LONDON, Feb. 4, 2016 /PRNewswire/ -- Asia Pacific turbomachinery market for oil and gas industry is expected to reach $XX billion in 2020 from $3.26 billion in 2014. It is estimated that the market would grow at a CAGR of XX percent during this period.
Turbomachinery often forms an important cog in the industry to attain efficiency and enhance productivity. They are extensively used in midstream and downstream 'oil & gas' industries than in upstream industries. Turbines and centrifugal compressors form an integral part of natural gas liquefaction plants and oil & gas pipeline infrastructure. Nevertheless, turbomachinery applications can also be found in exploration and production activities. For example, in hydraulic fracturing, high pressure pumps are required to force fracking fluids into shale crevices.
Asia-Pacific is the top oil consuming region, especially in view of fast growing consumption in China and India. Demand for turbomachinery in the processing industry remained at a low level in 2014 due to a slowdown in the relevant markets in countries such as China and India. The growth rate of the Chinese economy has shown a slowdown in recent years, which is a cause of concern to all industries. Despite this slowdown, the Chinese economy presents considerable scope for growth and so does the market for turbomachinery.
This report comprehensively analyzes the Asia Pacific Turbomachinery market by segmenting it based on countries, application and Type. Key drivers and restraints that are effecting the growth of this market are discussed in detail. The study also elucidates on competitive landscape and key market players.
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