New York, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The global turboexpander market size is predicted to grow at a CAGR of over ~7% from 2023 to 2035. The market is projected to garner a revenue of USD 1.4 billion by the end of 2035, up from a revenue of ~USD 950 million in the year 2022.The demand for natural gas to create a sustainable living is anticipated to increase the usage of turboexpanders owing to their effectiveness in producing energy. In 2021, the global consumption of natural gas increased by around 4% and reached almost 4 trillion cubic meters. Turbo expanders are highly efficient in hydrocarbon processing and air separation plants. The latest development in the design of turboexpanders has also facilitated its application in the liquefaction of gases, heat recovery, and geothermal. They are considered to be an important part of any compressor system.
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Hence, it is projected that the global turboexpander market is bound to expand owing to the escalation in demand from various industrial applications. A turboexpander is a device that converts the pressure energy of a high-pressure gas into mechanical energy, typically used in natural gas processing plants and other industrial applications. The expansion process allows for the recovery of energy and the reduction of pressure in the gas. Turboexpanders play a crucial role in natural gas processing plants for the extraction of natural gas liquids (NGLs) and the liquefaction of natural gas.
Increasing Trend of Automotive Natural Gas Vehicles across the Globe to Boost Market Growth
Growing urbanization has increased the adoption of LNG vehicles across the globe and is anticipated favor market growth as turboexpander helps utilize natural gas rather than other fuels. The U.S. Department of Energy stated that natural gas powers more than 23 million vehicles worldwide. Recent industrialization has led to the rise in Green House Gas emissions. However, the constant government focus on reducing Green House Gas (GHG) is estimated to drive the global turboexpander market expansion in the future as turboexpanders are needed in geothermal and heat recovery from natural gas applications which is a cleaner source of energy and emit less carbon dioxide. The International Energy Agency (IEA) stated that in 2020, the total global GHG emission by fuel combustion accounted for 32,252 MtCO2eq. Burgeoning population along with advancements has led to the high consumption of electricity. This factor is anticipated to help in increasing the turboexpander sector value as the turboexpander is efficient in producing energy through natural gas. Global electricity consumption increased from 22,848 TWh in 2019 to 25,300 TWh in 2021 and is continue to grow by 1-2% every year, as per the International Energy Agency (IEA).
Turboexpander Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Demand LNG Production to Drive the Market Growth in Asia Pacific Region
The turboexpander market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The increasing demand for natural gas as a cleaner energy source is propelling the expansion of natural gas processing plants. Turboexpanders are integral to these facilities, facilitating the efficient extraction of natural gas liquids (NGLs) and liquefaction of natural gas. According to the International Energy Agency (IEA), Asia is expected to account for the largest share of global natural gas consumption growth, with China and India leading the way. Governments and industries in the Asia Pacific are prioritizing energy efficiency to reduce operational costs and environmental impact. Turboexpanders play a crucial role in this context, allowing the recovery of energy from high-pressure gas streams, thereby enhancing overall industrial process efficiency. Turboexpanders are vital components in petrochemical and oil refining processes, contributing to the efficient separation and processing of hydrocarbons. The Asia-Pacific oil refining capacity is expected to increase, driven by growing demand and investments. For instance, China has been consistently expanding its refining capacity.
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Shale Gas Boom and Increasing Natural Gas Production to Propel the Growth in the North America Region
The North America turboexpander market is estimated to garner the highest CAGR by the end of 2035. The shale gas revolution in North America, particularly in the United States, has led to a surge in natural gas production. Turboexpanders are instrumental in processing high-pressure natural gas streams, enhancing the extraction of valuable components such as natural gas liquids (NGLs) and contributing to the overall efficiency of gas processing plants. The growth of liquefied natural gas (LNG) exports demands advanced technologies for gas liquefaction. Turboexpanders are critical in this context, playing a pivotal role in the liquefaction process by efficiently recovering energy from the high-pressure gas, contributing to the competitiveness of the North American LNG market. With a growing emphasis on environmental sustainability, turboexpanders, known for their energy recovery capabilities, align well with government initiatives aimed at reducing energy consumption and emissions. Policies such as the U.S. Environmental Protection Agency's (EPA) ENERGY STAR program emphasize energy efficiency in industrial operations.
Turboexpander, Segmentation by Loading Device
- Compressor
- Generator
- Hydraulic/Oil Brake
Amongst these segments, the generator segment is anticipated to hold the largest share over the forecast period. The global shift towards renewable energy sources, such as wind and solar, necessitates advanced generators to convert intermittent energy into stable power. Generators play a pivotal role in ensuring grid stability and reliability as the share of renewable energy in the power mix continues to rise. The relentless surge in global electricity consumption, driven by industrialization, urbanization, and digitalization, propels the demand for generators. As economies expand, the need for reliable power generation solutions becomes paramount, fostering the growth of the generator segment. According to the International Energy Agency (IEA), global electricity demand is expected to grow by 28% by 2040. The industrial sector's burgeoning energy needs in emerging markets drive the demand for robust generators. These generators cater to a spectrum of industries, ensuring a stable and uninterrupted power supply to support industrial expansion and enhance productivity. With increasing instances of grid outages, natural disasters, and geopolitical uncertainties, businesses and households are investing in backup power solutions. Generators emerge as a reliable and immediate source of power during disruptions, contributing to the growth of the generator market.
Turboexpander, Segmentation by End-Use
- Oil & Gas
- Energy Recover
- Power Generation
- Chemical & Petrochemical
- Manufacturing
Amongst these segments, the oil and gas segment in turboexpander market is anticipated to hold a significant share over the forecast period. Geopolitical events, OPEC decisions, and supply chain dynamics profoundly impact oil prices and production. Uncertainties in geopolitical landscapes influence investment decisions and shape the overall direction of the oil and gas industry. The surge in LNG trade signifies the increasing importance of natural gas in the global energy mix. The development of LNG infrastructure, liquefaction plants, and export terminals is a key driver in the oil and gas sector, responding to the demand for cleaner and more flexible energy sources. The International Gas Union (IGU) reports that global liquefied natural gas (LNG) trade reached 265 million tons in 2019. The industry's increasing focus on unconventional resources, such as shale oil and gas, reflects the quest for new reserves. Extraction technologies, including hydraulic fracturing, drive the exploration and exploitation of unconventional resources, shaping the trajectory of the oil and gas segment.
Few of the well-known indsutry leaders in turboexpander market that are profiled by Research Nester are L.A. Turbine (Chart Industries, Inc.), Air Liquide Engineering & Construction, Atlas Copco, Air Products and Chemicals, Inc., Baker Hughes Company, Linde plc, Elliott Company, Siemens Energy AG, MAN Energy Solutions SE, Honeywell International Inc., and other key market players.
Recent Development in the Turboexpander Market
- L.A. Turbine, a subsidiary of Chart Industries, Inc. has announced its latest ARES active magnetic bearing (AMB) turboexpander-compressor. The ARES AMB turboexpander-compressor is capable of a flow rate of 200 million ft3/d and can be used for natural gas liquid (NGL) processing.
- Air Liquide Engineering & Construction has announced its acquisition of the cryogenic turboexpander business line of Nikkiso Cryogenic Industries. The acquisition is estimated to strengthen the company’s expertise in cryogenic processes as well as enhance the maintenance and services of turboexpanders.
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