The turboexpander market is expected to experience significant growth in the coming years due to several key trends:
Growing demand for natural gas: With increasing concerns about climate change and the need to transition to cleaner sources of energy, the demand for natural gas as a cleaner alternative to other fossil fuels is expected to grow. This, in turn, is expected to drive the demand for turboexpanders, which are used to recover energy from natural gas pipelines.
Increasing adoption of LNG: The liquefied natural gas (LNG) market is expected to witness strong growth due to its increasing use in transportation and power generation. Turboexpanders are used in LNG liquefaction processes, which are critical to the production and transportation of LNG.
Rising demand for industrial gases: The industrial gas market is expected to grow due to increasing demand from various end-use industries such as healthcare, food and beverage, and electronics. Turboexpanders are used in the production of industrial gases such as nitrogen, oxygen, and argon.
Advancements in technology: Technological advancements in turboexpanders, such as the development of advanced materials and coatings, are expected to improve the efficiency and reliability of these devices, further driving demand.
Increasing investments in infrastructure: Governments and private players are investing heavily in the development of energy infrastructure to meet the growing demand for energy. This is expected to create new opportunities for the turboexpander market, especially in emerging markets.
Key Players
MRFR identified notable turboexpanders market players. They are; Baker Huges a GE company (US), Atlas Corpo (Sweden), Air Products Chemicals.Inc (US), L.A., Cyrostar (France), Honeywell (US), Turbine (US), Siemens (Germany), Man Energy Solutions (Germany), Elliot Group (US), ACD LLC (Switzerland), Turbogaz (Ukraine), and RD Dynamics Corporation (US) among others. Strategies of expansion that are adopted by these potential players are detailed in the report. Origin, regional branches, latest addition to product portfolio, and financial aspects were considered by MRFR whilst sorting key players.
Turboexpander Market Scenario
Turboexpander Market is expected to expand at 7.23% CAGR during the forecast period 2023-2030. Increasing need for energy efficiency is expected to drive global market.
Segmental Study
The world turboexpander market study is based on loading device type, end-use industry, and application. The loading device type-based segments of the market are generator, compressor, and oil break. The compressor segment can head the market due to increase in the utilization of products for processing of LNG. The application-based segments of the turboexpander market are air separation, hydrocarbon, and generation of energy from waste gases among others. Applications that include pressure let down and geothermal are likely to gain considerable traction. The hydrocarbon segment can lead the market due to high adoption of turboexpanders in ethane recovery, LNG production, dew point control, and NGL recovery. The end-use based segments of the turboexpander market are power generation, oil and gas, and manufacturing. The oil and gas segment is likely hold the major share of the world market in the evaluation period due to rise in the consumption and production of LNG and LPG.
