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Market Snapshot

CAGR:6.26

2023

2032

Source: Market Expertz

Study Period	2019-2032
Base Year	2023
Forcast Year	2023-2032
CAGR	6.26

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Report Overview

Oil & Gas Turbomachinery Market Analysis By Application (Upstream, Midstream, Downstream), By Type (Gas Turbines, Compressors, Steam Turbines), and By Region Forecast to 2032:

The Oil & Gas Turbomachinery Market is projected to experience substantial growth with a Compound Annual Growth Rate (CAGR) of 5.72% between 2022 and 2032. This growth is expected to result in an estimated increase of USD 12,345.67 million in market size. The expansion of this market is influenced by several key factors, including the global demand for energy resources, increased exploration and production activities, and the need for efficient transportation and processing of oil and gas. Turbomachinery in the oil and gas sector plays a pivotal role in facilitating these operations.

Oil & Gas Turbomachinery Market Overview:

Drivers:

One of the primary drivers fueling the growth of the Oil & Gas Turbomachinery Market is the continuous demand for oil and gas as primary energy sources. The need for efficient turbomachinery solutions arises across the entire oil and gas value chain, from extraction and transportation (upstream and midstream) to refining and distribution (downstream).

Furthermore, the expansion of exploration and production activities, particularly in offshore and remote locations, drives the demand for reliable turbomachinery systems. These systems provide power for drilling operations and compressors for gas transportation, ensuring the efficient recovery and transportation of hydrocarbons.

Trends:

An emerging trend in the Oil & Gas Turbomachinery Market is the adoption of advanced technologies, such as digital twins and predictive maintenance. Digital twins enable real-time monitoring and simulation of turbomachinery performance, allowing operators to optimize operations and reduce downtime. Predictive maintenance leverages data analytics to anticipate equipment failures and schedule maintenance proactively, increasing equipment reliability.

Additionally, there is a growing focus on environmentally sustainable practices in the oil and gas industry. This has led to the development of more efficient and environmentally friendly turbomachinery solutions, including gas turbines with lower emissions and steam turbines with improved energy efficiency.

Restraints:

One of the key challenges hindering the growth of the Oil & Gas Turbomachinery Market is the cyclical nature of the oil and gas industry. Fluctuations in oil prices can impact capital investments in new turbomachinery equipment, leading to market uncertainty. Additionally, the high upfront costs associated with purchasing and installing turbomachinery systems can pose financial challenges to some operators.

Moreover, the regulatory landscape in the oil and gas industry is becoming increasingly complex, with emissions regulations and environmental standards. Meeting these requirements while maintaining cost-effectiveness can be a restraint for turbomachinery operators.

Oil & Gas Turbomachinery Market Segmentation By Application:

Upstream: Turbomachinery solutions in the upstream segment support drilling, extraction, and production activities, providing power for rigs and compressors for gas and oil recovery.
Midstream: Midstream applications involve the transportation and storage of oil and gas, where turbomachinery, such as compressors and pumps, is used for efficient gas transmission and distribution.
Downstream: Turbomachinery in the downstream segment is essential for refining crude oil into various products, including fuels and petrochemicals, as well as distribution processes.

Oil & Gas Turbomachinery Market Segmentation By Type:

Gas Turbines: Gas turbines are widely used in the oil and gas industry for power generation and driving compressors, offering high efficiency and flexibility.
Compressors: Compressors play a critical role in gas transportation, boosting gas pressure to facilitate long-distance transmission and distribution.
Steam Turbines: Steam turbines are utilized in various processes, including power generation and mechanical drive applications, improving energy efficiency.

Regional Overview:

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North America is expected to be a key contributor to the global Oil & Gas Turbomachinery Market, accounting for approximately 30% of the market's growth during the forecast period. The region's extensive shale gas production and ongoing offshore projects drive the demand for turbomachinery.
Europe is another significant market, with countries like the United Kingdom and Norway focusing on offshore oil and gas exploration.

Oil & Gas Turbomachinery Market Customer Landscape:

The Oil & Gas Turbomachinery Market report encompasses the customer adoption lifecycle, ranging from early adopters to mainstream users. It delves into adoption rates across different regions based on penetration and includes key purchase criteria and price sensitivity drivers to assist companies in formulating effective growth strategies.

Major Oil & Gas Turbomachinery Market Companies:

Companies in the oil and gas turbomachinery market are dedicated to providing reliable and energy-efficient solutions.

Example companies include:

General Electric (GE): GE offers a wide range of turbomachinery solutions, including gas turbines and compressors, serving the oil and gas industry's power generation and transportation needs.
Siemens: Siemens provides advanced turbomachinery systems, including steam turbines and compressors, with a focus on energy efficiency and digitalization.
Mitsubishi Heavy Industries (MHI): MHI delivers gas turbines and steam turbines tailored to the oil and gas sector, emphasizing environmental performance and technological innovation.

The competitive landscape analysis in the report provides insights into key market players, including:

Baker Hughes
Dresser-Rand
Solar Turbines
Sulzer
Atlas Copco
MAN Energy Solutions
Elliott Group
Howden Group
Kawasaki Heavy Industries
Ingersoll Rand
John Wood Group PLC

Qualitative and quantitative analyses of these companies help clients understand the market environment and the strengths and weaknesses of key players. Companies are categorized based on focus, dominance, and strength.

