Turboexpander Market Size, Share, Trends, Growth 2032

Turboexpander Market Insights

According to Zion Market Research, the global Turboexpander Market was worth USD 964.38 Million in 2023. The market is forecast to reach USD 1485.84 Million by 2032, growing at a compound annual growth rate (CAGR) of 4.92% during the forecast period 2024-2032.

The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Turboexpander industry over the next decade.

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Turboexpander Market: Overview

Turboexpander is defined as an axial-flow or a centrifugal turbine used to expand high-pressure gas. This high-pressure gas facilitates the rotation of turbines and is transmitted to the shaft. The energy generated in this process is used to power generators and drive compressors. Generally, turboexpanders have a power range between 750W and 7.5MW. This range roughly equals to 1hp and 10,000hp. The growth of the global turboexpander market can be attributed to the extensive use of turboexpanders in industrial processes as a refrigeration source. The industrial processes include extracting natural gas and ethane gas liquids and liquefaction.

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Turboexpander Market: Growth Drivers

The major growth driver in the global turboexpander market is the increase in the use of natural gas for meeting the needs of power supply. The end users like oil and gas and manufacturing industries are transitioning from traditional sources of energy to energy-efficient sources. This transition is another factor that is fuelling the expansion of the turboexpander market.

The boom of the shale gas is also contributing to the expansion of the turboexpander market. In the upcoming years, the increasing use of geothermal energy for power generation is also expected to fuel the demand for the turboexpander market. The high cost of installations is one of the restraining factors in the global turboexpander market among several other factors.

Turboexpander Market: Segmentation

The global turboexpander market can be divided based on loading device, application, and end-user.

Based on loading device, the global turboexpander market can be divided into generator, compressor, and oil break.

On the basis of application, this market can be divided into hydrocarbon and air separation among several others. The hydrocarbon segment is anticipated to show the maximum growth due to its large size and the ability to deliver a diverse power output range. Liquefaction of natural gases and petroleum gases, nitrogen rejection, regasification, FPSO LNG, and dew point control are a few hydrocarbon applications.

According to the end-user, the global turboexpander market can be divided into oil and gas, power generation, and manufacturing.

Turboexpander Market: Report Scope

Turboexpander Market: Regional Analysis

Based on regions, the global turboexpander market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific region is expected to be the largest turboexpander market in the upcoming years. This growth is due to the fact that developing economies, such as India and China, are making investments in refineries and concentrating on expanding the production of natural gas. Another factor fuelling the expansion of the turboexpander market in China is the rise in demand of turboexpanders.

Thus, China is expected to hold a substantial market share of the global turboexpander market in the Asia Pacific region. The turboexpander market in the Middle East and North America is anticipated to grow in the future owing to the focus of oil and gas companies on increasing their production of natural gas.

Turboexpander Market: Competitive Analysis

The global turboexpander market is dominated by players like:

• L.A. Turbine
• SASPG
• Turbogaz
• Cryostar
• BHGE
• Hangyang Group
• Air Products and Chemicals
• HNEC
• Cryogenic
• Atlas Copco

The global turboexpander market is segmented as follows:

By Loading Device

• Compressor
• Oil Break
• Generator

By Application

• Air Separation Turboexpanders
• Hydrocarbon Turboexpanders
• Others

By End-User

• Manufacturing
• Oil & Gas
• Power Generation

Global Turboexpander Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa