Turboexpander Market Outlook
According to a new report by Expert Market Research titled, “Turboexpander Market Price, Share, Analysis, Report and Forecast 2023-2028″,the turboexpander market is projected to grow at a CAGR of 4.90% between 2023 and 2028. Aided by the rising demand for energy-efficient machinery and the broadening applications of turboexpanders across several industries, the market is expected to grow significantly by 2028.
Turboexpanders, also known as expansion turbines, are a type of dynamic mechanical device that performs isentropic expansion to harness a high-pressure gas stream’s energy, converting it into kinetic energy. This process generates power used for driving compressors or generators. Turboexpanders are widely employed in various applications such as air separation, hydrocarbon processing, and power generation, given their efficiency and effectiveness in energy recovery.
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The rising emphasis on energy efficiency is primarily driving the global turboexpander market growth. With increasing awareness about energy conservation and the need to reduce carbon emissions, there has been a significant shift towards energy-efficient machinery. Turboexpanders, with their high-energy recovery rates and minimal operational costs, are proving to be an optimal choice for several industries, thereby leading to a surge in demand for turboexpander-based solutions.
Further, the expanding applications of turboexpanders in various industries significantly contribute to the turboexpander market development. In the oil and gas industry, turboexpanders are integral to natural gas liquefaction and re-gasification processes. The power generation sector uses turboexpanders for waste heat and pressure recovery, while the chemical industry leverages them in air separation units. Moreover, the growing use of turboexpanders in geothermal power plants adds another dimension to their application landscape.
Technological advancements leading to enhanced turboexpander designs with better efficiency, durability, and operational flexibility have also spurred the turboexpander market growth. The advent of magnetic bearing turboexpanders has revolutionised the market, offering better rotational speeds, lower maintenance, and longer service life.
Moreover, the intensifying demand for liquefied natural gas (LNG) has heightened the focus on turboexpanders as a key component in the liquefaction process. With the growing shift towards natural gas as a cleaner and more efficient energy source, turboexpanders are expected to play a critical role in future LNG infrastructure, thereby boosting the turboexpander market expansion.
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Turboexpander Market Segmentation
The market can be divided based on type, loading device, application, industry vertical, and region.
Market Breakup by Type
- Radial Turboexpanders
- Axial Turboexpanders
- Radial-axial Turboexpanders
Market Breakup by Loading Device
- Hydraulic Brake
Market Breakup by Application
- Oil and Gas Processing
- Air Separation
- Cryogenic Application
Market Breakup by Industry Vertical
- Oil and Gas
- Energy and Power
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global turboexpander companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Atlas Copco AB
- Sapphire Technologies
- R&D Dynamics Corporation
- HAVAYAR Group
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