Size and Share of Oil & Gas Industry Turbomachinery Market
| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Historical Data Period | 2020 - 2023 |
| CAGR | 4.00% |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Analysis of Oil & Gas Industry Turbomachinery Market by Mordor Intelligence
The Oil & Gas Industry Turbomachinery Market is expected to register a CAGR of 4% during the forecast period.
- Downstream sector is expected to dominate the market in forecast period. The global refining sector is witnessing significant growth in demand, on account of increasing demand for refined products from the chemical and petrochemical industry. As a result, the demand for refined products are expected to drive the growth of the turbomachinery market in the forecast period.
- Major industries as a turbomachinery manufacturer are pumping high investments in R&D of modern technology to reduce the start-up time, increase the productivity at idle speeds and enhance the sensitivity to modification in power demands for increasing the overall efficiency of the turbomachines. With the modern technologies, the turbomachinery market is expected to grow further after the forecast period.
- North America holds the highest share in the oil and gas industry turbo-machinery market and is expected to lead further during the forecast period. It is followed by the Asia-Pacific and Europe respectively.
Insights and Trends of Oil & Gas Industry Turbomachinery Market
Downstream Sector to Dominate the Market
- Downstream sector have dominated the oil & gas industry turbomachinery market in recent years, and is expected to do the same in forecast period.
- Increasing refined products demands in emerging markets, such as India, China, Brazil, and Mexico, are expected to drive the oil & gas turbomachinery market in downstream sector. Moreover, global demand for natural gas is expected to rise because natural gas is more environment-friendly compared to other fossil fuels, such as oil, and there is a global trend toward consumption of cleaner fuel, owing to concerns about air pollution and global warming. Hence, the share of the gas in total global energy consumption is expected to grow.
- Beside this, the growing population, urbanization, and industrialization in the developing countries have resulted in increasing demand for refined and petrochemical products. As a result, the focus of turbomachinery suppliers has shifted toward countries like China and India.
- India's investment in refining and petrochemicals industry is expected to pave a way for the diaphragm pump market in India. Refining capacity of India grew to 22495.43 TMT in March 2019, an increase of 6.51% from March 2018. Refining capacity of China is also on the rise, with a recent contract for 1 MTA ethylene and refinery expansion project of Sinochem Quanzhou Petrochemical.
- Therefore, the aforementioned factors are expected to drive the market in forecast period, similar to the trend witnessed in recent years.
North America to Dominate the Market
- The North American upstream industry is expected to grow at a faster rate due to the positive outlook in the United States and Canada.
- The US crude oil production doubled between 2010 and 2018, with approximately 70% of that growth coming from the Gulf Coast region. The United States Gulf Coast crude oil production grew from 5.2 million bpd in 2014 to 7.1 million bpd in 2018, driven by production in the Permian Basin in western Texas and Southeastern New Mexico.
- Moreover, Canada presents tremendous growth opportunity for the oil & gas turbomachinery market, as the major oil reserves, like oil sand, are open to private companies and are not controlled by national oil companies. Hence, growth in the United States and private sector investments in Canada are expected to drive the upstream oil & gas turbomachinery market in North America, during the forecast priod.
- Therefore, with recent stability in oil & gas industry the investment in upstream, midstream, and downstream sectors are expected to grow in the region, leading to a growth in oil & gas industry turbomachinery market.
Competitive Landscape
The oil & gas turbomachinery market is moderately fragmented due to many companies operating in the industry. The key players in this market include General Electric, Siemens AG, Sulzer Ltd, Air Products & Chemicals,MAN Diesel & Turbo, Caterpillar, and others.
Leaders of Oil & Gas Industry Turbomachinery Market
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General Electric
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Siemens AG
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Sulzer Ltd
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Air Products & Chemicals
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MAN SE
- *Disclaimer: Major Players sorted in no particular order
Scope of Report on Oil & Gas Industry Turbomachinery Market
The oil & gas industry turbomachinery market report include:
| Onshore |
| Offshore |
| Upstream |
| Midstream |
| Downstream |
| Gas & Steam Turbine |
| Gas Compressor |
| Pump |
| Others |
| North America |
| Europe |
| Asia-Pacific |
| South America |
| Middle-East and Africa |
| Deployment | Onshore |
| Offshore | |
| Industry | Upstream |
| Midstream | |
| Downstream | |
| Type | Gas & Steam Turbine |
| Gas Compressor | |
| Pump | |
| Others | |
| Geography | North America |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Key Questions Answered in the Report
What is the current Oil & Gas Industry Turbomachinery Market size?
The Oil & Gas Industry Turbomachinery Market is projected to register a CAGR of 4% during the forecast period (2025-2030)
Who are the key players in Oil & Gas Industry Turbomachinery Market?
General Electric, Siemens AG, Sulzer Ltd, Air Products & Chemicals and MAN SE are the major companies operating in the Oil & Gas Industry Turbomachinery Market.
Which is the fastest growing region in Oil & Gas Industry Turbomachinery Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Oil & Gas Industry Turbomachinery Market?
In 2025, the North America accounts for the largest market share in Oil & Gas Industry Turbomachinery Market.
What years does this Oil & Gas Industry Turbomachinery Market cover?
The report covers the Oil & Gas Industry Turbomachinery Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Oil & Gas Industry Turbomachinery Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Report on Oil & Gas Industry Turbomachinery Market
Statistics for the 2025 Oil & Gas Industry Turbomachinery market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Oil & Gas Industry Turbomachinery analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
