Wilmington, Delaware, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Global Turboexpander Market is valued at US$ 670 million in 2022 and is expected to grow at a significant CAGR of over 5.5% over the forecast period of 2023-2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
Turboexpanders are used in natural gas processing, liquefied natural gas (LNG) production, and other industrial applications to recover energy from high-pressure gas streams that would otherwise be wasted. Growing concerns about energy efficiency and sustainability are driving the adoption of technologies like turboexpanders to maximize energy recovery.
The growth of the natural gas sector, including gas processing and LNG production, necessitates the use of turboexpanders to manage gas pressure, separate pollutants, and recover energy throughout the liquefaction process.
- According to a deep-dive market assessment by RationalStat, the global turboexpander market has been analyzed on the basis of market segments, including on product type, loading device, application, end user, and geography/regions (incl. North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global turboexpander market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/ equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global turboexpander market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Turboexpander Market: Segmental and Market Share Analysis
- On the basis of product type, by 2030, the axial flow segment is expected to be worth US$ 623.1 million. The segment's expansion can be attributable to an increase in demand for high-power applications.
- On the basis of loading devices, in 2022, the compressor segment accounted for more than 40% of the worldwide turboexpander market, with a CAGR of 4.7% from 2023 to 2030. It is the most typical industrial setup and is widely utilized in LNG feed-gas treatment.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 670 million |
| Market Size Forecast | US$ 1,028 million |
| Growth Rate | 5.5% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global turboexpander market include,
- In October 2022, Sapphire Technologies, developer and manufacturer of energy recovery systems for hydrogen and natural gas industrial applications, entered into a strategic partnership with Tallgrass Energy, one of the leading US energy infrastructure companies, to pursue a nationwide clean energy project to install over 72 turboexpander systems over the next 3 years.
- In July 2021, Chart Industries acquired L.A. Turbine a manufacturer of turboexpander products such as its Ares turboexpander-compressor package for US$ 80 million in cash, subject to customary closing adjustments.
Some of the prominent players and suppliers operating and contributing significantly to the global turboexpander market growth include Cryostar, Atlas Copco Group, L.A. Turbine, Baker Hughes, Air Products and Chemicals, Inc., Elliott Group, R&D Dynamics Corporation, Honeywell International Inc., Cryogenic Industries, Air Liquide Advanced Technologies, Siemens Energy, RMG Messtechnik GmbH, Mitsubishi Heavy Industries Compressor Corporation, and Sulzer Ltd among others.
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RationalStat has segmented the global turboexpander market based on product type, loading device, application, end user and region
- Global Turboexpander Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Product Type
- Axial Flow
- Radial Flow
- Global Turboexpander Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Loading Device
- Compressor
- Generator
- Hydraulic/Oil Brake
- Global Turboexpander Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
- Air Separation
- Oil and Gas Processing
- Cryogenic Application
- Global Turboexpander Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by End User
- Oil & Gas
- Energy Recover
- Power Generation
- Chemical & Petrochemical
- Manufacturing
- Global Turboexpander Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Turboexpander Market
- US
- Canada
- Latin America Turboexpander Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Turboexpander Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Turboexpander Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Turboexpander Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Turboexpander Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Turboexpander Market
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Key Questions Answered in the Turboexpander Report:
- What will be the market value of the global turboexpander market by 2030?
- What is the market size of the global turboexpander market?
- What are the market drivers of the global turboexpander market?
- What are the key trends in the global turboexpander market?
- Which is the leading region in the global turboexpander market?
- What are the major companies operating in the global turboexpander market?
- What are the market shares by key segments in the global turboexpander market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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