Global Turbocompressor Market Outlook
Revenue, 2024
$18.6B
Forecast, 2034
$37.3B
CAGR, 2024 - 2034
7.2%
The Turbocompressor industry revenue is expected to be around $19.9 billion in 2025 and expected to showcase growth with 7.2% CAGR between 2025 and 2034.
The Turbocompressor is known for its size and excellent efficiency as a compressor with distinct features like reliability and superior performance at different speeds along with low maintenance needs highlighted in recent usage trends for heat recovery systems and the expanding LNG sector demand it more than ever before due to the integration of advanced aerodynamic technologies and magnetic bearings, in its design which further enhance its significance in todays industries.
Market Key Insights
- The Turbocompressor market is projected to grow from $18.6 billion in 2024 to $37.3 billion in 2034. This represents a CAGR of 7.2%, reflecting rising demand across Process Gas Boosting, Air Conditioning Systems and Oil and Gas Industry.
- Siemens AG, GE Oil & Gas, Mitsubishi Heavy Industries Ltd are among the leading players in this market, shaping its competitive landscape.
- U.S. and Germany are the top markets within the Turbocompressor market and are expected to observe the growth CAGR of 4.7% to 6.9% between 2024 and 2030.
- Emerging markets including India, Saudi Arabia and Brazil are expected to observe highest growth with CAGR ranging between 8.3% to 9.9%.
- Transition like Transition to Energy-Efficient Compressors is expected to add $2.6 billion to the Turbocompressor market growth by 2030
- The Turbocompressor market is set to add $18.7 billion between 2024 and 2034, with manufacturer targeting Chemical & Hydrogen Application projected to gain a larger market share.
- With Increasing energy demand, and Rise in industrialization, Turbocompressor market to expand 100% between 2024 and 2034.
Opportunities in the Turbocompressor
The advancement of the gas turbine technology has created exciting possibilities for turbocompressors to explore further avenues of innovation and development in the field of energy production and efficiency.
Growth Opportunities in North America and Europe
North America Outlook
In North America's turbocompressor market today major players in the energy and utilities sector hold sway leading to competition among them due to technological progress and a growing emphasis on energy conservation creating numerous prospects for growth, in the industry especially fueled by increased natural gas exploration ventures and the development of chemical processing facilities boosting market growth in the area.
Europe Outlook
The turbocompressor market in Europe is experiencing growth due to the robust industrial sector in the region focusing primarily on oil & gas and wastewater treatment industries. The market is competitive with opportunities arising from the growing use of energy efficient systems and strict environmental regulations across different industries being enforced. Additionally investments in energy projects are also playing a role, in shaping the market trends.
Market Dynamics and Supply Chain
01
Driver: Increasing Energy Demand, and Technological Advancements in Turbocompressor Design
The global need for energy is also increasing across sectors like power generation as demand rises steadily worldwide. Thanks to their energy conversion capabilities turbocompressors have also become a preferred option, in these industries promoting their market expansion. Todays turbocompressors have also improved significantly due, to advancements and better aerodynamics which result in increased productivity and energy efficiency levels that contribute to market growth by offering effective and cost efficient compressor solutions.
With the rapid growth of industrialization in developing nations comes a rising need for turbocompressors in sectors such, as manufacturing and mining that are also experiencing expansion.
With the rapid growth of industrialization in developing nations comes a rising need for turbocompressors in sectors such, as manufacturing and mining that are also experiencing expansion.
02
Restraint: Regulatory and Environmental Constraints
The market for turbocompressors is also under pressure from strict environmental regulations that cover emission standards and noise pollution control as well as efficiency requirements that are getting tougher all the time. Pushing manufacturers to put a lot of money into research and development to keep their products meeting the standards required by law. This increased investment could lead to prices for consumers and poses another challenge, for the markets expansion.
03
Opportunity: Decentralized Energy Systems and Expansion of LNG Plants
The rise of energy systems presents a promising opportunity for the turbocompressor market as there is a growing need for smaller and more efficient systems in energy production at a smaller scale which could lead to an increased demand, for turbocompressors.
