Oil & Gas Industry Turbomachinery Market Size

Oil & Gas Turbomachinery Market Analysis

The turbomachinery market is expected to witness growth at a CAGR greater than 4% and majorly dependent on the upstream, midstream, and downstream sectors. The outlook for the upstream sector is expected to be positive with the rising crude oil price. The midstream sector is driven by the under construction and upcoming natural gas infrastructure, led by North America. Growth in all the sectors is expected to drive the demand for oil and gas turbomachinery market. However, the turbomachinery require high capital and has high installation as well as maintenance cost. Moreover, the functioning of the turbo-machines are often associated with the emission of green house gases which pose environmental threats.

• 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.