Turboexpander Market Size Worth $1,404.1 Million by 2030: Grand View Research, Inc.

SAN FRANCISCO, May 12, 2022 /PRNewswire/ -- The global turboexpander market size is projected to reach USD 1,404.1 million by 2030, growing at a CAGR of 4.8%, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing demand for energy-efficient turboexpanders for geothermal, waste to recovery, natural gas production, and other gas processing applications.

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Key Insights & Findings from the report:

  • Over the forecast period, the large-scale adoption of radial expanders for low output power applications such as hot gas expanders used in refineries, binary cycle geothermal plants, and other low power cryogenic plants contributed to the more than 50% revenue share
  • The 1MW - 4MW segment is projected to surpass USD 400 million by 2030. Increasing demand for Natural Gas Vehicles (NGVs) is expected to create the need for small power capacity LNG terminals, which is projected to favor the growth of the less than 1MW and 1 MW-4 MW power segments over the forecast period
  • The compressor segment accounted for more than 40% of the global market share in 2021, growing at a moderate CAGR from 2022 to 2030. Compressor-loaded turboexpanders are the most common arrangement in industries and are extensively used in LNG feed-gas treatment (onshore and floating), high demanding cryogenic, and energy recovery applications
  • Over the next few years, the cryogenic application is expected to dominate the market with a revenue share of more than 30%. A surge in demand for nitrogen gas in the healthcare sector for applications such as cryopreservation, cryotherapies, and cryosurgeries is expected to favor the market growth over the forecast period
  • The oil & gas segment continues to grow with the highest 5.8% CAGR during the forecast period. It can be attributed to the increase in the number of LNG project terminals across the emerging economies
  • The Asia Pacific accounted for more than 30% market share in 2021. The regional market is primarily driven by China, India, and Japan which are increasing their investment in hydrogen liquefactions
  • Atlas Copco AB; Air Products Inc. (ROTOFLOW); Linde Plc (Cryostar); and Siemens Energy (Siemens AG) are among the top five companies, attaining more than 55% of the market share in 2021

Read 165-page market research report, "Turboexpander Market Size, Share & Trends Analysis Report By Product Type (Axial, Radial), By Loading Device (Compressors, Generator, Hydraulic), By Power Capacity, By End Use, By Application, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Turboexpander Market Growth & Trends

Favorable government initiatives to curb the Green House Gases (GHG) emissions have encouraged the economies worldwide to consume natural gas by-products such as Liquefied Natural Gas (LNG) and Compressed Natural Gas (CNG). This would eventually increase the demand for the turboexpanders in the oil & gas sector over the forecast period.

The surge in investments in hydrogen liquefaction is expected to create the demand for hydrogen turboexpanders during the forecast period. Unprecedented demand for clean and green energy resources associated with growing concerns to curb GHG emissions and favorable government initiatives under the influence of Net Zero Emission by 2050 undertaken by the United Nations (UN) is presumed to drive demand for clean hydrogen. Furthermore, the rising popularity of green hydrogen in automotive and aerospace and limiting the dependency on crude oil from Organization of the Petroleum Exporting Countries (OPEC) countries is also likely to bode well for the market growth over the next few years.

The Original Equipment Manufacturers (OEMs) in the market for turboexpanders are adopting a customer-centric approach to manufacturing customized turboexpanders for hydrogen liquefaction to serve their customers. For instance, in May 2021, PBS Group, one of the key vendors in the market, developed CTE 300, a new turboexpander explicitly designed for hydrogen applications. The newly developed product will have a maximum inlet pressure of over 5 MPa with a cooling power of up to 100 kW.

Turboexpander Market Segmentation

Grand View Research has segmented the global turboexpander market based on product type, loading device, power capacity, application, end use, and region:

Turboexpander Market - Product Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Axial Flow
  • Radial Flow

Turboexpander Market - Loading Device Outlook (Revenue, USD Million, 2018 - 2030)

  • Compressor
  • Generator
  • Hydraulic/Oil-brake

Turboexpander Market - Power Capacity Outlook (Revenue, USD Million, 2018 - 2030)

  • Less than 1 MW
  • 1MW - 4 MW
  • 5MW - 9MW
  • 10MW - 19MW
  • 20MW - 24 MW
  • 25 MW - 40 MW
  • Above 40 MW

Turboexpander Market - Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Air Separation
  • Oil & Gas Processing
  • Cryogenic Application
  • Others

Turboexpander Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Oil & Gas
  • Energy & Power
  • Chemical & Petrochemicals
  • Others

Turboexpander Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa

List of Key Players in the Turboexpander Market

 Atlas Copco AB

  • Air Products Inc. (ROTOFLOW)
  • Air Liquide (formerly Nikkiso Cryogenic Industries)
  • Baker Hughes Company
  • Chart Industries (L.A. Turbine)
  • Linde Plc (Cryostar)
  • R&D Dynamics Corporation
  • Elliott Group (EBARA Corporation)
  • Siemens Energy (Siemens AG)
  • Man Energy
  • PBS Group, a. s.
  • Turbogaz
  • Others (Honeywell International Inc.; Blair Engineering; Tibo; Sichuan Air Separation Plant Group; and Suzhou XIDA Cryogenic Equipment Co., Ltd)

Check out more related studies published by Grand View Research:

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  • Traction Transformer Market - The global traction transformer market size is expected to reach USD 827.1 million by 2025, according to a study by Grand View Research, Inc., progressing at a CAGR of 4.9% during the forecast period. Fast pace of modern lives and surging demand for high-speed commute options are promoting several changes in rail infrastructure across the globe, including shift to technologically advanced electric locomotives. This trend is anticipated to provide a significant push to the market over the forecast period.
  • Automated Test Equipment Market - The global automated test equipment market size is expected to reach USD 8.94 billion by 2028, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 3.3% from 2021 to 2028. Increasing adoption of System on Chip (SoC) coupled with high demand for consumer electronics is anticipated to drive the growth.

Browse through Grand View Research's Electronic Devices Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.

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