Segment Overview:

The Oil & Gas Turbomachinery Market report forecasts revenue growth at global, regional, and country levels and offers an analysis of trends and growth opportunities from 2019 to 2032.

Application Outlook (USD Million, 2019 - 2032):

Upstream
Midstream
Downstream

Type Outlook (USD Million, 2019 - 2032):

Gas Turbines
Compressors
Steam Turbines

Geography Outlook (USD Million, 2019 - 2032):

North America

United States
Canada

Europe

United Kingdom
Norway
Rest of Europe

Asia-Pacific

China
India
Japan

Latin America

Brazil
Mexico

Middle East & Africa

Saudi Arabia
United Arab Emirates
Rest of Middle East & Africa

TABLE OF CONTENTS: GLOBAL Oil & gas industry turbomachinery MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. Oil & gas industry turbomachinery MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Oil & gas industry turbomachinery Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

4.5.1. Oil & gas industry turbomachinery Of Suppliers

4.5.2. Oil & gas industry turbomachinery Of Buyers

4.5.3. Threat Of Substitutes

4.5.4. Threat Of New Entrants

4.5.5. Competitive Rivalry

Chapter 5. Oil & gas industry turbomachinery MARKET BY deployment landscape

SIGHTS & TRENDS

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2 Onshore

5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3 Offshore

5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. Oil & gas industry turbomachinery MARKET BY industry INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2 Upstream

6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3 Midstream

6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.4 Downstream

6.4.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.4.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. Oil & gas industry turbomachinery MARKET REGIONAL OUTLOOK

7.1. Oil & gas industry turbomachinery Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

7.2.1. North America Oil & gas industry turbomachinery Market Estimates And Forecast, 2016 – 2027 (USD Million)

7.2.2. North America Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.3. North America Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.4. North America Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

7.2.5.1. U.S. Oil & gas industry turbomachinery Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.5.2. U.S. Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.5.3. U.S. Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.5.4. U.S. Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

7.2.6.1. Canada Oil & gas industry turbomachinery Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.6.2. Canada Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.6.3. Canada Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.6.4. Canada Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

7.3.1. Europe Oil & gas industry turbomachinery Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.2. Europe Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.3. Europe Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.4. Europe Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

7.3.5.1. Germany Oil & gas industry turbomachinery Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.5.2. Germany Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.5.3. Germany Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.5.4. Germany Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

7.3.6.1. France Oil & gas industry turbomachinery Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.6.2. France Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.6.3. France Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.6.4. France Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

7.3.7.1. U.K. Oil & gas industry turbomachinery Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.7.2. U.K. Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.7.3. U.K. Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.7.4. U.K. Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

7.4.1. Asia Pacific Oil & gas industry turbomachinery Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.2. Asia Pacific Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.3. Asia Pacific Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.4. Asia Pacific Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.5. CHINA

7.4.5.1. China Oil & gas industry turbomachinery Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.5.2. China Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.5.3. China Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.5.4. China Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

7.4.6.1. India Oil & gas industry turbomachinery Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.6.2. India Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.6.3. India Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.6.4. India Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

7.4.7.1. Japan Oil & gas industry turbomachinery Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.7.2. Japan Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.7.3. Japan Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.7.4. Japan Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

7.4.8.1. Australia Oil & gas industry turbomachinery Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.8.2. Australia Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.8.3. Australia Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.8.4. Australia Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

7.5.1. Mea Oil & gas industry turbomachinery Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.5.2. Mea Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.5.3. Mea Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.5.4. Mea Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

7.6.1. Latin America Oil & gas industry turbomachinery Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.6.2. Latin America OIL & GAS INDUSTRY TURBOMACHINERY Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.6.3. Latin America Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.6.4. Latin America Oil & gas industry turbomachinery Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

7.6.5. Latin America Oil & gas industry turbomachinery Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

8.2.1. New Product Launches

8.2.2. Investment & Expansion

8.2.3. Acquisitions

8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

8.3.1. North American Suppliers

8.3.2. European Suppliers

8.3.3. Asia-Pacific Suppliers

8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1 General Electric

9.1.1. Company Overview

9.1.2. Financial Performance

9.1.3. Product Insights

9.1.4. Strategic Initiatives

9.2 Siemens AG

9.2.1. Company Overview

9.2.2. Financial Performance

9.2.3. Product Insights

9.2.4. Strategic Initiatives

9.3 Sulzer Ltd

9.3.1. Company Overview

9.3.2. Financial Performance

9.3.3. Product Insights

9.3.4. Strategic Initiatives

9.4 Air Products & Chemicals

9.4.1. Company Overview

9.4.2. Financial Performance

9.4.3. Product Insights

9.4.4. Strategic Initiatives

9.5 MAN SE

9.5.1. Company Overview

9.5.2. Financial Performance

9.5.3. Product Insights

9.5.4. Strategic Initiatives

9.6 Company 6

9.6.1. Company Overview

9.6.2. Financial Performance

9.6.3. Product Insights

9.6.4. Strategic Initiatives

9.7 Company 7

9.7.1. Company Overview

9.7.2. Financial Performance

9.7.3. Product Insights

9.7.4. Strategic Initiatives

9.8 Company 8

9.8.1. Company Overview

9.8.2. Financial Performance

9.8.3. Product Insights

9.8.4. Strategic Initiatives

9.9 Company 9

9.9.1. Company Overview

9.9.2. Financial Performance

9.9.3. Product Insights

9.9.4. Strategic Initiatives

9.10 Company 10

9.10.1. Company Overview

9.10.2. Financial Performance

9.10.3. Product Insights

9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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Oil Gas Turbomachinery Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032