30-Sep-2020 | Zion Market Research
As per to Zion Market Research, In terms of revenue, the global turboexpander market accounted for USD 312.71 Million in 2019 and is expected to Reach USD 474.87 Million by 2026, growing at a CAGR of around 6.12%. The turboexpanders are devices that transform kinetic energy into mechanical energy by adopting high pressure expanded gas from the turbines. The high-pressure gas facilitates the turbines to turn around and get transferred toward the shaft, and accumulate the power which is used to drive electric generators & compressors and are dispersed from air brake or oil brake. The turboexpanders are also called expansion turbines and they have a power range from 750 W–7.5 MW, which is around 1hp–10000 hp. They are chiefly utilized as a resource of refrigeration in the industrial processes like extraction of natural gas liquids & ethane from natural gas, and liquefaction of other gases. In addition, the turboexpanders function in the procedure of refrigeration, organization of industrial waste from pipes, power or electricity creation and also air separation.
The leading players in the market are GE Oil & Gas, Atlas Copco, Cryostar, Hangzhou Hangyang CO., LTD, L.A. Turbine, Cryogenic Industries, Inc., Turbogaz, Texas Turbine, Inc., Elliott Group, Sichuan Air Separation Group, Fluidmachines Inc., Havacaran Industrial Technologies Co., Honeywell International Inc, and others. The manufacturers are mainly targeting establishing their units and penetrating across the Asian markets due to high population, increasing industrialization, and augment in the demand for gas & oil. The manufacturers are also spending on the research and development to reduce costs and also owing to variations of commodity prices.
Increasing Use Of The Turboexpanders Is Expected To Boost The Global Turboexpander Market
The global turboexpander market is estimated to develop at a rapid rate during the forecasted period. The augmenting use of natural gas in the production of the power supply is believed to be a key driving force for the expansion of this market. Additionally, most companies have replaced the use of coal with natural gas, augmented the use of pipelines, therefore giving rise to the demand for turboexpanders. The turboexpanders are widely utilized in the cryogenic facilities which are one of the key sources for obtaining butane, propane, and ethane. In addition, the budding economies globally and amplified industrialization have resulted in the surge in the use of turboexpanders.
The global turboexpander market is bifurcated on the basis of loading device, application, end-users, and regional analysis. Based on the loading device, the market is divided into a generator, compressor, and oil break. Based on the applications, the market is divided into air separation turboexpanders, hydrocarbon turboexpanders, and others. Based on the end-user, the market is divided into manufacturing, oil & gas, and power generation.
The North America Region Expected To Register Massive Growth In The Global Turboexpander Market During The Forecasted Period
Based on the geographical analysis, the global turboexpander market is divided into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. The North America region is likely to lead the turboexpanders market due to the surging gas & shale oil industry. Furthermore, the oil & gas industry accompanied by the petrochemical industry is expected to rule the turboexpanders market. The refrigeration turboexpanders are widely used in the different industrial processes like extraction of liquid natural gas & ethane and other low-temperature methods.
Browse the full “Turboexpander Market by Loading Device (Generator, Compressor, and Oil break), Application (Hydrocarbon, Air separation, and others) by End-User (Oil and gas, Power generation, Manufacturing, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/turboexpander-market
The global turboexpander market is segmented as follows:
By loading device:
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