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Turboexpander is a radial inflow expander turbine used to recover heat energy available in high-pressure gas streams in process plants and convert it into mechanical energy. This mechanical energy is used to drive compressor or generator. In recent times, turboexpanders widely used in oil and gas industry to recover hydrocarbon liquid from natural gas. Turbo expander not only used in liquefication of natural gas but also commonly used in petrochemical applications such as ethylene, nitrogen, and hydrogen, among others. Oil and gas are continuously dominating the world energy outlook. The high consumption of fossil fuel has deteriorating environment. Several countries are shifting towards cleaner energy sources. Natural gas is one of the best suitable alternatives to fossil fuel. It burns cleaner than coal and emits less carbon dioxide. Thus operators are incessantly investing in increasing production of natural gas which may proliferate the growth of the turboexpander market
Key Market Driver -
Key Market Driver – Increasing investment in natural gas production and shifting trend toward cleaner energy
Key Market Restraint -
Key Market Restraint – High cost of installation
The turboexpander market is segmented into a loading device and end-user. The loading device is further divided into a centrifugal compressor, generator, and hydraulic brakes. End-user is bifurcated into oil & gas, power generation, manufacturing, HVAC, and others. The rising E&P activities along with the expansion of natural gas processing plants are expected to offer substantial growth for turboexpander market.
Shifting trends towards cleaner energy sources has given lucrative market opportunities for natural gas as it burns cleaner than other fossil fuel. Growing investment in exploration and production of natural gas to meet the rising demand and recent revolution in shale extraction may offer a profitable market for the growth of the turboexpander market. Turbo expander installation is quite expensive and requires high initial investment, which expected to retard the growth of the turboexpander market.
The major companies in the turboexpander market are Cryostar, Atlas Copco, L.A. Turbine, Air Products, MAN Energy Solutions, Havayar Industrial Group (Official), Honeywell, Elliot Group, Rotoflow, An Air Products Business, Cryogenic Industries, and Turbogaz.
The global turboexpander market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The United States is playing a key role in turbo expander market growth in North America due to enormous investment in shale gas exploration. Also, the incessant investment in natural gas production may drive the turboexpander market in North America. European Union acting actively to mitigate the rising GHG emission.
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Several steps have been taken to promote clean energy to meet the Europe 2020 target. UK, Germany, France, Italy Spain, and Russia are incessantly investing in natural gas exploration and production that may proliferate the growth of the turboexpander market in Europe. Asia Pacific is the second-largest market for turboexpander due to higher market potential. Developing countries China and India are consistently looking forward to investing in cleaner energy sources. In the forthcoming years these countries are expected to dominate the turboexpander market in the world.
By Loading Device
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