Global
Turboexpander Market Scenario
The global turboexpanders
market is estimated to expand at 7.23% CAGR during the forecast period. Turboexpanders
are used for the sequential expansion and compression of gases. Turboexpanders
are mostly used by manufacturers in the liquefaction of LNG, air separation,
petrochemical and other cryogenic applications. Turboexpanders are also useful
in generating energy from waste gases, which has become a major driver for the
growth of the turboexpanders market.
Turboexpanders enable manufacturers to harness higher
energy content from fossil fuels. This factor has also been driving the growth
of the global turboexpanders market. The
rising demand for turboexpanders is driven by the increased production and
consumption of natural gas. According to BP Statistical Review, the production
of natural gases grew by 4% in the year 2017. It is estimated that the growth
will continue during the forecast period.
Industry
Segmentation
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.
Key Players
The key players of the global turboexpanders market
are Atlas Copco (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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