines that concentrate a compressible gas with the help of a dynamic principle. In turbocompressor, 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. Turbocompressor are highly used in dirty and corrosive applications such as petrochemical plants, refineries, natural gas processing, coal gasification & power stations due to their longer life, low maintenance, and continuous service.

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The global turbocompressor market is segmented based on type, stages, end-user industries, and geography. By type, the turbocompressor market is segmented into centrifugal compressors and axial compressors. Centrifugal compressor was the most dominant type accounting for 80.7% of the overall market in 2015. The centrifugal compressors market is projected to grow at a CAGR of 5.5% during the forecast period. Centrifugal compressors have high adoption in gas turbines and auxiliary power units. These compressors are also used in pipeline compressors of natural gas, which help move the gas from the production site to the end consumer.

Based on stage, the global turbocompressor market is classified into single-stage turbocompressor and multi-stage turbocompressor. Single-stage compressors dominated the market in 2015 and is estimated to grow at a CAGR of 5.9% during the forecast period 2016-2022. Single stage turbocompressor are adopted in a wide range of end-user industries owing to their higher efficiencies, ease of maintenance, and smooth operation that ensures reliable performance.

The global turbocompressor market based on end-user industries has been classified into oil & gas, power generation, chemical, and others. The oil & gas segment dominated the turbocompressor market in 2015 accounting for $5,014 million. In the oil & gas industry, there is a wide requirement for turbomachinery equipment that are reliable and energy efficient. The oil & gas industry requires turbo equipment from the stage of oil recovery and oil/gas separation to gas treatment and processing. The increasing trade of LNG globally is also a key driver for turbocompressor industry in the oil & gas segment.

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By geography, the turbocompressor market is analyzed across four regions, namely North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries. Asia-Pacific was the most dominant geographical market in 2015, is estimated to grow at a CAGR of 7.6%. Asia-Pacifics energy demand has been continuously increasing due to the growing population and rising consumer class. The major demand for oil in the region is being witnessed from the transportation sectors in developing regions. Turbocompressor in Asia-Pacific are used in the oil & gas upstream, midstream, and downstream sector. They are also being highly used in the power generation industry for smooth functioning of coal as well as gas power plants.