The global Turboexpander Market is expected to grow from an estimated USD 290.6 Million in 2018 to USD 390.8 Million by 2023, at a CAGR of 6.11%, from 2018 to 2023. North America is estimated to be the largest for turboexpanders, followed by the market in Asia Pacific. The trend is expected to change, with Asia Pacific leading the turboexpander market in 2023. The turboexpander market growth is primarily due to the increasing natural gas production and rising focus of end-users such as manufacturing and oil & gas sectors on energy efficiency. By energy source, natural gas accounts for the largest increase in world primary energy consumption and is an ideal choice for power and industrial sector due to its efficiency. All these factors have resulted in increased demand of turboexpanders.
Turboexpanders are mainly used for the liquification of natural gases and in petrochemical applications such as hydrogen, nitrogen and ammonia purification and ethylene production. Increasing production of natural gas is expected to create the demand for turboexpander in hydrocarbon applications. So, rising natural gas production is expected to boost the demand for turboexpanders.
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The power generation include geothermal power plants, base load plants in LNG facilities, and pressure letdown turboexpanders. The geothermal electricity market is expected to reach USD 18.4 GW by 2021. Increasing share of geothermal power in total power production is expected to boost the demand for turboexpanders during the forecast period.
Asia Pacific is expected to be the largest turboexpander market
As per the BP Statistical Review of World Energy 2017, natural gas production increased from 490.6 billion cubic meters in 2010 to 579.9 billion cubic meters in 2016 in Asia Pacific, indicating a positive growth curve of the turboexpanders market in the Asia Pacific. Also, companies such as Saudi Aramco are planning to invest around USD 44 billion in a giant refinery complex in India. Factors, such as increasing investments in natural gas production plants are driving the Asia Pacific turboexpander market during the forecasted period.
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The leading players in the Turboexpander Market include Atlas Copco (Sweden), BHGE (US), Cryostar (France), Air Products and Chemicals (US), and L.A. Turbine (US).
