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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Turboexpander Market Outlook
The global turboexpander market size stood at a value of around USD 1.02 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 4.90% to reach USD 1.58 billion by 2032.
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Increasing Demand in the Industrial and Commercial Sectors to Augment the Global Turboexpander Industry
Compressors are gaining traction in various industrial and commercial segments which is propelling the growth of turboexpanders. The increasing demand for compressors in the construction industry to power drills and compactors is generating a significant demand for turboexpanders. Meanwhile, the heightened demand for compressors in the agricultural sector to facilitate farming operations is further propelling the segment’s growth.
Some of the major uses of compressors include pressure washing, scuba diving, and oil rig operations in the oil and gas sector, which are anticipated to provide impetus to the segment in the forecast period. Meanwhile, the increasing demand for hydraulic breaks from passenger and commercial vehicles is a crucial driving factor of the segment as it is generating great demand for the turboexpander market.
North America Occupies a Significant Market Share for Turboexpanders
The market in the North America region is being driven by the increasing investments in the shale exploration in the United States which is propelling the demand for turboexpanders. Over the forecast period, the anticipated increase in demand for natural gas in the region owing to the technological advancements in the industrial sector is likely to aid the turboexpander market. Moreover, the strong foothold of major manufacturers is anticipated to offer lucrative opportunities to the market in the coming years.
Market Segmentation
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A turboexpander is defined as an axial-flow turbine which enables high-pressure gases to expand in order to produce work. The produced work is used to drive a compressor. The temperature requirement of turboexpanders is low and it is widely used in the industrial sector as a refrigerant. The sizes of fully operational turboexpanders vary from 750 W to 7.5 MW.
Based on type, the market can be segmented into:
- Radial Turboexpanders
- Axial Turboexpanders
- Radial-axial Turboexpanders
By loading device, the turboexpander market has been divided into:
- Compressor
- Generator
- Hydraulic Brake
On the basis of application, the market has been categorised into:
- Oil and Gas Processing
- Air Separation
- Cryogenic Application
- Others
The significant industry verticals included in the market are as follows:
- Oil and Gas
- Energy and Power
- Manufacturing
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rising Applications in Industrial Gas Processes to Boost the Growth of the Turboexpander Industry
The increasing applications of turboexpanders in industrial gas processes, such as the separation of gases at low temperatures is driving the turboexpander market growth. A turboexpander is also a crucial component in ethylene production and ammonia purification. In addition to this, turboexpanders are used as refrigerating agents in the extraction process of natural gas. In this regard, the transition towards using clean energy sources in the industrial processing sector is likely to propel the demand for natural gas in the forecast period, thereby, boosting the turboexpanders market.
Furthermore, the growing mergers and acquisitions by the key market players aimed towards manufacturing turboexpanders with increased efficiency, superior design are likely to lead to progressive product innovations in the coming years. Moreover, the market is anticipated to be aided by the increasing focus on maintenance services in turboexpanders facilities.
Key Players in the Global Market for Turboexpanders
The report gives a detailed analysis of the following key players in the turboexpander market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- ZJ-Tibo
- Atlas Copco AB
- Rotoflow
- Sapphire Technologies
- R&D Dynamics Corporation
- HAVAYAR Group
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
|
| Breakup by Loading Device |
|
| Breakup by Application |
|
| Breakup by Industry Vertical |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
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Turboexpander Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global turboexpanders market attained a value of nearly USD 1.02 billion.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 1.58 billion by 2032.
The market is estimated to grow at a CAGR of 4.90% between 2024 and 2032.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major market drivers include the increasing applications of the product in industrial gas processes, rising demand for natural gas, and rising demand for ammonia.
The growing mergers and acquisitions bolstering the product innovations are likely to be the key trends in the market.
Radial turboexpanders, axial turboexpanders, and radial-axial turboexpanders are the different segments based on type.
Compressor, generator, and hydraulic brake is the segmentation of market based on loading device.
Oil and gas processing, air separation, and cryogenic application, among others are the different applications considered in the market report.
Oil and gas, energy and power, and manufacturing, among others are the major industry verticals included in the market report.
The major players in the industry are ZJ-Tibo, Atlas Copco AB, Rotoflow, Sapphire Technologies, R&D Dynamics Corporation, and HAVAYAR Group, among others.
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