Published Report - Turboexpander Market Trends, Size, Share by 2030

  • Report Code : TIPAR00003068
  • Category : Energy and Power
  • Status : Published
  • No. of Pages : 200
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Turboexpander Market Trends, Size, Share by 2030

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[Research Report] The turboexpander market size is projected to rise from US$ 1,106.97 million in 2022 to US$ 1,751.48 million by 2030; the market is expected to grow at a CAGR of 5.9% during 2022–2030.

Analyst Perspective:

The report includes growth prospects in light of current turboexpander market trends and driving factors influencing the market growth. Turboexpanders find applications across the oil & gas, power generation, and industrial sectors for their pivotal role in energy recovery and optimization. The global inclination toward sustainability and cleaner energy sources are among the key drivers of the turboexpander market growth. Governments and industries worldwide are increasingly focusing on reducing carbon footprints and achieving energy-efficiency goals. By harnessing energy from various processes such as the expansion of natural gas expansion, turboexpanders play a vital role in enabling the recovery of valuable energy that would otherwise be wasted. Their ability to convert excess pressure and temperature into electricity renders them valuable in the global pursuit of sustainable power generation.

The turboexpander market is witnessing substantial growth in regions such as Asia Pacific (APAC), wherein rapid industrialization, ambitious energy targets, and a focus on renewables are driving the demand for energy-efficient technologies. Similarly, the Middle East and North America contribute significantly to the global turboexpander market size, particularly due to the high demand for these systems in their oil & gas sectors.

The power generation sector is another prominent domain driving the turboexpander market. Turboexpanders are integrated into various systems in power generation facilities to enhance the efficiency of geothermal, biomass, and waste heat power plants. Industries such as chemicals, petrochemicals, and steel also deploy turboexpanders for various applications, including power recovery from high-pressure processes and natural gas liquids (NGL) recovery. Thus, the global turboexpander market is thriving on the back of a shift in the energy landscape characterized by sustainability goals, energy efficiency imperatives, and technological innovations.

Market Overview:

Turboexpanders are used in power utilities, air separation plants, chemical and petrochemical plants, and LNG plants, among other process industry facilities. Emphasis on energy efficiency, energy recovery, and CO2 emission reductions; an elevating demand for the service and monitoring of compressed air installations; and emerging applications of expanders in industrial segments are a few of the major factors driving the turboexpander market growth. Further, the growing investments in machinery, automation, and industrial production unlock some of the promising opportunities for the market.

The elevating demand for natural gas in power generation, energy recovery, and gas processing facilities favors the turboexpander market progress globally. The turboexpander market is projected to experience significant developments over the forecast period owing to the burgeoning demand for these systems in the chemicals and clean energy generation industries, among others. Natural gas liquefication processes and power recovery or pressure let-down procedures are the major application areas of turboexpanders. Turboexpanders are also being used in various applications such as refrigeration systems, power generation processes, and manufacturing facilities.

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Published Report - Turboexpander Market: Strategic Insights

Published Report - Turboexpander Market

  • CAGR (2022 - 2030)
    5.9%
  • Market Size 2022
    US$ 1.11 Billion
  • Market Size 2030
    US$ 1.75 Billion

Market Dynamics

GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players

  • Atlas Copco AB
  • Air Products & Chemicals Inc
  • Elliott Group
  • Cryostar SAS
  • Sapphire Technologies Inc
  • Turboden SpA
  • L?Air Liquide SA
  • ZJ-Tibo
  • R & D Dynamics Corporation

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Loading Device
  • Compressor
  • Generator
  • Hydraulic/Oil Brake
Power Capacity
  • Less than 1 MW
End User
  • Oil and Gas
  • Power Generation
  • Industrial
Geography
  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South and Central America
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Market Driver:

Rise in Demand for Natural Gas

The demand for natural gas is increasing in applications such as heating, power generation, cooking, and transportation. Versatility associated with the application of natural gas results in the growing share of natural gas in the global energy mix. Moreover, the lowest potential for pollution among all fossil fuels renders natural gas as one of the chief energy sources. Natural gas is also preferred as an alternative in many household applications, e.g., room heating or water heating. Thus, gas-powered models of air conditioning systems operate on natural gas.

