Global
Turboexpander Market Overview
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.
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 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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