According to the new market research report „Turboexpander Market by Loading Device (Compressor, Generator, and Oil Break), Application (Air Separation, and Hydrocarbon), End-User (Manufacturing, Oil & Gas, and Power Generation), and Region – Global Forecast to 2023“, published by MarketsandMarkets™, The turboexpander market is expected to grow from an estimated USD 290.6 Million in 2018 to USD 390.8 Million by 2023, at a CAGR of 6.11%, from 2018 to 2023. This growth is primarily due to the increasing natural gas production and rising focus of end-users such as manufacturing and oil & gas sectors on energy efficiency. By energy source, natural gas accounts for the largest increase in world primary energy consumption and is an ideal choice for power and industrial sector due to its efficiency. All these factors have resulted in increased demand of turboexpanders.
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The compressor segment is expected to hold the largest share (by value) of the turboexpander market, by loading device, during the forecast period
The compressor segment led the turboexpander market in 2017 and is expected to hold the largest market share during the forecast period. Compressors coupled turboexpanders are majorly used in the petrochemical industry for liquefaction of hydrocarbons. Moreover, natural gas production is rising, which is expected to create demand for compressor coupled turboexpanders in hydrocarbon applications. All these factors have resulted in the largest share of the compressor segment.
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The power generation segment of the turboexpander market, by end user, is expected to grow at the highest CAGR (by value) during the forecast period
The power generation segment is projected to grow at the highest CAGR between 2018 and 2023. Key end-users include geothermal power plants, base load plants in LNG facilities, and pressure letdown turboexpanders. The geothermal electricity market is expected to reach USD 18.4 GW by 2021. Increasing share of geothermal power in total power production is expected to boost the demand for turboexpanders during the forecast period.
Asia Pacific: the leading market (by value) for turboexpanders
In this report, the turboexpander market has been analyzed with respect to 4 regions, namely, Asia Pacific, North America, Europe, and Rest of the World (the Middle East, Africa, and South America). The market in Asia Pacific is expected to lead the global turboexpander market from 2018 to 2023. China and India are the largest markets for turboexpanders in this region. As per BP Statistical Review of World Energy 2017, natural gas production increased from 490.6 billion cubic meters in 2010 to 579.9 billion cubic meters in 2016. Also, companies such as Saudi Aramco are planning to invest around USD 44 billion in a giant refinery complex in India. Thus, factors such as increasing investments in natural gas and increasing steel production in China and India are driving the turboexpander market in APAC.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the turboexpander market including Atlas Copco (Sweden), BHGE (US), Cryostar (France), Air Products and Chemicals (US), and L.A. Turbine (US).
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