According to study, “World Turbo Expander Market Research Report 2024(Covering USA, EU, China, South East Asia, Japan and etc)” the key companies operating in the world turbo expander market are Atlas Copco, Air Products and Chemicals, Inc., GE oil & gas, ACD, L.A. Turbine, Turbogaz, Samsung, RMG, Shaanxi Blower Group, MES, Sichuan Air Separation Group, Cryostar, HaerbinBeifang Equipment, KFAS, Suzhou West of Cryogenic Equipment, Hangyang Group, HUAYU, Sichuan JianyangRuite Machinery.
Turbo expander is a combination of a compressor and an expander in a single unit, where an expansion unit drives the compression unit, and both are attached on a distinct shaft. It is also referred as expansion turbines.It converts kinetic energy into mechanical energy through passing pressurized & expanded gases via turbines. It has a power range between 750W and 7.5MW. It is generally used as a source of refrigeration in industrial processes for instance extraction of ethane & natural gas liquids from natural gas, and liquefaction of other gases. Additionally, it works in the process of refrigeration, power or electricity generation & air separation and management of industrial waste through pipes. It is manufactured considering many standards & guidelines, in order to sustain high pressures or various industrial materials.
Based on type, turbo expander market is segmented into axial turbo expanders, radial turbo expanders, and radial-axial turbo expanders. Based on loading device, market is segmented into generators (electrical), compressor (centrifugal)and hydraulic brake.Compressor segment is anticipated to witness lucrative growth owing to rise in product utilization in the processing of LNG during the forecast period. Based on application, market is segmented into air separation, generation of energy from waste gases, hydrocarbon and others (geothermal and pressure letdown).Hydrocarbon segment dominates the market as turbo expanders are being extensively used in LNG production, NGL recovery, ethane recovery, and dew point control. In addition, based on end-use, market is segmented into oil & gas, power generation and manufacturing. Oil & gas segment holds major share in market due to increase in production & consumption of LPG and LNG.
The turbo expander market is driven by rise in focus on energy efficiency, followed by increase in share of natural gas in primary energy consumption, growth in innovative technologies and rise in usage of pipelines. However, high initial cost for smaller installations and availability of alternative energy recovery devices & pressure letdown systems may impact the market. Moreover, rise in demand for cryogenic liquids is a key opportunity for market.
Based on geography, USA country holds major share, followed by EU in turbo expander market owing to higher emphasis on innovative manufacturers ad rise in higher emphasis on innovative manufacturers in the country.China country is expected to witness higher growth rate due to efficient manufacturing processes and rise in demand for natural gas over the forecast period. It is anticipated that the market will be reached at fast pace on account of increase in need for extraction of more energy content and growth in demand for efficient production systems during the forecast period. The worldwide market is estimated to grow at a CAGR of approximately 2.9%, over the next five years, will reach US $620 million by 2024, from US $520 million in 2019.
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Ankur Gupta, Head Marketing & Communications