ID: MRFR/E&P/4996-HCR | 111 Pages | Author: Priya Nagrale | June 2023
Turboexpander Market is projected to exceed USD 1370.9 million by 2030, growing at a CAGR of 7.23% during the forecast period.
Turboexpander Market to grow at 7.23% CAGR during the forecast period 2023-2030, with Increasing need for energy efficiency is expected to drive global market.
A turboexpander is a single-shaft unit that combines an expander and a compressor. The expansion unit powers the compression unit, and both are connected by a single shaft. By sending compressed and expanded gases through turbines, turboexpanders turn kinetic energy into mechanical energy. These are mostly used in cryogenic applications, such as petrochemical, natural gas, and air separation. Most industries utilize turboexpanders to increase production by improving isentropic efficiency.
Due to the rising need for efficient production systems and the requirement to extract more energy content, global market participants are likely to prioritize innovation as one of their strategic advancements throughout the forecast period. Due to the increased use of natural gas, Asia-Pacific is expected to have the biggest demand for turboexpanders during the forecast period. Turboexpanders are particularly efficient in the manufacture of cryogenic liquids, which is projected to boost the market during the forecast period due to increased demand. However, the high initial cost of the turboexpander market is a big stumbling block.
Several innovations are underway in the turboexpander market, for instance Atlas Copco has developed turboexpanders of various types including compressor loaded, generator loaded and hydraulic brake-loaded. Major applications of turboexpanders include reliquification of LNG, cooling and compressing of LNG, generation of energy from excess gases in fertilization process.
The key players of global turboexpanders market are Atlas Corpo (Sweden), Baker Huges 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), Elliot Group (US), R&D Dynamics Corporation (US), Turbogaz (Ukraine).
Demand for natural gas is growing worldwide because of its lower carbon footprint in comparison to other conventional fossil fuels. Major economies such as India have taken numerous initiatives to increase the use of LNG specially is rural areas, where firewood has been the fuel of choice. This has helped the country move towards energy efficiency. The Indian government is working with various organizations to increase the use of LNG, leading to the growing demand for LNG in the country. As per BP statistical data 2018, the US is the largest consumer of natural gas in the country accounting for 20.1% of the global natural gas consumption. There has been an average growth in per capita use of natural gas in the US, per annum from 2006 to 2016 is 2.5%, which is further expected to grow during the forecast period. All these factors will be the major factors driving the global turboexpanders market during the forecast period. The increasing need for energy efficiency is another major driver for the global market. As per industry specialists, natural gas is the most efficient fossil fuel as more than 80% of the energy content in natural gas can be utilized to produce energy.
Turboexpanders are very efficient in the production of cryogenic liquids, the growing demand for which is expected to drive the turboexpander market during the forecast period. However, the major restraint for the global market is the high initial cost involved.
Turboexpander market has been segmented on the basis of loading device type, application, end-use industry, and region. Based on loading device type, the market is classified as compressor, generator, and oil break. Among these, compressor segment is expected to dominate the market because of the products increasing utilization in the processing of LNG. Based on application, turboexpander market is further segmented into hydrocarbon, air separation, generation of energy from waste gases and others.
Here, other applications include geothermal and pressure letdown. In this segment, hydrocarbon dominates the market as turboexpanders are being widely used in LNG production, ethane recovery, NGL recovery and dew point control. Based on end-use, the turboexpander market is segmented as oil and gas, power generation, and manufacturing. Oil and gas segment is expected to have the major share of the market during the forecast period on account of the increased production and consumption of LPG and LNG.
Global turboexpander market is estimated to witness phenomenal growth during the forecast period due to the increase in demand for energy efficient production of natural gases. North America has been the largest producer and consumer of natural gas products for the last decade and is expected to retain the position during the forecast period. North America will be a major market for turboexpanders manufactures, with higher emphasis on innovative manufacturers. Russia is the second largest consumer of natural gases, following the US, and is expected to remain a major market for turboexpanders. Asia-Pacific region is expected to be the largest market for turboexpanders during the forecast period because of the increase in the demand for natural gas products in the region.
Turboexpander market players are expected to consider innovation as one of the strategic developments during the forecast period due to the increased demand for efficient production systems and the need for extraction of more energy content. Asia-Pacific is estimated to have the highest demand for turboexpanders during the forecast period due to the increase in use of natural gas.
The turboexpander is a combination of an expander and a compressor in a single unit, where the expansion unit drives the compression unit, and both are attached on a single shaft. Turboexpanders convert kinetic energy into mechanical energy by passing pressurized and expanded gases through turbines. Turboexpanders are mostly used in cryogenic applications including petrochemical, natural gas and air separation industries. Most industries use turboexpanders to achieve improved isentropic efficiency leading to higher productivity.
|Market Size||2030: Significant Value|
|CAGR||7.23% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Loading Device, Application and End-use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Atlas Corpo (Sweden), Baker Huges 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), Elliot Group (US), R&D Dynamics Corporation (US), Turbogaz (Ukraine)|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||Increasing need for energy efficiency Increase in demand for energy efficient production of natural gases|
The global market of turboexpander can thrive at 7.23% CAGR by 2030.
The turboexpander market can gain high profits in years to come.
Cyrostar (France), L.A. Turbine (US), Air Products & Chemicals.Inc (US), and Honeywell (US) are some reputed names in the turboexpander market.
The high requirement for natural gas can cause the turboexpander market to surge.
In North America, the need for the production of natural gas can propel the turboexpander market growth.
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