24 June 2019 – The Global Fully Enclosed Turbo Compressor Market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Turbo compressor is a turbomachine that concentrates a compressible gas with the help of dynamic principles. It is exclusively used for natural gas transmission and processing.
The factors that are playing a major role in the growth of the market are rise in liquefied natural gas (LNG) transport, developing oil & gas industries in MEA region, and high demand from end-users. However, presence of substitutes may restrain overall market growth in the years to come. Fully enclosed turbo compressor market is segmented based on product type, application, and region.
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Globally, Asia Pacific accounted for the substantial share of fully enclosed turbo compressor market and is estimated to lead overall market in the years to come. The reason behind overall market growth could be the presence of huge oil refineries and chemical plants, rapid industrialization, and high demand from end-users. The developing countries like India and China are major consumers of fully enclosed turbo compressor in this region. The reason could be a decrease in oil prices and developing industrial sector.
North America and Europe are also estimated to have a positive influence on future growth. North America is the second largest region with significant market share. The United States is a major consumer of fully enclosed turbo compressor in this region. However, Europe is estimated to grow at the highest CAGR in the forecast period.
The key players of fully enclosed turbo compressor market are Sulzer Chemtech, ABB Turbocharging, Sjerp & Jongeneel, ALMIG Kompressoren, MAN Diesel & Turbo, Celeroton AG, kTurbo, Enervac, Howden BC Compressors, and FISCHER AG-Prazisionsspindeln. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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