The latest market report published by Credence Research, Inc. “Global Turbomachinery Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2030”. The Global Turbomachinery Market generated revenue of around USD XX billion in 2022 and is anticipated to grow a CAGR of over XX% during the forecast period from 2023 to 2030 to reach around USD XX billion in 2030.
A turbomachinery system controls the power and speed of a turbine. The turbomachinery system provides increased safety and performance. The turbomachinery control system regulates the speed of gas turbines, steam turbines, and hydro turbines. It also helps ensure compressor security and load balancing among generators or compressors to maximize resource utilization. The rising use of turbomachinery in tandem with the expansion of the power and chemical industries, the rising demand for oil and gas, and the inherent benefits of turbomachinery systems are some major factors propelling the market. Turbomachinery solutions are in high demand in the power, oil and gas, mechanical retrofit, food and beverage, and life sciences sectors. Robust technological advancements in the energy sector, combined with a shift in emphasis toward distributed power generation technologies, are boosting the global market. Automation technology adoption is further expected to drive market expansion in the coming years in the industrial sector. However, integrating a single control system for a group of turbomachinery components is challenging and expensive. In addition, governments worldwide are switching to cleaner energy sources to reduce carbon emissions from conventional fuels. The demand for turbomachinery will decline due to this trend encouraging consumers to switch to renewable energy production. As a result, this restricts the market’s expansion for turbomachinery control systems during the anticipated period.
The global turbomachinery market is bifurcated into Deployment, Industry, Type, and Geography. Based on the deployment, the market is categorized into onshore and offshore. Based on industry, the market is segmented into upstream, midstream, and downstream. Based on type, the market is divided into gas & steam turbines, gas compressors, pumps, and others. Geographical divisions of the global market include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
Asia Pacific had a significant revenue share of the global turbomachinery market in 2022 owing to the increased investments in and development of the gas distribution network, a rise in the refining and petrochemical industries in developing nations like India, rising energy demand, a slowdown in coal energy production in China, expansion in the chemical industry, and increased awareness of the use of natural gas. Asia Pacific region has the fastest growth rate of turbomachinery due to developing economies like India and China and developed economies like Japan and Australia.
The increasing demand for power across the globe is one of the major drivers for the turbomachinery market. The population growth and economic development in emerging countries such as India and China have led to an increase in electricity consumption. This has resulted in higher demand for power generation from thermal power plants which use steam turbines. Gas turbines are also gaining popularity due to their higher efficiency as compared to steam turbines. The growing need for energy efficient systems is another factor driving the market growth. Rising concerns over greenhouse gas emissions have led
Key drivers for this market growth include the rising demand for energy, the need for improved efficiency in power generation, and the increasing prevalence of environmental regulations. The turbomachinery market is segmented by type into pumps, compressors, gas turbines, and steam turbines. Among these, gas turbines are expected to be the largest and fastest-growing segment over the forecast period. This growth is attributed to the rising demand for natural gas-fired power plants and the growing adoption of combined cycle power plants.
Why to Buy This Report-
- The report examines the global market for turbomachinery by segment and by drivers, restraints, opportunities, insights, current trends, challenges, and market dynamics from 2016 to 2021, with 2022 representing the base year and 2023–2030 as the projection period.
- The report also addresses the strategies the top players in the market employ at the local, regional, and international levels and the market’s competitive landscape.
- In-depth global turbomachinery market segmentation analysis by deployment, industry, and type.
- The report provides detailed and reliable information on all aspects, including CAGR, demand & supply, consumer spending patterns, and import/export statistics for the major regional nations.
- The turbomachinery market report contains industry analysis at the regional, international, and national levels and details significant market trends, competitive environments, and expansion strategies.
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