Global Turboexpander Market Scenario
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 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.
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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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