According to Future Market Insights’ latest industry analysis, the global turboexpanders market size is estimated to be around US$ 1.2 billion in 2024. It is projected to exhibit a CAGR growth of 5.40% over the forecast period, with an estimated market size of US$ 2 billion by 2034.
The market for turboexpanders has been witnessing significant growth in recent years due to the increased demand for efficient natural gas processing plants, where they play a crucial role in gas processing and liquefaction. Industries are also placing a rising emphasis on optimizing energy usage and minimizing waste, with turboexpanders being used to harness the energy from high-pressure gas streams and convert it into mechanical power or electricity.
The surging demand for cryogenic applications in industries such as healthcare, food processing, and electronics is another factor driving the growth of the turboexpander market. Ongoing advancements in turboexpander design and manufacturing are leading to significant improvements in efficiency, reliability, and performance. This is also contributing to the widespread adoption of turboexpanders across various industries.
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The oil and gas sector is increasingly adopting turboexpanders, especially companies involved in natural gas processing plants, LNG facilities, and oil refineries for gas processing, gas liquefaction, and hydrocarbon recovery processes. The sales of turboexpanders are also growing among chemical plants, where companies use them for cryogenic applications such as the separation and purification of gases, as well as for energy recovery from high-pressure gas streams.
“Companies in the turboexpander market must explore opportunities to expand their presence in both established and emerging markets. They can also establish partnerships, open new service centers, or acquire local businesses to better serve customers worldwide,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the Market Study:
- The axial flow segment is poised to dominate the turboexpander industry with a market CAGR of 5.10%.
- Based on the loading device, the compressors segment is set to lead the turboexpander industry with a CAGR of 4.80%.
- The turboexpander industry in the United Kingdom is anticipated to develop at a modest CAGR of 6.90% through 2034.
- The turboexpander market in China is estimated to rise at a CAGR of 6.40% through 2034.
- The turboexpander industry in Japan has the potential to increase at a CAGR of 4.00% through 2034.
- The United States turboexpander industry is predicted to rise by a CAGR of 5.80% through 2034.
- The turboexpander industry in South Korea is very likely to develop at a CAGR of 7.40% through 2034.
Competitive Landscape of the Turboexpander Market:
Turboexpander technology has been gaining popularity in recent years due to its numerous benefits, including energy savings, reduced carbon footprint, and improved production efficiency. The market has a wide range of companies that cater to both international and domestic consumers. Prominent players such as Atlas Copco, Cryostar, Air Products and Chemicals, Inc., Baker Hughes, and General Electric invest heavily in research and development to enhance their products’ efficiency, functionality, and sustainability. These companies often receive grants and subsidies from the government to promote the adoption of turboexpander technology in various industries.
Key Companies in the Market
- Atlas Copco
- Cryostar
- Air Products and Chemicals, Inc.
- Baker Hughes
- General Electric
- Siemens
- Elliott Group
- Turbogaz
- L.A. Turbine
- Kobelco
- Hangyang
- ACD
- Cryoquip
- Cryodynamics
- GE Oil & Gas
- Sulzer
- R&D Dynamics Corporation
- Howden
- Toshiba
- Voith Turbo
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Recent Developments in the Turboexpander Market:
- Breaking the West’s monopoly, Iranian experts and technicians at Shazand Petrochemical Company in Markazi Province domestically designed and produced a turboexpander in May 2023. This achievement, announced by Iran’s Ministry of Petroleum’s Shana news agency, involved collaboration with a local knowledge-based firm, offering significant cost savings.
- Partnering with Tallgrass and Evolve Energy, Sapphire Technologies shipped its largest batch of turboexpanders yet in June 2023. The delivery of four turboexpanders marked the beginning of a significant milestone, with plans for a 400% production increase by year-end.
- In August 2023, Nikkiso Clean Energy & Industrial Gases Group’s Cryogenic Service unit, Nikkiso Cryogenic Services (NCS), expanded local support for Nikkiso products like ACD cryogenic pumps and turboexpanders in Brazil by partnering with Neuman & Esser (NEA) Brasil. The aim was to streamline repairs and enhance customer service.
Turboexpander Market by Segmentation:
By Product Type:
- Axial Flow
- Radial Flow
By Loading Device:
- Compressor
- Generator
- Hydraulic/Oil-brake
By Power Capacity:
- Less than 1 MW
- 1MW – 4 MW
- 5MW – 9MW
- 10MW – 19MW
- 20MW – 24 MW
- 25 MW – 40 MW
- Above 40 MW
By Application:
- Air Separation
- Oil & Gas Processing
- Cryogenic Application
- Others
By End Use:
- Oil & Gas
- Energy & Power
- Chemical & Petrochemicals
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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