Downstream Sector is Expected to Dominate the Global Oil & Gas Industry Turbomachinery Market
Shale
Gas and Tight Oil Production and LNG (Liquefied Natural Gas) Demand are major
factor attributable to the growth of the market
According
to TechSci Research report, “Global Oil & Gas Industry Turbomachinery Market
- Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Oil & Gas Industry Turbomachinery is
anticipated to project robust growth in the forecast period with a CAGR of 4.17% through 2028, 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.
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Based
on Industry, Downstream
segment is expected to dominate the market during the forecast period. 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.
Based
on Region, North America plays a significant role in the global Oil & Gas
Industry Turbomachinery 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, and
downstream sectors are expected to grow in the region, leading to a growth in
oil & gas industry turbomachinery market..
Key
market players in the Global Oil &
Gas Industry Turbomachinery Market are following:-
- General
Electric Company
- Siemens
AG
- Sulzer
Ltd
- Air
Products & Chemicals, Inc.
- MAN
SE
- Caterpillar
Inc.
- Elliott
Group Ltd.
- Atlas
Copco AB Class A
- Kobe
Steel Ltd
- Galileo
Technologies S.A.
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“The
Oil & Gas Industry Turbomachinery Market is propelled by several key
drivers. Energy demand remains robust, necessitating efficient turbomachinery
for resource extraction and processing. Technological advancements drive the
replacement of older equipment with more efficient options, while environmental
regulations spur investments in cleaner and greener turbomachinery. The growth
of shale gas and tight oil production increases demand for specialized
equipment. Liquefied Natural Gas (LNG) demand continues to rise globally,
boosting investments in liquefaction plants and infrastructure. Offshore
exploration and production, oil price volatility, digitalization, and economic
growth further shape the turbomachinery market's trajectory. These factors
collectively define the industry's evolving landscape.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management consulting firm.
Oil & Gas
Industry Turbomachinery Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast Segmented by Deployment (Onshore, Offshore), Industry
(Upstream, and Downstream), Type (Gas & Steam Turbine, Gas Compressor,
Pump, and Others), By Region, Competition 2018-2028 has evaluated the future growth
potential of Global Oil & Gas
Industry Turbomachinery Market and provides statistics and information on
market structure, size, share, and future growth. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities
present in the Global Oil & Gas
Industry Turbomachinery Market.
Contact
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Techsci Research
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