LONDON, Feb. 4, 2016 /PRNewswire/ -- North America turbomachinery market for oil and gas industry is expected to reach $XX billion in 2020 from $3.4 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, turbo machinery 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.
Increasing offshore exploration activity in Gulf of Mexico and liberalization of energy sector by Mexico Government, which has sixth-biggest technically recoverable shale gas resources in the world, are also driving the demand for turbomachinery solutions in the continent.
The major restraining factor is the fall in oil prices, which has affected shale oil producers and resulted in reduction of capital investments and massive job cuts. Methods like hydraulic fracturing and horizontal drilling have led to the increase in cost of shale oil production, and the operators in these fields require the oil prices to go up in order to make production economically viable
This report comprehensively analyzes the North America 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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