Natural gas finds notable applications in the commercial sector, wherein it is employed in paper, brick, glass, steel, and iron manufacturing industries as a cheap alternative to other gases. The increasing preference for high-capacity and cheap energy resources bolsters the popularity of natural gas. The augmented demand for natural gas highlights the need for adequate accumulation and production of natural gas, and proper infrastructure for the same. India recorded the consumption of 5,254 million metric standard cubic meters of natural gas in September 2023. Natural gas demand in the country is anticipated to grow by ~8% by 2026, owing to the proliferating fertilizers industry. As per the US Energy Information Administration, natural gas production and demand are anticipated to rise in the US in 2023 and 2024. Natural gas production volumes are estimated to reach 103.68 billion cubic feet per day in 2023 and 105.12 billion cubic feet per day by 2024, rising from 99.60 billion cubic feet per day in 2022.

The prime application of turboexpanders in the oil & gas sector is to enhance the recovery of ethane from natural gas. The procedure requires extremely low temperatures and, therefore, results in the liquefication of a significant portion of ethane and heavier compounds present in natural gas. Thus, the rise in demand for natural gas favors the turboexpander market progress.

Segmental Analysis:

The turboexpander market analysis has been carried out by considering the following segments: loading device, power capacity, and end user. Based on loading device, the market is segmented into compressor, generator, and hydraulic/oil brake. As per the American Petroleum Institute (API) Standard 617, there are two major categories of turboexpander systems: turboexpander compressors and turboexpander generators. The name "turboexpander" refers to a compressor or expander machine as one component. It comprises a centrifugal compressor and a radial inflow expansion turbine (two primary parts) integrated as one assembly. The turboexpanders have major applications in gas processing factories or industrial sectors. Growth in industrialization and technological advancements in the overall process of gas extraction and processing boost the demand for turboexpanders globally.

The compressor segment held the largest turboexpandermarket share in 2022. A compressor augments the pressure of a gas by decreasing its volume. The faster the compressor processes, the more head and flow it creates and the more power it consumes. Turboexpander compressors are primarily employed in services provided to the chemical, gas, and petroleum industries, which involve dealing with gas or air. All turbine engines contain a compressor that helps increase the pressure of the inward air before it enters the combustor. In addition, compressor performance has a substantial influence on overall turbine performance. Centrifugal compressors are mostly applied to power gas turbine engines for energy production, jet aircraft, and other heavy industry applications. In a gas turbine, the centrifugal compressor transports energy from impeller blades. Factors including fluid dynamics, blade dynamics, and the physical properties of gas influence the compressor and turbine engine performance. The growing industrialization is one of the major factors bolstering the demand for turboexpander compressors worldwide.

Regional Analysis:

The geographic scope of the turboexpander market report entails North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

In terms of revenue, North America dominated the turboexpander marketshare. North America has a robust and dynamic turboexpander market, mainly driven by the thriving oil and natural gas industry. With the US, Canada, and Mexico leading the way, this region demonstrates significant potential for market growth and innovation. In the US, dry natural gas production reached a record high in 2022, primarily due to advancements in horizontal drilling and hydraulic fracturing techniques. This surge in production, especially in shale, sandstone, carbonate, and other tight geologic formations, has created a strong demand for turboexpanders. These devices play a vital role in natural gas processing, allowing for the efficient extraction and separation of valuable components such as methane, ethane, and propane. Canada is the fourth-largest producer of oil and the sixth-largest producer of natural gas worldwide. Alberta, in particular, stands out as a leading oil producer in the country, accounting for approximately 80% of the total oil production. With vast oil sand reserves, Alberta presents significant opportunities for the use of turboexpanders in oil extraction and processing facilities. Quebec, with its undeveloped natural gas resources, holds notable opportunities for the adoption of turboexpanders in extraction and refinement facilities.

Mexico is a major player in the global oil industry, and it ranks among the largest oil producers worldwide. With substantial crude oil reserves and a significant refining capacity, Mexico holds promising growth opportunities for turboexpander market players. The country heavily relies on imports of heavy crude from the US while exporting refined petroleum products, creating a need for turboexpanders in the transportation and processing of these resources. Thus, the turboexpander market in North America is characterized by a strong demand from the thriving oil & gas sector across the US, Canada, and Mexico. As these countries continue to invest in energy exploration and production, turboexpanders will play a crucial role in optimizing efficiency as well as in maximizing the extraction and processing of oil and natural gas resources.

Key Player Analysis:

Atlas Copco AB, Air Products & Chemicals Inc., Elliott Group, Cryostar SAS, Sapphire Technologies Inc, Turboden SpA, L’Air Liquide SA, ZJ-Tibo, R and D Dynamics Corporation, and Siemens Energy are among the key players profiled in the turboexpander market report.

