DALLAS, July 22, 2015 /PRNewswire/ —
The report “Turbocompressor Market by Type (Centrifugal & Axial), By Application (Oil & Gas, Chemical Processing, Power Generation, & Others), by Stage (Single Stage and Multi-Stage), by Output Pressure (0-100, 101-500, Above 500 BARS), & Region – Global Trends & Forecasts to 2020“ defines and segments the Turbocompressor Market with an analysis and forecast of the global market size. The global Turbocompressor Market was valued at $11.4 Billion in 2014. This value is estimated to increase to $17.2 Billion by 2020, at a CAGR of 7.5% during the forecast period.
Browse 65 market data Tables and 34 Figures spread through 175 Pages and in-depth TOC on “Turbocompressor Market“
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The Turbocompressor Market is likely to grow reasonably the forecast period. The growing oil & gas sector and diversification away from oil & gas in the Middle East is triggering the demand for turbocompressors and driving its market. In addition, customized technology that increases efficiencies is being provided by turbocompressor manufacturers to meet the demand of end-users. This has increased the demand for turbocompressors in the market.
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Turbocompressors are used in all the aspects of natural gas development. In the production segment, compressors are used at the wellhead to compress gas for fluids removal and pressure equalization with gathering equipment systems. However, the primary use of turbocompressors is in natural gas processing, transmission, and storage segments of the industry. Hence, the growth and increased trade of natural gas is a driver of the Turbocompressor Market.
The major drivers of the Turbocompressor Market include increased industrialization, especially in industries such as automotive production and assembly, increased LNG transports, and new industries of non-oil & gas sector coming up in the Middle East. Slowing European economies and stringent environmental regulations in the oil & gas sector are the major restraints of the Turbocompressor Market. Meanwhile, Asia-Pacific held the major market share in the global Turbocompressor Market in 2014. The use of turbocompressors in CO2 transmissions and evolution of technologies, such as step change turbocompressors, are the major opportunities for the manufacturers of turbocompressors.
Asia-Pacific was the largest market for turbocompressor manufacturers in 2014 because of rapid industrialization going on in Asian countries such as China and India. China was the largest market for turbocompressors manufacturers globally in 2014. On the other hand, the centrifugal turbocompressor segment held the majority share in the Turbocompressor Market in the same year. But, the demand for axial turbocompressors is growing rapidly, and is expected to surpass centrifugal turbocompressors before 2020.
The market has been estimated from the demand point of view. This report breaks the market into smaller service segments. In order to provide a deeper understanding of the competitive landscape, 12 companies operating in the Turbocompressor Market have been profiled.
The global Turbocompressor Market was valued at $11.4 Billion in 2014. This value is estimated to increase to $17.2 Billion by 2020, at a CAGR of 7.5% during the forecast period. Asia- Pacific led the global Turbocompressor Market with a share of around 35% in 2014.
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