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.
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Industry Segmentation
Turboexpander Market Share 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.
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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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