#Turboexpander Market Latest Trends

[market-insider]

Increasing Demand For The Turboexpanders In The Oil & Gas Sector

The global turboexpander market size is projected to reach USD 1,404.1 million by 2030, growing at a CAGR of 4.8%, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing demand for energy-efficient turboexpanders for geothermal, waste to recovery, natural gas production, and other gas processing applications. Favorable government initiatives to curb the Green House Gases (GHG) emissions have encouraged the economies worldwide to consume natural gas by-products such as Liquefied Natural Gas (LNG) and Compressed Natural Gas (CNG). This would eventually increase the demand for the turboexpanders in the oil & gas sector over the forecast period.

A turboexpander or expansion turbine, is a centrifugal or axial-flow turbine, through which a high-pressure gas is expanded to produce work that is often used to drive a compressor or generator. Also referred to as expansion turbines, provide a way to capture the energy lost in natural gas facilities and refineries. Widely used in oil and gas industry to recover hydrocarbon liquid from natural gas. They also find applications in liquefaction of gases, heat recovery, and geothermal applications. Unlike gas and steam turbines, the main purpose of a turboexpander is not power generation, it is gas expansion.

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The surge in investments in hydrogen liquefaction is expected to create the demand for hydrogen turboexpanders during the forecast period. Unprecedented demand for clean and green energy resources associated with growing concerns to curb GHG emissions and favorable government initiatives under the influence of Net Zero Emission by 2050 undertaken by the United Nations (UN) is presumed to drive demand for clean hydrogen. Furthermore, the rising popularity of green hydrogen in automotive and aerospace and limiting the dependency on crude oil from Organization of the Petroleum Exporting Countries (OPEC) countries is also likely to bode well for the market growth over the next few years.

The Original Equipment Manufacturers (OEMs) in the market for turboexpanders are adopting a customer-centric approach to manufacturing customized turboexpanders for hydrogen liquefaction to serve their customers. For instance, in May 2021, PBS Group, one of the key vendors in the market, developed CTE 300, a new turboexpander explicitly designed for hydrogen applications. The newly developed product will have a maximum inlet pressure of over 5 MPa with a cooling power of up to 100 kW.

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The global Turboexpander market size is expected to be worth around US$ 1,404.1 Million by 2030, according to a new report by Vision Research Report.

The global Turboexpander market size was valued at US$ 953.6 Million in 2021 and is anticipated to grow at a CAGR of 4.8% during forecast period 2022 to 2030.

[mrfrclub]

Turboexpander Market Research Report- Forecast till 2023

Title1: Asia Pacific to Lead the Global Turboexpander Market over 2023

Global Turboexpander Market to Demonstrate 7.23% CAGR From 2018 to 2023

The global turboexpander market is poised to grow at 7.23% during 2018 to 2023 forecasts Market Research Future (MRFR). Turboexpanders find cryogenic application across different types of natural gas, and petrochemicals. They are also utilized in air separation industries. Over the years, turboexpanders have undergone several phases of technological transformation. Product innovation remains major focus area for manufacturers, which is making a positive impact on the market. Latest versions of turboexpanders are highly efficient and have high processing capacities.  This makes turboexpanders a sought-after equipment in the oil and gas industry.

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 Turboexpanders find application in LNG reliquification, compression and cooling. In addition, they are also used for generating power from the excess gases in fertilization process.  As global natural gas consumption rises further on account of rapid inclination towards low emission fuels, the turboexpander market finds attractive growth opportunities. LNG is witnessing a significant uptake in countries such as India, China, Russia, and the U.S. this is boosting the need for turboexpanders for processing natural gas. Such factors are supporting the market tremendously.

As the wold shifts its focus toward alternation fuels to tacking issues such as global warming and Co2 emission, market players will find attractive growth opportunities. Natural gases are touted as an efficient fossil fuel as they have negligible emission issues, indicating that most of the content in natural gas in utilized.