 

Turboexpander Market Report Scope

Report Attribute Details
Market size in 2022 US$ 1.11 Billion
Market Size by 2030 US$ 1.75 Billion
Global CAGR (2022 - 2030) 5.9%
Historical Data 2020-2021
Forecast period 2023-2030
Segments Covered By Loading Device
  • Compressor
  • Generator
  • Hydraulic/Oil Brake
By Power Capacity
  • Less than 1 MW
By End User
  • Oil and Gas
  • Power Generation
  • Industrial
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Atlas Copco AB
  • Air Products & Chemicals Inc
  • Elliott Group
  • Cryostar SAS
  • Sapphire Technologies Inc
  • Turboden SpA
  • L?Air Liquide SA
  • ZJ-Tibo
  • R & D Dynamics Corporation
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

     

    Recent Developments:

    Inorganic strategies such as mergers and acquisitions are highly adopted by companies in the market. The market initiative is a strategy adopted by companies to expand their footprint across the world and to meet the growing customer demand. The market players present in the turboexpander market are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings. A few recent developments by key market players are listed below:  

    Year

    News

    Country

    April 2023

    Rotoflow signed a Memorandum of Understanding with SKF S2M to expand its services to turbomachinery customers through its Dharan Solutions Center (DSC) in Saudi Arabia. The DSC, which opened in February 2021, provides diagnostic, testing, balancing, and machining equipment to detect performance deviations and optimize rotating equipment process impact and reliability. The DSC provides technology solutions for various brands of expanders (including Rotoflow's) and caters to the gasification, air separation, helium, hydrocarbon, petrochemical, and energy market segments.

    Saudi Arabia

    May 2023

    Turboden Spa, Unareti Spa, and Pietro Fiorentini Spa partnered to improve the Macconago gas station in Milan, aiming for greater energy efficiency and decarbonization. The upgrade includes the installation of a 4 MWe gas expander to recover electricity from the losses of natural gas load. This is the largest project of its kind in Italy, demonstrating the sector's commitment to the energy transition and decarbonization of cities and the country.

    Italy

    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Loading Device, Power Capacity, and End User

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    Who are the major vendors in the turboexpander market?

    Atlas Copco AB, Air Products & Chemicals Inc., Cryostar SAS, Sapphire Technologies Inc, L’Air Liquide SA, and Siemens Energy are the key market players operating in the global turboexpander market.

    What is the future trend for the turboexpander market?

    Turbine efficiency is one of the major parameters that determine the efficiency and competence of a turboexpander system. As a turboexpander consumes high power, a slight improvement in turbine effectiveness leads to a major improvement in system efficiency. The aerodynamic performance of turbomachines varies on the mean-line design methodology of the rotor and stator. The flexibility and competence of turboexpanders led to a diversity of configurations, which make them flexible in diverse applications.

    Which region to dominate the turboexpander market in the forecast period?

    North America has a robust and dynamic turboexpander market, mainly driven by the thriving oil and natural gas industry. With the US, Canada, and Mexico leading the way, this region demonstrates significant potential for market growth and innovation. In the US, dry natural gas production reached a record high in 2022, primarily due to advancements in horizontal drilling and hydraulic fracturing techniques. This surge in production, especially in shale, sandstone, carbonate, and other tight geologic formations, has created a strong demand for turboexpanders.

    What are market opportunities for the turboexpander market?

    Turboexpander is an axial flow or centrifugal turbine used to expand high-pressure gas to generate work that is primarily employed to drive a compressor. This turbine system can be deployed in applications such as ethylene plants, gas transportation, air separation facilities, and refineries to convert the energy of a vapor stream or gas into mechanical work as the vapor or gas expands through the turbine.

    What are reasons behind the turboexpander market growth?

    The demand for natural gas is increasing in applications such as heating, power generation, cooking, and transportation. Versatility associated with the application of natural gas results in the growing share of natural gas in the global energy mix. Moreover, the lowest potential for pollution among all fossil fuels renders natural gas as one of the chief energy sources. Natural gas is also preferred as an alternative in many household applications, e.g., room heating or water heating. Gas-powered models of air conditioning systems use natural gas to operate.

    The List of Companies - Turboexpander Market 

    1. Atlas Copco AB
    2. Air Products & Chemicals Inc
    3. Elliott Group
    4. Cryostar SAS
    5. Sapphire Technologies Inc
    6. Turboden SpA
    7. L’Air Liquide SA
    8. ZJ-Tibo
    9. R & D Dynamics Corporation
    10. Siemens Energy

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