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The turboexpander market size is projected to rise from US$ 1,106.97 million in 2022 to US$ 1,751.48 million by 2030; the market is expected to grow at a CAGR of 5.9% during 2022–2030. The significantly growing demand for natural gas is likely to remain a key turboexpander market trend.
Turboexpander Market Analysis
A turboexpander primarily reduces the pressure of a gas stream by facilitating expansion. As an outcome, the enthalpy and temperature of the gas are decreased. This decline in temperature is accompanied by the condensation of substantial hydrocarbons into liquids. Turboexpanders help attain isentropic power as high as 90%, which results in much lower discharge temperatures. The high reliability of turboexpanders is attributed to their minimalistic construction and hermetically sealed design. Some plants have been operating with the same turboexpander for many decades, following a proper maintenance schedule. The main advantages of turboexpanders over regulators are that the former can moderate and reduce the gas pressure to a desired level, and electricity can be generated from the energy attained from a reduced gas pressure.
Turboexpander Market Overview
Turbine efficiency is one of the major parameters that determine the efficiency and competence of a turboexpander system. As a turboexpander consumes high power, a slight improvement in turbine effectiveness leads to a major improvement in system efficiency. The aerodynamic performance of turbomachines varies on the mean-line design methodology of the rotor and stator. The flexibility and competence of turboexpanders led to a diversity of configurations, which make them flexible in diverse applications. Increasing focus on turbans with high speed and precision is one of the major trends in the turboexpanders market.
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Turboexpander Market: Strategic Insights
Market Size Value in US$ 1,106.97 million in 2022 Market Size Value by US$ 1,751.48 million by 2030 Growth rate CAGR of 5.9% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Turboexpander Market: Strategic Insights
| Market Size Value in | US$ 1,106.97 million in 2022 |
| Market Size Value by | US$ 1,751.48 million by 2030 |
| Growth rate | CAGR of 5.9% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Turboexpander Market Drivers and Opportunities
Easy Regulation, Low Maintenance Requirements, and High Efficiency to Favor Market
Turboexpanders are critical in applications such as industrial gas processing, power recovery, and power generation. They are commonly used in the natural gas industry for liquification and dewpoint management. They are also used in the petrochemical industry primarily for ethylene plant refrigeration and air separation. A sustained performance of this equipment is crucial for the profitability of a business. A turboexpander can aid in attaining the same pressure drop more effortlessly than a valve. Easy regulation and moderate maintenance requirements are a few of the major features of turboexpanders.
Nonetheless, turboexpanders need to be monitored frequently after commissioning and in the initial stage of installation. The design of turboexpanders may vary depending on the plant type. However, original equipment manufacturers (OEMs) have standardized a few of the common components, and some critical parts are exclusive to specific machines. Thus, low maintenance, convenient design, and high efficiency in applications are the major factors driving the turboexpanders market.
Development of Cryogenic Expanders– An Opportunity in Turboexpander Market
Cryogenic liquids are gases in the liquefied form at low-temperature conditions. Cryogenic turbines facilitate the expansion of liquefied gas to decrease pressure and convert hydraulic energy to electric energy to control the enthalpy of liquefied gas and aid energy recovery. The cryogenic expanders are being used in diverse application areas, including refineries, ethylene plants, air separation facilities, and gas processing plants. These expanders help in generating the coldest level of refrigeration and large quantities of liquid are condensed in the gas expansion process. Thus, advancements in cryogenic turbines are anticipated to provide growth opportunities in the turboexpanders market during the forecast period.
Turboexpander Market Report Segmentation Analysis
Key segments that contributed to the derivation of the turboexpander market analysis are loading devices, power capacity, and end-user.
- Based on the loading device, the turboexpander market has been divided into compressor, generator, and hydraulic/oil brake. The compressor segment held a larger market share in 2022.
- In terms of power capacity, the market has been segmented into less than 1 MW (Up to 500 KW and 500 KW to 1 MW), 1 MW to 20 MW, and more than 20 MW. The 1 MW to 20 MW segment dominated the market in 2022.
- In terms of end-user, the market has been segmented into oil and gas, power generation, and industrial. The oil and gas segment dominated the market in 2022.
Turboexpander Market Share Analysis by Geography
The geographic scope of the Turboexpander Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has a robust and dynamic turboexpander market, mainly driven by the thriving oil and natural gas industry. With the US, Canada, and Mexico leading the way, this region demonstrates significant potential for market growth and innovation. In the US, dry natural gas production reached a record high in 2022, primarily due to developments in horizontal drilling and hydraulic fracturing techniques. This surge in production, especially in shale, sandstone, carbonate, and other tight geologic formations, has created a strong demand for turboexpanders.
Turboexpander Market Report Scope
Turboexpander Market News and Recent Developments
The Turboexpander Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- In April 2023, Rotoflow, an Air Products business, signed a Memorandum of Understanding with SKF S2M to expand its services to turbomachinery customers through its Dharan Solutions Center in Saudi Arabia. (Source: Air Products & Chemicals Inc., Press Release/Company Website/Newsletter)
- In May 2023, Turboden Spa, Unareti Spa, and Pietro Fiorentini Spa partnered to improve the Macconago gas station in Milan, aiming for greater energy efficiency and decarbonization. The upgrade includes the installation of a 4 MWe gas expander to recover electricity from natural gas load losses. This is the largest project of its kind in Italy, demonstrating the sector's commitment to the energy transition and decarbonization of cities and the country. (Source: Turboden Spa, Press Release/Company Website/Newsletter)
Turboexpander Market Report Coverage and Deliverables
The “Turboexpander Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering the following areas:
- Turboexpander Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Turboexpander Market trends
- Detailed PEST and SWOT analysis
- Turboexpander Market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
- Turboexpander Market Industry, landscape and competition analysis, covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Loading Device, Power Capacity, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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