 Global Turboexpander Market: Segmental Analysis

Segmental analysis of the market has been segmented into application, loading device type, end-use industry and region On the basis of application, the market has been segmented into generation of energy from waste gases, air separation, hydrocarbon and others (pressure letdown and geothermal).  The hydrocarbon segment is expected to retain its top position over 2023. The segment’s growth can be attributed to the increasing use of turboexpanders in NGL recovery, ethane recovery, dew point control, and LNG production. On the basis of loading device type, the market has been segmented into oil break, generator, and compressor. The compressor segment is expected to remain highly attractive during the forecast period. This is mainly owing to widespread application compressors in LNG processing. On the basis of end-use, the market has been segmented into manufacturing, power generation, and oil and gas. In terms of value, the oil and gas segment currently accounts for the lion’s share of the market and trend is likely to continue throughout the assessment period. The increased demand for LNG and LPG can be linked with the segment’s growth.

 Global Turboexpander Market: Regional Analysis

Asia Pacific tops the world ranking in terms of turboexpander demand. The rapid expansion of the oil and gas sector in region is providing an impetus to the APAC turboexpander market. Moreover, rising consumption of natural gases in countries such as India and China is creating growth avenues for the market. North America is one of the most valuable markets for turboexpander in the world. The region is the largest consumer of natural gas products and expected to retain its leading position during the forecast period. It remains a major investment destination for turboexpanders manufacturer. The U.S.’s prowess in the oil & gas sector is a major favouring the market growth in North America. Russia is the second largest consumer of natural gases, which puts its name on the higher echelons of the global turboexpander market.

Global Turboexpander Market: Competition Analysis

Some of the leading companies discussed in MRFR’s report include Baker Huges a GE company (US), Air Products & Chemicals.Inc (US), Honeywell (US), Siemens (Germany), Elliot Group (US), Turbogaz (Ukraine), Atlas Corpo (Sweden), Man Energy Solutions (Germany), L.A. Turbine (US), R&D Dynamics Corporation (US), ACD LLC (Switzerland) and Cyrostar (France).

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Turboexpander Market Size, latest Key Trends In Terms Of Volume And Value -2023

Key Players

The key players of the 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), and Turbogaz (Ukraine).

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Market Research Analysis

North America holds the largest market share whereas Asia-Pacific is the fastest growing region.

North America dominates the Global Turboexpanders Market and is expected to dominate during the forecast period as it is the largest producer and consumer of natural gas products. The US has the highest consumption of natural gases and has the largest market share of the turboexpander market. The region has a growing demand for turboexpanders with innovative technology for further improving efficiency of machinery. Asia-Pacific is estimated to showcase phenomenal growth for the Turboexpander Market during the forecast period due to the growing demand for natural gas and efficient manufacturing processes. China, India, and Australia are estimated to be the major countries for the growth of turboexpanders market. China and India have become pollution hubs and their governments are considering the reduction of emissions by making natural gas a primary fuel. This majorly drives the Turboexpander Market in the region.

Market Highlights

Turboexpanders sequentially expand and compress gases to extract energy from them. Turboexpanders are also used to extract energy from waste gases in fertilizer plants. Manufacturing of cryogenic liquids is a major application area of turboexpanders, and its use has been growing in the industry and expected to further grow during the forecast period.

Turboexpander Market has been segmented on basis of loading device, application, end-use, and region. On the basis of loading device, the market is segmented as oil break, generator, and compressor. Compressor segment is estimated to have the major share of the turboexpander market because of the growing demand for efficient processing of cryogenic liquids. On the basis of application, Turboexpander Market is segmented into air separation, hydrocarbon, energy harvesting from waste gases and others. Applications in hydrocarbon segment dominates the market as turboexpanders tend to efficiently extract a higher amount of energy content from the fossil fuels. On the basis of end-use, the turboexpander market is segmented as, manufacturing, oil and gas and power generation. Oil and gas segment is estimated to dominate the market during the forecast period as the demand for natural gas products has been increasing worldwide.  The Global Turboexpanders Market is expected to expand at ~ 7.23% CAGR during the forecast period.