The widespread development of LNG (liquefied gas) facilities is a significant driver of growth for the turbocompressor industry. Turbocompressors play a role in the gas liquefaction process; therefore the rising number of LNG plants will lead to higher demand, for turbocompressors.
The widespread development of LNG (liquefied gas) facilities is a significant driver of growth for the turbocompressor industry. Turbocompressors play a role in the gas liquefaction process; therefore the rising number of LNG plants will lead to higher demand, for turbocompressors.
04
Challenge: High Maintenance Cost
Exploring the market trends of turbocompressors reveals a challenge, in terms of maintenance expenses.
Supply Chain Landscape
1
Raw Materials Procurement
ArcelorMittal
BHP Group
2
Component Manufacturing
Siemens
General Electric
3
Turbocompressor Assembly
Baker Hughes
MAN Diesel & Turbo
4
End User Industries
Oil & Gas
Chemical
Power Generation
1
Raw Materials Procurement
ArcelorMittal
BHP Group
2
Component Manufacturing
Siemens
General Electric
3
Turbocompressor Assembly
Baker Hughes
MAN Diesel & Turbo
4
End User Industries
Oil & Gas
Chemical
Power Generation
*The illustration highlights the key stakeholders within the supply chain ecosystem.
Applications of Turbocompressor in Process Gas Boosting, Air Conditioning Systems & Oil & Gas Industry
Process Gas Boosting
Turbo compressors are commonly utilized in industries to increase the pressure of process gases effectively and enhance productivity significantly. Siemens and GE Oil & Gas are companies known for providing top notch turbocompressors with exceptional performance capabilities.
Air Conditioning Systems
In central air conditioning systems turbocompressors are used to boost the refrigerant pressure for better circulation. One advantage of using them is their energy efficiency leading to cost savings due, to power consumption compared to other options. Mitsubishi Heavy Industries and Hitachi are known industry leaders in this field.
Oil and Gas Industry
Turbochargers play a role in the oil and gas sectors for tasks like fluid pumping and gas lifting along with other functions essential to operations there. Their smooth incorporation into production processes, dependable performance and minimal maintenance requirements are the attributes that set them apart in that industry. Baker Hughes and Atlas Copco are companies known for crafting turbocompressors designed for use, in the oil and gas domain.
Recent Developments
December 2024
Siemens Energy introduced a turbocompressor to meet the growing industrial needs and demonstrate notable technological advancement, in the market.
October 2024
Baker Hughes has broadened its range of turbocompressor products to offer solutions, for energy generation. This move highlights a pivot toward promoting sustainability.
August 2024
Atlas Copco has rolled out maintenance services powered by AI for their turbocompressors as a way to demonstrate the use of cutting edge technology in enhancing operational efficiency.
Recent trends in the market indicate an increase in the need for turbocompressors due to growth in sectors like oil & gas exploration and production as well as power generation and water treatment industries adopting advanced technology, for better efficiency and environmental impact reduction through the use of reliable turbocompressors that are known for their energy efficiency and lower CO2 emissions.
Impact of Industry Transitions on the Turbocompressor Market
As a core segment of the Pumps, Motors & Valves industry,
the Turbocompressor market develops in line with broader industry shifts.
Over recent years, transitions such as Transition to Energy-Efficient Compressors and Adoption of Digitalization and IoT have redefined priorities
across the Pumps, Motors & Valves sector,
influencing how the Turbocompressor market evolves in terms of demand, applications and competitive dynamics.
These transitions highlight the structural changes shaping long-term growth opportunities.
01
Transition to Energy-Efficient Compressors
The market for turbocompressors is experiencing a transition towards energy efficient options due to concerns about the high energy consumption of traditional compressors and the growing emphasis on reducing carbon footprints. Technological progress has enabled the development of efficient turbocompressors making energy conservation a notable shift, in the industry. This industry transition is expected to add $2.6 billion in the industry revenue between 2024 and 2030.
02
Adoption of Digitalization and IoT
A significant shift happening in the turbocompressor industry is the embrace of digitalization and Internet of Things (IoT). These technological improvements streamline operations. Enable more accurate predictive maintenance to decrease the likelihood of unexpected downtimes. Consequently,. Turbocompressor makers are progressively incorporating IoT features, into their offerings.