Global Turbocompressor Market has been expanding proficiently and impacting the global economy in terms of revenue, growth rate, market share, and market size. The global turbocompressor market research report by Market Research Future Reports (MRFR) lays out the scenario which includes lucrative opportunities, market demands, the leading player of the market, and prospects through different angles. By observing this information, MFRF finds that the market will witness tremendous growth by the year 2023 owing to its advanced applications in industries of automotive, oil & gas, power, etc. Thus, the rapidly increasing industrialization on the global level is likely to fuel demand for turbocompressors in the forthcoming years.
Turbocompressor Market: Drivers & Trends
Currently, as the power generation sector is expanding, it is adopting turbocompressors for its processes. It has also been observed that various regions are making efforts to expand their power generation capabilities, which is anticipated to impel the growth of the global turbocompressor market owing to the usage of a turbocompressor. The turbocompressors are also used in the automotive sector as well, and its expansion is also supporting the growth of the global turbocompressor market.
Even the government of various nations is also supportive of the usage of turbocompressor in the growing need for power generation. This factor is majorly catapulting the market to gain upward trajectory in the years to come. Also, the increasing usage and preference of natural gas trading is another major factor that is supporting the market expansion.
Going forward, the turbocompressor market has been experiencing robust growth since past years and is also expected to gain a lot in the upcoming time. Thus, high investments coupled with the introduction of advanced technologies are strengthening the market with its footholds. On the other hand, the large-scale usage of turbocompressors in refineries and petrochemical plants is also projected to intensify the demand in the forecast period. While other factors probable to have a favorable impact on the growth of the market include rising demand of it across end-user industries and more. Nonetheless, some stringent regulations and availability of substitute technologies remain to market to be a hindrance to the market growth.
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The key players operating in the turbocompressor market are Atlas Copco AG, Sulzer Ltd., Kobe Steel Ltd., GE Oil & Gas, Man Diesel & Turbo SE, Siemens AG, Kawasaki Heavy Industries, Ltd., Ingersoll Rand, Howden Group Ltd, Hitachi Ltd., Mitsubishi Heavy Industries, Ltd., SKF, Elliott Group, Rotating Machinery Services, Inc., Sundyne Corporation, Sullivan-Palatek, Inc., Gardner Denver, Inc., and Bauer Compressors, Inc.
December 5, 2018: Sulzer launches the high-efficiency HSR turbocompressor. The new HSR high-speed turbocompressors are designed for the production of oil-free pressurized air. The HSR utilizes high-performance turbo and magnetic bearing technology that helps in maximizing the efficiency and minimizing the need for maintenance.
Turbocompressor Market Segmentation
The global turbocompressor market has been segmented on the basis of application, type, stage, and region.
Segmentation by application, the market includes chemical, oil & gas, power generation, offshore and others.
Segmentation by type, the market includes centrifugal and axial.
Segmentation by stage, the market includes single stage and multi stage.
Region wise, the global turbocompressor market has covered the regions of Asia Pacific, Europe, North America and Rest of the World.
The turbocompressors market in North America is anticipated to observe the peak growth from 2016 to 2021, owing to the mounting manufacturing sector in rapid ways. The boost in the LNG trade between nations would also drive the turbocompressors market in this region, as these are being highly used for gas transportation and storage.
Europe is presently leading the market on account of high investments that are being made in creating turbocharger technologies and enforcement of stringent government regulations in the reduction of carbon emission. However, on the other hand, Asia-Pacific is also anticipated to be the most lucrative market in the forecast period owing to the improved automotive production mainly in countries such as China, Japan, and India.
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