Oil & Gas industry holds the largest market share in the turbo expanders market
Oil & gas sites present throughout the globe do contain potential energy in the form of various hydrocarbons that is otherwise wasted in the universe. With an increase in the demand for natural resources such as oil & gas, an increasing amount of potential energy is wasted if those hydrocarbons are not extracted in the appropriate form. Hydrocarbons such as hydrogen, carbon mono-oxide, methane, ethane, and nitrogen are present in large volumes at the oil & gas sites. Turbo-expanders integrated to the oil & gas downstream pipelines at these sites enable in pressure let down of the oil & gas as well as extraction of various forms of hydrocarbons. They also empower liquefaction of various gases. A broad range of applications of turbo expanders in the oil & gas sector.
The turbo-expanders systems play a crucial role in oil & gas industry by offering the opportunity to the industry participants to maintain the oil & gases at the desired temperature. The demand for cooling and temperature controlling systems is essential in the oil & gas industry pertaining to the fact that different gas and oil requires different temperatures when stored for longer period. The US has huge network of oil rigs in the North American continent as well as globally and procures and stores significantly large quantity of oil throughout the years. This fact has helped propel the turbo expanders market over the years. The benefits offered to the oil & gas industry includes; controls humidity of hygroscopic substances, removes the heat generated from reaction, maintains optimum pressurization in the vessel containing oil or gas, and solidifies one substance from other for separation. These benefits attract various oil & gas companies based in the US and other North American countries to, thereby influencing the growth of the turbo expanders market in the current scenario, and the trend is anticipated to help the market to surge in the years to come.
The oil & gas industry for the extraction of natural gas has been a large adopter of turbo-expanders for air filtration, hydrocarbon extractions, hydrocarbon recovery, as well as power generation purposes. Further, the MLP industry in US is also highly advanced sector and therefore incorporates higher usage of turbo-expanders owing to their benefits. Supportive legislations put down by the federal Government with regards to controlling the harmful emissions form the manufacturing plants have ensured significant turbo expanders market growth.
In the petrochemical and oil & gas industry, particularly, energy is under-utilized in several instances. This can be recovered and thereby improve the efficiency of the plant and attaining cost efficiency effectively. Turbo-expanders aid in energy recovery at these plants. Turbo-expanders help in energy recovery by utilizing process gas and waste heat pressure letdown. Further, innovations including thrust bearing, enhanced shaft seals, and superior control devices have improved the reliability of turbo-expanders.
Some of the companies considered while deriving the global turbo expanders market are Atlas Copco AB, Cryostar, Baker Hughes (GE Company), Air Products & Chemicals, and Honeywell International Inc. among others