The turbo-compressor market is projected to reach the equivalent of R225.78 billion by 2021, growing at a compound annual growth rate (CAGR) of 5.4% from 2016 to 2021.
According to ASD Reports, factors such as the rapid growth of the manufacturing sector in South Asian countries and increasing investments in sectors other than oil & gas in the Middle East are driving market growth.
The oil & gas sector remains the largest end-user of turbo-compressors, which are used in almost all the stages of the industry, from extraction to refining, transport and storage.
Given the increasing liquid natural gas (LNG) trade between nations, the demand for these units is expected to increase in the future.
