The estimated value of the worldwide Turboexpander market in 2022 was USD 800 million, with a compound annual growth rate (CAGR) of 4.8% anticipated during the forecast period. Over the course of the forecast period, the growing demand for natural gas in the residential and industrial sectors is anticipated to propel market expansion. Furthermore, it is anticipated that the market would rise due to ongoing technical developments in bearing technology and the increasing inclination of turboexpanders towards Active Magnetic Bearings (AMB) rather than oil-bearing ones. Over the coming years, the turboexpander’s lengthy product development cycle is probably going to prevent further market expansion.
Turboexpanders, often referred to as expansion turbines, are revolving radial or axial flow turbines that expand high-pressure gas to generate energy that may be used to power three different devices: compressors, generators, or hydraulic or oil brakes. The two main markets where turboexpanders are widely employed are hydrocarbon processing and air separation facilities. They are also used in geothermal applications, heat recovery, and gas liquefaction. They are an essential part of every compressor system. Therefore, demand from a variety of industrial applications is anticipated to be driving the rise.
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Turboexpander Market Segmentation
By Application
- Air Separation
- Oil & Gas Processing
- Cryogenic Application
Regional Scope
- North America
- Europe
- APAC
- South America
- Middle East
- Africa
Key Players
- Atlas Copco AB
- Air Products Inc.
- Air Liquide (formerly Nikkiso Cryogenic Industries)
- Baker Hughes Company
- Chart Industries (L.A. Turbine)
- Linde Plc (Cryostar)
- R&D Dynamics Corporation
- Elliott Group (EBARA Corporation)
- Siemens Energy (Siemens AG)
- Man Energy
- PBS Group, a. s.
- Turbogaz
Regional Analysis
North America’s desire for LNG liquefaction and natural gas processing has made the region a significant market for turboexpanders. The US is the region’s biggest market, and there are several oil and gas businesses operating there that process natural gas and produce LNG using turboexpander. Due to the increasing need for energy efficiency and the expansion of the natural gas sector, Europe is an important market for turboexpander. Major markets in the area include France, Germany, and the United Kingdom, with an emphasis on enhancing energy efficiency and lowering carbon emissions.
The market for turboexpander is expanding quickly in Asia-Pacific because to the rising demand for LNG and natural gas in nations like China, India, and Japan. Additionally, there is a sizable manufacturing sector in the area, necessitating the usage of turboexpander refrigeration equipment. Turboexpander has found a large market in the Middle East and Africa due to the need for LNG liquefaction and natural gas processing. Some of the world’s greatest natural gas deposits are found in this area, and nations like the United Arab Emirates and Qatar are significant participants in the global LNG market.
The increasing need for natural gas and the growth of the oil and gas sector are driving the turboexpander market in Latin America. Major participants in the regional market, Brazil and Argentina in particular, place a high priority on cutting carbon emissions and improving energy efficiency.
In general, geographical variables like energy consumption, environmental laws, and the expansion of certain sectors drive the turboexpander industry. To successfully focus their products and services to satisfy the specific demands of each region, companies functioning in the market must have a thorough understanding of these regional dynamics.
Market Driver
- Growing need for natural gas: As natural gas becomes a more important source of energy worldwide, the demand for turboexpanders used in natural gas processing facilities is likely to increase.
- Increased emphasis on energy efficiency: Turboexpanders are extremely efficient machines that extract energy from high-pressure gas streams that would otherwise be squandered. As businesses and governments throughout the world focus on energy efficiency and lowering their carbon impact, the market for turboexpanders is projected to increase.
- Growing consumer demand for liquefied natural gas (LNG): Turboexpanders play a key role in the natural gas liquefaction process, which is required for LNG storage and transportation. The need for turboexpander is increasing in tandem with the demand for LNG.
- Growing need for medical oxygen: Medical oxygen, which is necessary for treating a number of illnesses, including COVID-19, is produced using turboexpanders. The need for turboexpander is increasing in tandem with the need for medicinal oxygen.
- Growing need for refrigeration systems: Turboexpanders are also employed in refrigeration systems, which are critical for transporting and storing a wide range of items, including food and medicines. As the need for refrigeration systems increases, so does the demand for turboexpanders.
As more industries come to understand the advantages of utilizing these very efficient devices, the market for turboexpanders is anticipated to expand overall in the next years due to these driving reasons.
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