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.
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.
North America
holds the largest market share whereas Asia-Pacific is the fastest growing
region.
North America dominates the
global turboexpanders
market share 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.
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.
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).
About Market Research Future:
At
Market Research Future (MRFR), we enable our customers to unravel the
complexity of various industries through our Cooked Research Report (CRR),
Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed
Research (CFR), and Market Research & Consulting Services.
Read More:
No comments:
Post a Comment