Turboexpander Market Outlook 2031
The Turboexpander Market was USD 999.37 Million in 2022 and is likely to reach USD 1.52 Billion by 2031, expanding at a CAGR of 4.8% during 2023 – 2031. The growth of the market is attributed to the growing reliance on natural gas-based power generation.
A turbo expander is a single-shaft device that combines a compressor with an expander. The compression unit is driven by the expansion unit, which is linked to it by a single shaft. Turbo expanders convert kinetic energy into mechanical energy by sending compressed and expanded gases via turbines. Turbo expanders are most often employed in cryogenic applications including petrochemicals, natural gas, and pharmaceuticals. Turbo expanders are used in most sectors to boost production by increasing isentropic efficiency.
In 2018, gas-fired power generation grew by 4%, owing to a significant expansion in the United States and China. More than 1,500 GW of new gas-fired power production capacity is anticipated to be added to the global power network by 2040, bringing the total installed capacity of gas-fired power plants to over 2,000 GW. Since 2011, Japan has replaced a large portion of its nuclear power production capacity with LNG-fired facilities.
China's gas to power strategy seeks to raise natural gas's market share in the country's overall power production mix from 3.1 per cent in 2018 to 10% by 2020 and 15% by 2030.
Turbo Expander Market Trends, Drivers, Restraints, and Opportunities
- Growing demand from the oil and gas sector is projected to boost market growth during the forecast period.
- Growing usage of turbo expanders as a refrigeration source in industrial operations is anticipated to drive market expansion in the coming years.
- The increased introduction of new filtering medium is expected to boost the market growth during the forecast period.
- Rising percentage of renewable energy sources in the global power-generating mix is likely to restrict the expansion of turbo expanders.
Scope of Turbo Expander Market Report
The report on the global turbo expander market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Turbo Expander Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Loading Devices (Compressor, Generator, and Hydraulic Brake) and End-user Industries (Oil and Gas, Power Generation, Energy Recovery, and Other End-user Industries)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Atlas Copco (Sweden); Baker Hugh a GE company (US); Cyrostar (France); Air Products & Chemicals.Inc (US); L.A. Turbine (US); Honeywell (US); Man, Energy Solutions (Germany); Siemens (Germany); ACD LLC (Switzerland); R&D Dynamics Corporation (US); Turbogaz (Ukraine); Elliott Group.
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Turbo Expander Market Segment Insights
Generator segment is projected to account for a key market share
On the basis of loading devices, the turbo expander market is bifurcated into compressor, generator, and hydraulic brake. The generator segment is expected to account for a key share of the market during the forecast period owing to the wide variety of its applications.
Power generation segment is expected to register at a robust pace
In terms of end-user industries, the turbo expander market is segmented into oil and gas, power generation, energy recovery, and other end-user industries. The power generation segment is expected to account for a key share of the market in the coming years due to the rising transition towards natural gas-based power generation.
Asia Pacific is expected to dominate the market
On the basis of regions, the turbo expander market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to the rising use of natural gas. Moreover, throughout the projection period, several refineries and LNG projects are scheduled to be built in Asia-Pacific.
The demand for turbo expanders is projected to rise as a result of the increasing number of them being utilized for energy recovery in refineries and during LNG expansion in LNG facilities. Furthermore, several economies, such as India's, are quickly expanding, which may lead to an increase in industrialization. Due to its usage in industrial applications such as refrigeration and energy extraction, this is likely to boost the market researched.
Segments
The global turbo expander market has been segmented on the basis of
Loading Devices
- Compressor
- Generator
- Hydraulic Brake
End-user Industries
- Oil and Gas
- Power Generation
- Energy Recovery
- Other End-user Industries
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Atlas Copco (Sweden)
- Baker Hugh a GE company (US)
- Cyrostar (France)
- Air Products & Chemicals.Inc (US)
- L.A. Turbine (US)
- Honeywell (US)
- Man, Energy Solutions (Germany)
- Siemens (Germany)
- ACD LLC (Switzerland)
- R&D Dynamics Corporation (US)
- Turbogaz (Ukraine)
- Elliott Group
Competitive Landscape
Key players competing in the turbo expander market include Atlas Copco (Sweden); Baker Hugh a GE company (US); Cyrostar (France); Air Products & Chemicals.Inc (US); L.A. Turbine (US); Honeywell (US); Man, Energy Solutions (Germany); Siemens (Germany); ACD LLC (Switzerland); R&D Dynamics Corporation (US); Turbogaz (Ukraine); Elliott Group. Some of these players are investing in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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