Global Turbocompressor Market By Type (Centrifugal and Axial), Stage (Single-Stage and Multi-Stage), Application (Oil & Gas, Power Generation, Chemical, Water & Wastewater, and Others) and Region - Market Share, Trend Analysis, Competitive Intelligence, Historical Data, and Forecast 2023 - 2030

Market Perspective

The global Turbocompressor Market was valued at USD 7.65 billion in 2022 and is projected to reach USD 12.34 billion by 2030, growing at a CAGR of 6.01% from 2023 to 2030.

Turbocompressors, also known as turbochargers, are mechanical devices that increase the pressure and density of air or gas before it enters an engine or process. They are commonly used in various industries, including automotive, aviation, power generation, and wastewater treatment. Turbocompressors consist of a turbine and a compressor connected by a shaft. The turbine, driven by exhaust gases or an external power source, spins the shaft, which, in turn, rotates the compressor, compressing the incoming air or gas. This compressed air or gas is then supplied to the engine or process, resulting in improved efficiency, increased power output, and reduced emissions.

Turbocompressors play a pivotal role in various industries due to their efficient gas compression capabilities. They are a type of dynamic compressor used to increase the pressure of process air or gas by utilizing the kinetic energy imparted by the rotating impeller. These compressors come in various types, with centrifugal and axial being the most prevalent. Centrifugal turbocompressors use radial forces to accelerate the gas, while axial compressors employ a series of airfoil-shaped blades to create a continuous flow in the axial direction.

Their applications encompass a wide range of industries, particularly in oil & gas, power generation, chemical, and automotive sectors. The market is driven by factors such as technological advancements that enhance efficiency and reliability, growing energy demand, and increasing industrial activities on a global scale.

Key Insights

• Based on type, the centrifugal segment acquired the largest market share in 2022
• Based on stage, the multi-stage segment captured the largest industry share in 2022
• Based on application, the oil & gas segment held the largest market share in 2022
• On the basis of region, North America accounted for the largest market share in 2022

Notable Technological Advancements Aid Turbocompressor Market Growth

Technological advancements stand as a significant driver propelling the growth of the turbocompressor market. Continuous innovation in compressor technology has led to remarkable improvements in efficiency, reliability, and performance. Advancements in material sciences, computational fluid dynamics, and manufacturing techniques have significantly enhanced the design and construction of turbocompressors. Engineers and manufacturers are continuously refining these systems, focusing on improving impeller designs, bearing technologies, and control systems. The development of more efficient and durable turbocompressors is fueling market growth.

Concerns Pertaining to Environmental Regulations Hinder Market Growth

Stringent environmental regulations and sustainability concerns are significant restraints hampering turbocompressor market growth. These regulations, which are aimed at reducing carbon emissions and enhancing energy efficiency, have increased pressure on industries to adopt environmentally friendly practices. This has caused manufacturers to invest in R&D to develop eco-friendlier and energy-efficient turbocompressor systems, which, while beneficial for the long term, could lead to increased production costs and impact market growth in the coming years.

Recent Developments

June 2023: IHI developed an electric turbo compressor with proprietary air bearing technology, offering a lightweight and compact solution. This innovation has the potential to support the realization of aircraft fuel cell propulsion systems.

April 2023: Howden secured a contract with LEM Construction Co. to provide turbocompressors for Houston's Southeast Wastewater Treatment Plant, which handles an average daily flow of 10.2 million gallons of wastewater.

Segmentation Analysis

Based on type, the market is categorized into centrifugal and axial. The centrifugal segment garnered the highest revenue in 2022 owing to its versatile applications across various industries. Centrifugal turbocompressors are preferred due to their high efficiency, reliability, and adaptability to a wide range of gas compression requirements. They find extensive use in diverse applications such as gas transmission, refining processes, power generation, and HVAC systems. Their ability to handle varying flow rates and pressures efficiently contributed significantly to their dominance in the market in 2022.

Based on stage, the market is categorized into single-stage and multi-stage. The multi-stage segment captured the largest industry share in 2022 owing to its capability to efficiently compress gas at multiple pressure levels. Multi-stage turbocompressors offer enhanced efficiency and flexibility in meeting various pressure requirements. They are well-suited for applications demanding high compression ratios and find extensive use in the oil & gas, chemical, and power generation sectors. The demand for higher pressure gas compression across different industries is a key factor likely to drive the growth of the multi-stage turbocompressor segment.

Based on application, the market is categorized into oil & gas, power generation, chemical, water & wastewater, and others. The oil & gas segment garnered the highest valuation of USD in 2022 owing to the critical role of turbocompressors in this industry. Turbocompressors are extensively used in gas processing, natural gas liquefaction, and gas transmission in the oil & gas sector. These compressors aid in maintaining pressure and flow rates crucial for efficient operations in drilling, transportation, and refining processes. This is set to aid segment growth significantly over the review timeline.

North America Dominates Global Market with Technological Innovation

North America dominated the market in 2022 with the highest valuation, primarily due to technological advancements. The region boasts a robust presence of major companies focusing on technological innovation in turbocompressor design and manufacturing. These innovations have led to the development of highly efficient and reliable turbocompressor systems, driving their widespread adoption across industries in the region. Increasing investment in R&D and the implementation of advanced technologies in turbocompressor production has positioned North America as a leader in the global market.

Asia-Pacific Registers Fastest Growth Owing to Rapid Industrial Expansion

Asia-Pacific is the fastest-growing region in the turbocompressor market and is likely to record the highest CAGR over 2023-2030 owing to substantial industrial expansion. The region's rapid economic growth, particularly in emerging markets like China, India, and Southeast Asian countries, has propelled industrial activities and energy demands. This surge in industrialization drives the need for efficient gas compression systems, fostering the demand for turbocompressors in various sectors. Additionally, supportive government initiatives and infrastructural developments is further contributing to the region's significant growth in the turbocompressor market.

Competitive Landscape

The global turbocompressor market is fragmented with key players such as Atlas Copco AB, Elliott Group, General Electric, Howden Group, Ingersoll Rand, Kawasaki Heavy Industries, Ltd., Kobe Steel, Ltd., MAN Energy Solutions SE, Mitsubishi Heavy Industries, Ltd., Siemens AG, and IHI Corporation, among others. Companies are employing a variety of strategic measures such as acquisitions, mergers, partnerships, introduction of novel product types, and collaborations to expand their business globally and enhance their competitive position.

The global Turbocompressor Market is segmented as follows:

By Type

• Centrifugal
• Axial

By Stage

• Single-Stage
• Multi-Stage

By Application

• Oil & Gas
• Power Generation
• Chemical
• Water & Wastewater
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America