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. Adapting to the recent novel COVID-19 pandemic, the
impact of the COVID-19
on Turboexpander Market is included in the present report.
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.
Asia-Pacific market for turboexpanders is estimated to witness high growth
during the forecast period due to the rising demand for natural gases and the
requirement for efficient production systems.
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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