South America turbomachinery market for oil and gas industry is expected to reach $XX billion in 2020 from $2.64 billion in 2014. It is estimated that the market would grow at a CAGR of XX percent during this period.
Turbomachinery often forms an important cog in the industry to attain efficiency and enhance productivity. They are extensively used in midstream and downstream ‘oil & gas’ industries than in upstream industries. Turbines and centrifugal compressors form an integral part of natural gas liquefaction plants and oil & gas pipeline infrastructure. Nevertheless, turbomachinery applications can also be found in exploration and production activities. For example, in hydraulic fracturing, high pressure pumps are required to force fracking fluids into shale crevices.
Key growth in the region is expected in hydropower - with investments in Brazil of USD 74 billion – and in natural gas pre-salt reserves, and potential huge shale gas reserves in Argentina of 257 TCF (trillions of cubic feet). Total production of crude oil was 7.1 million barrels per day in 2013 and will increase in the coming years. Four countries (Venezuela, Brazil Argentina and Ecuador) are accountable for 96% of total regional production. New investments aim to increase refining capacity to 9.560 thousand barrels per day by 2030. This scenario is expected to increase the demand for Turbomachinery in the continent.
This report comprehensively analyzes the South American Turbomachinery market by segmenting it based on countries, application and Type. Key drivers and restraints that are effecting the growth of this market are discussed in detail. The study also elucidates on competitive landscape and key market players.