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Scope of the Report

This report provides an in-depth analysis of the Global Turboexpanders Market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the turboexpanders market by its loading device, application type, end-user type and by region.

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Global Turbo Expander Market Initiatives to Firmly Grasp the New Stage of Development, Commitments and Investments

Turboexpanders have undergone a development phase for over a decade, and have now captured the market for energy recovery while driving the profits for companies involved in the oil & gas, and power generation markets. Accentuated by the growth in global environmental awareness, there has been a shift to greener methods of energy production. Now, the government regulations are favoring the optimization of energy produced from the conventional sources. Utilizing the turboexpanders, substantial energy can be recovered using low-grade waste heat.

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Increase in Natural Gas for Power Generation - Driving the Market

Natural gas is expected to play an important role in global energy portfolios, owing to its increasing abundance via pipelines, and especially liquefied natural gas (LNG) and its lower emissions. The shift from coal-fired thermal power plants to gas turbines is expected to increase the demand for natural gas. As a result, the demand for turboexpander is expected to grow. Moreover, as of 2017, Natural gas had a significant share in the global energy mix. It reflected a share of 24% in global primary energy consumption, and it is the second energy source in power generation, representing a 22% share. Natural gas has the potential to play a significant role in the world’s transition to a cleaner, more affordable, and secure energy in the future. In developing regions, natural gas can be used to provide electricity to growing communities. As the lowest carbon-emitting fossil fuel, natural gas also has the potential to serve as a cleaner source of power. With the increase in natural gas-based power generation, the demand for turboexpanders is expected to increase during the forecast period.

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Asia-Pacific occupying the Highest Market Share

Asia-Pacific is one of the world’s largest consumers of electricity, with high growth in the consumption levels. A major share of Asia-Pacific’s primary energy consumption comes from hydrocarbon-based sources of energy, but in recent years, the region witnessed an increase in LNG imports. The major LNG importing countries have very different market structures and dynamics. It is expected that China and India would be among the leading LNG consumers during the forecast period. The turboexpander market is expected to be driven by increasing adaptation of LNG in the region, as the increase in demand for turboexpanders is likely, during the forecast period.

India – One of the Fastest Growing Economies with Increasing Power Demand

India is one of the world's fastest-growing economies with a GDP of USD 2.264 trillion. Country’s power generation mix is considerably inclined toward coal-based power generation, accounting for almost 58.8%. Government’s plan to shift toward cleaner fuel and the increase in consumption of energy is expected to be supplemented by an alteration in primary energy mix on account of substitution of coal and oil by gas. The major demand for natural gas in India is from power and fertilizer sector, accounting for almost 55%. This increase in demand for natural gas would propel the turboexpander market, during the forecast period.

Key Developments in the Market

February 2017: Venture Global LNG, Inc. had selected GE Oil & Gas as a strategic partner to provide a plant-wide technology solution for its liquefied natural gas (LNG) export facilities under development in Louisiana.

The major players include - GE Oil and Gas, Atlas Copco, and Blair Engineering, amongst others.

Reasons to Purchase The Report

·         Current and future global turboexpander market outlook in the developed and emerging markets

·         Analyzing various perspectives of the market with the help of Porter’s Five Forces analysis

·         The segment that is expected to dominate the market

·         Regions that are expected to witness the fastest growth during the forecast period

·         Identify the latest developments, and strategies employed by the major market players

·         3 months analyst support, along with the Market Estimate sheet (in excel)

Customization of the Report

This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.

Companies Mentioned:

GE Oil and Gas, Atlas Copco, Cryostar, ACD, L.A. Turbine, Air Products and Chemicals, Inc., Turbogaz, Elliot Group, and Blair Engineering

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