PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1795291
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1795291
Global Oil and Gas Turbomachinery Market to Reach US$17.4 Billion by 2030
The global market for Oil and Gas Turbomachinery estimated at US$13.6 Billion in the year 2024, is expected to reach US$17.4 Billion by 2030, growing at a CAGR of 4.2% over the analysis period 2024-2030. Gas & Steam Turbine, one of the segments analyzed in the report, is expected to record a 5.0% CAGR and reach US$9.3 Billion by the end of the analysis period. Growth in the Gas Compressor segment is estimated at 2.9% CAGR over the analysis period.
The U.S. Market is Estimated at US$3.6 Billion While China is Forecast to Grow at 4.1% CAGR
The Oil and Gas Turbomachinery market in the U.S. is estimated at US$3.6 Billion in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$2.8 Billion by the year 2030 trailing a CAGR of 4.1% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 4.0% and 3.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR.
Global Oil and Gas Turbomachinery Market - Key Trends & Drivers Summarized
Why Turbomachinery Remains Core to Oil and Gas Processing Infrastructure?
Turbomachinery, including compressors, turbines, and pumps, plays a foundational role in oil and gas operations. These machines enable critical functions such as gas compression, power generation, oil transportation, and liquefied natural gas (LNG) processing. In upstream fields, turbomachinery supports drilling and enhanced oil recovery by providing mechanical power and fluid movement. In midstream, it ensures efficient gas transmission across vast pipeline networks. In downstream refining and petrochemical plants, turbomachinery supports processing, cooling, and energy recovery systems.
High reliability, efficiency, and performance under extreme pressure and temperature conditions make turbomachinery indispensable across all segments. As oil and gas projects expand into deeper offshore basins, arid environments, and remote regions, the need for robust and adaptable turbomachinery systems has grown. These machines are designed for continuous operation and must meet strict performance standards to avoid costly shutdowns and production losses, reinforcing their strategic importance in oil and gas asset portfolios.
How Are Technological Innovations Shaping the Next Generation of Turbomachinery?
Advancements in materials, aerodynamics, and digital control systems are driving significant performance improvements in turbomachinery. New alloys and coatings are increasing resistance to corrosion, erosion, and thermal fatigue, allowing equipment to operate longer in harsh environments. High-efficiency impeller and blade designs are improving flow dynamics, reducing energy consumption, and lowering emissions. Variable-speed drives and magnetic bearings are being integrated to enhance operational flexibility and reduce mechanical wear.
Digitalization is transforming turbomachinery maintenance and performance management. Embedded sensors monitor vibration, temperature, and pressure, enabling condition-based maintenance and early fault detection. Predictive analytics powered by artificial intelligence helps optimize machine operation and extend service intervals. Advanced control systems allow remote operation and real-time performance optimization. Together, these innovations are reducing lifecycle costs and improving overall asset utilization, especially in LNG facilities and high-throughput refineries where machinery uptime is critical.
What Operational Shifts Are Influencing Turbomachinery Demand?
Several structural changes in oil and gas operations are affecting turbomachinery demand patterns. LNG expansion projects, particularly in North America, the Middle East, and Asia-Pacific, are driving demand for gas turbines and centrifugal compressors capable of handling cryogenic conditions. Growth in gas-to-power initiatives and offshore gas monetization projects is also supporting turbomachinery installations for onsite generation and processing. Decarbonization trends are influencing machinery design, with operators seeking lower-emission and hydrogen-ready equipment.
Refineries and petrochemical plants are upgrading existing machinery to meet stricter energy efficiency targets, often replacing legacy systems with modular, high-performance units. As operators aim to reduce emissions and energy intensity, turbomachinery is being integrated with waste heat recovery and carbon capture systems. Service contracts and performance-based maintenance agreements are also on the rise, as plant operators seek to ensure long-term reliability without expanding in-house maintenance capabilities. These trends are reshaping how turbomachinery is procured, deployed, and managed.
What Factors Are Driving Growth in the Oil and Gas Turbomachinery Market?
Growth in the oil and gas turbomachinery market is driven by several factors. Expansion of LNG infrastructure and gas processing capacity is generating strong demand for high-capacity compressors and turbines. Upgrades in refinery and petrochemical plants to meet energy efficiency and emission standards are fueling replacement and retrofit activity. Increased adoption of condition-based and predictive maintenance tools is enhancing machinery uptime and reducing unplanned failures, encouraging broader investment. Advances in high-temperature materials, control systems, and aerodynamic design are boosting equipment efficiency, supporting new installations in complex environments. Growing interest in hydrogen blending and carbon capture integration is prompting development of next-generation turbomachinery compatible with low-carbon fuels. These factors are contributing to sustained investment in high-performance, digitally integrated turbomachinery across global oil and gas value chains.
SCOPE OF STUDY:
The report analyzes the Oil and Gas Turbomachinery market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Type (Gas & Steam Turbine, Gas Compressor, Pumps, Other Types); Deployment (Onshore Deployment, Offshore Deployment)
Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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