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. The significantly growing demand for natural gas is likely to remain a key turboexpander market trend.
A turboexpander primarily reduces the pressure of a gas stream by facilitating expansion. As an outcome, the enthalpy and temperature of the gas are decreased. This decline in temperature is accompanied by the condensation of substantial hydrocarbons into liquids. Turboexpanders help attain isentropic power as high as 90%, which results in much lower discharge temperatures. The high reliability of turboexpanders is attributed to their minimalistic construction and hermetically sealed design. Some plants have been operating with the same turboexpander for many decades, following a proper maintenance schedule. The main advantages of turboexpanders over regulators are that the former can moderate and reduce the gas pressure to a desired level, and electricity can be generated from the energy attained from a reduced gas pressure.
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. Increasing focus on turbans with high speed and precision is one of the major trends in the turboexpanders market.
Turboexpanders are critical in applications such as industrial gas processing, power recovery, and power generation. They are commonly used in the natural gas industry for liquification and dewpoint management. They are also used in the petrochemical industry primarily for ethylene plant refrigeration and air separation. A sustained performance of this equipment is crucial for the profitability of a business. A turboexpander can aid in attaining the same pressure drop more effortlessly than a valve. Easy regulation and moderate maintenance requirements are a few of the major features of turboexpanders.
Nonetheless, turboexpanders need to be monitored frequently after commissioning and in the initial stage of installation. The design of turboexpanders may vary depending on the plant type. However, original equipment manufacturers (OEMs) have standardized a few of the common components, and some critical parts are exclusive to specific machines. Thus, low maintenance, convenient design, and high efficiency in applications are the major factors driving the turboexpanders market.
Cryogenic liquids are gases in the liquefied form at low-temperature conditions. Cryogenic turbines facilitate the expansion of liquefied gas to decrease pressure and convert hydraulic energy to electric energy to control the enthalpy of liquefied gas and aid energy recovery. The cryogenic expanders are being used in diverse application areas, including refineries, ethylene plants, air separation facilities, and gas processing plants. These expanders help in generating the coldest level of refrigeration and large quantities of liquid are condensed in the gas expansion process. Thus, advancements in cryogenic turbines are anticipated to provide growth opportunities in the turboexpanders market during the forecast period.
Key segments that contributed to the derivation of the turboexpander market analysis are loading devices, power capacity, and end-user.
The geographic scope of the Turboexpander Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
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 developments 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.
The regional trends and factors influencing the Turboexpander Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Turboexpander Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 1,106.97 Million |
| Market Size by 2030 | US$ 1,751.48 Million |
| Global CAGR (2022 - 2030) | 5.9% |
| Historical Data | 2020-2021 |
| Forecast period | 2022-2030 |
| Segments Covered |
By Loading Device
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Turboexpander Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Turboexpander Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Turboexpander Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
The “Turboexpander Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering the following areas: