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Turbomachinery Market By Type (Gas & Steam Turbine, Gas Compressor, Pump, Others) By Industry (Upstream, Midstream, Downstream) By Deployments (Onshore, Offshore) - Growth, Future Prospects & Competitive Analysis, 2016 - 2028

REPORT ATTRIBUTE DETAILS

Turbomachinery Market by Volume

Yes

Market by Value

Yes

Market, Tornado Analysis

Yes

Market, STAR Analysis

Yes

Market, SRC Analysis

Yes

Market, Import-Export Data

Yes (On Demand)

 Market Pricing Analysis

Yes (On Demand)

Market Segment Analysis

By Type (Gas & Steam Turbine, Gas Compressor, Pump, and Others)

By Deployment (Onshore and Offshore)

By Industry (Upstream, Midstream, and Downstream)

Market, Regional Analysis

North America (US and Canada)

Europe (Germany, UK, France, Italy, Spain, and the Rest of Europe)

Asia Pacific (China, India, Japan, South Korea, South East Asia, and the Rest of Asia Pacific)

Latin America (Brazil, Mexico, and the Rest of Latin America)

Middle East and Africa (GCC Countries, South Africa, and the Rest of the Middle East and Africa)

Market Key Companies

General Electric Company, Siemens AG, Sulzer Ltd, Air Products & Chemicals Inc, MAN SE, Caterpillar Inc, Elliott Group Ltd, Atlas Copco AB, Kobe Steel Ltd, and Galileo Technologies S.A.

Market Competitive Landscape

Market Share Analysis

Competitive Benchmarking

Key Players Market Positioning

Geographical Presence Analysis

Major Strategies Adopted

 

Key Highlights of the report

How are the major segments performing in the Turbomachinery Market?

  • In 2022, the onshore deployment segment accounted for the major revenue share of the market owing to the multiple forms of turbomachinery models commonly deployed on onshore gas compressors.
  • In 2022, the downstream industry segment held a prominent global turbomachinery market revenue share. Rapidly increasing refined product demand in emerging markets like China, Mexico, India, and Brazil is expected to drive the downstream turbomachinery market.
  • The gas & steam turbine type segment was anticipated to account for a significant global turbomachinery market share in 2022 due to their superior reliability, especially in applications requiring high power consistently.

Which region dominated the turbomachinery market?

Asia Pacific dominated the global turbomachinery market in 2022. Asia Pacific is the primary market for turbomachinery control solutions owing to significant investments in Japan, China, and India for ongoing advancements in the region's power and oil & gas industries. Asia Pacific is expected to hold the largest market for turbomachinery control solutions during the forecast period, owing to rising urbanization and national purchasing power. Furthermore, developing countries population growth, urbanization, and industrialization have increased the demand for refined and petroleum refinery commodities. As a result, the focus of turbomachinery vendors has shifted to countries such as China and India.

How is US Market Performing in the turbomachinery market?

The North American upstream industry is expected to grow faster in the turbomachinery market due to the positive outlook in the United States and Canada. The crude oil production along the Gulf Coast of the United States increased from 5.2 million BPD in 2015 to 7.1 million BPD in 2019, with the Permian Basin in western Texas and southeast New Mexico being the main contributors. As a result, growth in the United States and private sector investments in Canada are anticipated to propel the North American upstream oil and gas turbomachinery market in the predicted period. The oil and gas industry has recently experienced some stability, and it is anticipated that this stability will lead to an increase in investment in the region's upstream, midstream, and downstream industries, which will boost the expansion of the oil and gas industry turbomachinery market.

How is the economy impacting global turbomachinery market growth?

In the short term, the Russia-Ukraine war hampered global economic recovery from the COVID-19 pandemic. The conflict between these two nations has resulted in economic sanctions against several countries, a rise in commodity prices, and disruptions in supply chains that have impacted turbomachinery markets worldwide. However, the increase in renewable energy generation is expected to drive future growth in the turbomachinery market for gas compressors and cryogenic pumps. Cryogenic pumps generate renewable energy by depressurizing high-pressure gases with power generation equipment, resulting in electricity generation.

What is the competitive environment of the turbomachinery market?

