Turboexpander Market by Production, Capacity, Revenue & forecast to 2023


Posted July 16, 2018 by ankit93

The global turboexpander market was valued at USD 280.5 Million in 2017 and is projected to reach USD 390.8 Million by 2023, at a CAGR of 6.11% during the forecast period.

 
The Global Turboexpander Market is expected to reach USD 390.8 million by 2023 from ~USD 290.6 million in 2018 (by value), growing at a CAGR of 6.61%. By volume, the global turboexpander market is expected to grow at a CAGR of 2.61% from 2018 to 2023, reaching USD 240 units by 2023. Growth of the turboexpander market is majorly driven by increasing share of natural gas under primary energy consumption and increasing focus on energy efficiency.

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Asia Pacific will remain the fastest-growing Turboexpander Market during the forecast period, being primarily driven by the growth in production capacity of natural gas and oil refineries in countries such as China and India. As per BP Statistical Review of World Energy 2017, natural gas production in the region increased from 490.6 billion cubic metres in 2010 to 579.9 billion cubic metres in 2016, indicating a positive growth curve of the turboexpander market. Meanwhile, steel industries also play a vital role in the development of the turboexpander market in the region and will positively impact the turboexpander market during the forecast period.
The turboexpander market by end-user is segmented into oil & gas, manufacturing, and power generation. Power generation will remain the fastest growing turboexpander market during the forecast period owing to increasing share of geothermal power in total power production; this is expected to generate demand for turboexpanders during the forecast period. As per National Renewable Energy Laboratory (NREL), the global geothermal electricity market is expected to reach a total installed capacity of 18.4 GW by 2021. This would positively impact the growth of the turboexpander market during the forecast period.
The turboexpander market by loading device type is segmented into compressor, generator, and oil break. The compressor segment is expected to grow at the highest CAGR (by value) during the forecast period. This segment is mainly driven by the increase in production of natural gas in emerging countries such as India and China. However, natural gas production and consumption levels are set to increase in China, owing to the demand of turboexpanders.

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This report segments the Turboexpander Market by application into hydrocarbon, air separation, and others. ‘Others’ includes turboexpanders used for pressure letdown, geothermal, and waste heat recovery applications. The air separation turboexpander segment is expected to grow at the highest CAGR during the forecast period. Air separation turboexpanders are relatively less expensive than hydrocarbon turboexpanders and are generally used for air separation and air liquification applications, capable of delivering power up to 12,000 kW. Increasing crude steel manufacturing in countries such as India, China, Japan, and the US is expected to drive the air separation turboexpander market during the forecast period.
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Issued By markets and markets
Country United States
Categories Energy
Tags turboexpander market
Last Updated July 16, 2018