Oil Gas Industry Turbomachinery Market Size, Share, Industry Trends and Forecast to 2033
This report provides an in-depth analysis of the Oil Gas Industry Turbomachinery market, covering insights into market trends, segmentation, regional performance, and forecasts from 2023 to 2033.
| Metric | Value |
|---|---|
| Study Period | 2023 - 2033 |
| 2023 Market Size | $25.00 Billion |
| CAGR (2023-2033) | 5.8% |
| 2033 Market Size | $44.53 Billion |
| Top Companies | General Electric (GE), Siemens AG, Schneider Electric, Mitsubishi Heavy Industries, Cummins Inc. |
| Last Modified Date | 15 Nov 2024 |
Oil Gas Industry Turbomachinery Market Report (2023 - 2033)
Oil Gas Industry Turbomachinery Market Overview
What is the Market Size & CAGR of Oil Gas Industry Turbomachinery market in 2023?
Oil Gas Industry Turbomachinery Industry Analysis
Oil Gas Industry Turbomachinery Market Segmentation and Scope
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Oil Gas Industry Turbomachinery Market Analysis Report by Region
Europe Oil Gas Industry Turbomachinery Market Report:
The European market for turbomachinery is set to increase from $6.79 billion in 2023 to $12.09 billion by 2033. Enhancements in production efficiency and stringent environmental regulations encourage the adoption of advanced turbomachinery solutions. The focus on energy transition strategies parallel to regulatory frameworks promotes technological advancements in this sector.Asia Pacific Oil Gas Industry Turbomachinery Market Report:
The Asia Pacific region is anticipated to witness substantial growth, with the market size increasing from $5.24 billion in 2023 to $9.34 billion by 2033. This growth is primarily driven by an increase in energy demand stemming from industrialization and urbanization in countries such as China and India. Moreover, strategic investments in natural gas infrastructure are expected to bolster the market further.North America Oil Gas Industry Turbomachinery Market Report:
In North America, the market is expected to expand from $9.03 billion in 2023 to $16.09 billion by 2033, driven primarily by the United States, being a leader in shale gas production and innovation in turbomachinery technologies. The market is also supported by growing investments in energy infrastructure and the transition to more sustainable energy solutions.South America Oil Gas Industry Turbomachinery Market Report:
The South American market is projected to grow from $1.56 billion in 2023 to $2.78 billion by 2033. This rise is attributed to the exploration of new oil fields and the ongoing developments in offshore oil and gas projects, particularly in Brazil and Guyana, where significant reserves have been discovered.Middle East & Africa Oil Gas Industry Turbomachinery Market Report:
The Middle East and Africa region will see growth from $2.38 billion in 2023 to $4.23 billion by 2033, driven by major oil-producing countries in the Gulf Cooperation Council (GCC), investing in refining and petrochemical sectors, alongside modernization initiatives. These developments create significant opportunities for turbomachinery.Request a custom research report for industry.
Oil Gas Industry Turbomachinery Market Analysis By Product
Global Oil & Gas Turbomachinery Market, By Product Market Analysis (2023 - 2033)
The market, segmented by product type, includes compressors, turbines, and expanders. Compressors hold a substantial market size of $16.75 billion in 2023 expected to grow to $29.83 billion by 2033, maintaining a market share of 67%. Turbines show growth from $5.94 billion to $10.58 billion over the same period with a similar stable share of 23.75%. Expanders, although smaller, are anticipated to increase from $2.31 billion to $4.12 billion, retaining a 9.25% market share.
Oil Gas Industry Turbomachinery Market Analysis By Application
Global Oil & Gas Turbomachinery Market, By Application Market Analysis (2023 - 2033)
By application, the Oil & Gas industry primarily utilizes turbomachinery for upstream, midstream, and downstream processes, with upstream dominating the segment. The size for upstream is projected to rise from $16.75 billion to $29.83 billion from 2023 to 2033, keeping a 67% market share. Midstream applications amount to $5.94 billion in 2023 and are expected to reach $10.58 billion. Downstream applications are smaller, expanding from $2.31 billion to $4.12 billion.
Oil Gas Industry Turbomachinery Market Analysis By End User
Global Oil & Gas Turbomachinery Market, By End-User Market Analysis (2023 - 2033)
The end-user segmentation highlights oil companies holding the predominant market share of 67%, anticipated to retain this share as the segment grows from $16.75 billion to $29.83 billion. Natural gas utility companies, with a market size of $5.94 billion in 2023, are projected to expand similarly to $10.58 billion. Construction and engineering firms represent a niche segment, increasing from $2.31 billion to $4.12 billion, constituting 9.25% of the market.
Oil Gas Industry Turbomachinery Market Analysis By Technology
Global Oil & Gas Turbomachinery Market, By Technology Market Analysis (2023 - 2033)
Technologically, the market is split between traditional and advanced solutions. Traditional technologies dominate with a sizeable share of 88.79%, generating $22.20 billion in 2023 and expected to grow to $39.54 billion by 2033. In contrast, advanced technologies account for $2.8 billion in 2023, marking a gradual increase to $4.99 billion over the next decade, representing an 11.21% share.
Oil Gas Industry Turbomachinery Market Analysis By Configuration
Global Oil & Gas Turbomachinery Market, By Configuration Market Analysis (2023 - 2033)
The configuration analysis identifies Single-Shaft models leading the market with a share of 88.79%, valued at $22.20 billion in 2023, rising to $39.54 billion. Multi-Shaft configurations, although smaller, reflect a growing niche, moving from $2.80 billion to $4.99 billion, holding an 11.21% market share.
Oil Gas Industry Turbomachinery Market Trends and Future Forecast
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Global Market Leaders and Top Companies in Oil Gas Industry Turbomachinery Industry
General Electric (GE):
GE is a major player in the turbomachinery market, known for its advanced turbine and compressor technologies that enhance efficiency and performance across oil and gas applications.Siemens AG:
Siemens specializes in a broad spectrum of turbomachinery solutions, particularly in the energy sector, and focuses on innovation geared towards sustainable energy production.Schneider Electric:
Schneider Electric delivers energy-efficient control technologies alongside comprehensive solutions for optimization in oil gas processes through its advanced turbomachinery products.Mitsubishi Heavy Industries:
Mitsubishi provides extensive manufacturing capabilities in compressors and turbines, contributing to the robustness and reliability of turbomachinery within the industry.Cummins Inc.:
Cummins focuses on power generation and gas compression technologies, pushing for advancements that support the oil and gas industry's transition towards cleaner solutions.We're grateful to work with incredible clients.