The global turbomachinery market is moderately fragmented owing to the many companies operating in the industry. Major players in the global turbomachinery solutions market are implementing various organic and inorganic growth strategies, including joint ventures, strategic alliances, expansion, collaborations, mergers & acquisitions, new product launches, and research & development, to strengthen their regional presence and business operations. For example, in December 2021, Edwards Vacuum, a UK-based provider of cryogenic pumps, introduced a new cryopump for turbomachinery applications, the CTI-Cryogenics On-Board IS 320F XVS. This product has special attributes like cryogenic heat load compensation, variable speed motor and control system, and intelligent self-adjusting technology to deliver consistent and stable vacuum performance between regenerations. It is an advanced system control that provides real-time system information for the best array temperature management while ensuring improved process quality, uptime, and vacuum consistency.

Executive Summary

What are the key trends in the Turbomachinery market?

  • Energizing turbomachinery innovations with additive manufacturing technology: The turbomachinery industry is extremely competitive, and the marketplace expects enhanced fuel efficiency, power generation, and system reliability with lower maintenance costs, manufacturing efficiency, and supply chain efficiency. Gas turbines require high-performance superalloys and increasingly complex shapes. Traditional manufacturing methods have long lead times and generate much waste. Furthermore, they frequently involve multi-part assemblies, which are costly to produce and result in turbines that are more prone to stresses and failures. Modern turbomachinery producers are overcoming these obstacles and speeding up innovation by switching to additive manufacturing (AM), also known as 3D printing. Additive manufacturing shortens the design cycle by allowing for the rapid and low-cost production of complex parts for fit, form, and function testing. Additive manufacturing allows for greater design flexibility, improved system performance and reliability, higher reliability, shorter market time, and increased supply chain efficiency.

What are all the technical developments in the Turbomachinery Market?

Major industries, such as turbomachinery manufacturers, are investing heavily in the R&D of modern technology to decrease start-up time, enhance productivity at idle speeds, and improve sensitivity to changes in power demands to increase turbomachines' overall efficiency. Rapid technological advances in the energy industry, combined with a shift in emphasis toward distributed power generation technologies, propel the global market forward. The growing adoption of automation technologies in the industrial sector is anticipated to drive market growth in the coming years. For instance, CENTUM VP is an I/O module that integrates DEHC and DCS functionalities to monitor and control the energy production plant and turbomachinery control utilizing unified hardware, contributing to the growth of the turbomachinery system market.

Which are the key investments by the turbomachinery market players?

Oil and gas upstream facilities, process facilities, and power generation all use turbomachinery. Turbomachinery is frequently the most important capital equipment investment. India is growing rapidly as a market for turbomachinery systems owing to recent significant improvements in city gas distribution there and an investment of USD 16.7 billion by 2030. India is also increasing its investments in the refining and petrochemical industries. India's capacity to refine petroleum increased by 6.51% from March 2018 to March 2019, reaching 22495.43 TMT. Saudi Aramco recently announced a USD 75 billion investment in Reliance's oil-to-chemical (O2C) division. China's energy demand is steadily rising, indicating an increase in demand for turbines and compressors, which will drive the turbomachinery market forward.

Some major players in the turbomachinery market are General Electric Company, Siemens AG, Sulzer Ltd, Air Products & Chemicals Inc, MAN SE, Caterpillar Inc, Elliott Group Ltd, Atlas Copco AB, Kobe Steel Ltd, and Galileo Technologies S.A.

What are the Major Driving Factors for the Turbomachinery Market?

A turbomachinery system regulates the power and speed of a turbine. The turbomachinery system ensures greater safety and superior performance. The turbomachinery control system directs the speed of gas, steam, and hydro turbines. It also ensures compressor security and load balancing between generators or compressors to ensure the most efficient use of resources. Some key factors driving the market include the increasing adoption of turbomachinery in conjunction with the growth of the power and chemical industries, rising demand for oil and gas, and the inherent advantages of turbomachinery systems. Power, oil & gas, mechanical retrofit, food & beverage, and life sciences industries highly demand turbomachinery solutions.

What are the Major Risks for the Turbomachinery Market?

Integrating turbomachinery machinery into a single control system is complex and expensive. Furthermore, governments in various countries are shifting to cleaner energy sources to reduce carbon emissions from conventional fuels. This trend will drive customers to shift to renewable energy generation, reducing the need for turbomachinery. Consequently, this limits the market's growth during the anticipated period for turbomachinery control systems.

turbomachinery-market

Which is the key industry in the turbomachinery market?

In 2022, the downstream sector dominated the oil and gas industry turbomachinery market, and this is expected to continue in the forecast period. The downstream oil and gas turbomachinery market is expected to be driven by rising refined product demand in emerging markets such as China, India, Mexico, and Brazil. Besides, global demand for natural gas is expected to rise because natural gas is less harmful to the environment than other fossil fuels such as oil. There is a global trend toward the consumption of cleaner fuel due to concerns about air pollution and global warming. As a result, it is anticipated that the gas's share of overall global energy consumption will increase. Furthermore, demand for turbines and compressors is increasing, and the recent drop in crude oil prices has opened up new prospects for downstream industries.

How is the turbomachinery market performing in regions?

The Asia Pacific market is expected to grow at the fastest rate in the global turbomachinery market in the projected period, owing to increased investments and advancement of gas distribution network, increased refining & petrochemical-related industries in developing countries like India, growing demand for energy and a slowdown in coal energy production in China, growth in the chemical industry, and increased awareness of the use of natural gas. Besides, Europe is a major consumer of turbomachinery control solutions. The market for turbomachinery control solutions is anticipated to grow significantly in the region due to manufacturers' expansion.

What is the regulatory landscape for the turbomachinery market?

Various potentially hazardous devices are used in industrial processing facilities, and employees must follow safety regulations to avoid sanctions. Strict coal-plant regulations, low gas prices, and increased use of renewable energy are driving the shift to combined-cycle gas turbine technology. The industrial demand for gas and steam turbine turbomachinery is increasing due to strict pollution regulations.

What is the Market Size of Turbomachinery regarding value?

The global turbomachinery market is anticipated to grow at a substantial CAGR of XX% in the upcoming years. The global Turbomachinery industry was estimated to be worth USD XX billion in 2022 and was expected to be worth USD XX billion by 2028.

What are the major players planning for the future of the turbomachinery market?

Established manufacturers in the turbomachinery system use merger and acquisition strategies to gain global market dominance. For example, on July 2, 2018, ABB Group completed its acquisition of GE industrial solutions and the electrification solution business of GE. This acquisition expands ABB's digital offering's growth opportunities. Major businesses are also engaged in new offerings and forming alliances to diversify their services portfolio and establish a strong presence in the global turbomachinery market.

Segmentation of Global Turbomachinery Market-

Global Turbomachinery Market – By Type

  • Gas & Steam Turbine
  • Gas Compressor
  • Pump
  • Others

Global Turbomachinery Market – By Industry

  • Upstream
  • Midstream
  • Downstream

Global Turbomachinery Market – By Deployments

  • Onshore
  • Offshore

Global Turbomachinery Market – By Region

  • North America
    • US.
    • Canada
  • Europe
    • Germany
    • France
    • UK.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-east Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of the Middle East and Africa

Frequently asked questions about the global turbomachinery market

The COVID-19 outbreak has directly impacted the turbomachinery market. The COVID-19 outbreak is reducing demand for turbomachinery solutions providers in various applications.

In 2022, Asia Pacific held the largest share of the global turbomachinery market.

The increasing demand for turbomachinery control systems in oil & gas, chemical & petrochemical, transportation, and power generation applications can be attributed to the global growth of this market.

The gas & steam turbine segment had a major share of the global market in 2022.

The downstream segment had a major share in the global market.

Turbomachinery Market Scope

Report Attribute Details
Market Value in 2021 USD XX billion
Market Value in 2028 USD XX billion
CAGR XX%
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Trusted By
Godaddy
Published Date:  Jan 2023
Category:  Automotive & Transportation
Report ID:   60879
Report Format:   PDF
Pages:   130
Rating:    4.2 (40)
Delivery Time: 24 Hours to 48 Hours   
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