Turboexpander Market Size
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 1.08 Billion |
| Market Size (2029) | USD 1.35 Billion |
| CAGR (2024 - 2029) | 4.60 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Turboexpander Market Analysis
The Turbo Expander Market size is estimated at USD 1.08 billion in 2024, and is expected to reach USD 1.35 billion by 2029, growing at a CAGR of 4.60% during the forecast period (2024-2029).
- Over the medium term, the increasing investment in the adaption of natural gas for power generation and fuel for various industries is expected to increase the demand for a turbo expander market.
- On the other hand, an increasing share of renewable energy sources such as solar and wind energy is expected to hinder the market growth.
- Nevertheless, the increasing technological investments in the market to produce energy efficiently and control carbon emissions are expected to create huge opportunities for the turbo expanders market.
Turboexpander Market Trends
Power Generation Segment to Have a Significant Share
- A turboexpander is a rotating machine with an expansion turbine that converts the energy contained in a gas into mechanical work, much like a steam or gas turbine. A steam or gas turbine’s goal is to convert the mechanical work into helpful power by either driving an electric generator or being the prime mover for another rotating machine, such as a compressor or a high-power pump.
- Natural gas played a significant role in electricity generation in 2022, accounting for almost 23% of the total. It was mainly due to robust growth in electricity generation from natural gas in the United States and China. The global installed capacity of gas-fired power plants is expected to increase over the next twenty years, with more than 1,500 GW of new capacity projected to be added to the power network by 2040.
- In 2022, electricity generation through natural gas was recorded at 6631.4 TWh, an increase of 1% compared to 2021. A similar trend is expected during the forecasted period due to the increasing demand for adapting cleaner energy sources and the early retirement of coal power plants worldwide.
- Additionally, since 2011, Japan largely replaced its nuclear power generation capacity with plants powered by liquefied natural gas (LNG).
- In December 2022, A power production development firm in Maryland revealed that a planned 1.8 GW combined-cycle natural gas-fired power facility in West Virginia would contain carbon capture technology. Competitive Power Ventures (CPV) announced the new CPV Shay Energy Center location in Doddridge County, West Virginia.
- Therefore, the increasing shift towards natural gas-based power generation is expected to drive the turbo expander market in the power generation sector during the forecast period.
Asia-Pacific to Dominate the Market
- In 2022, the turbo expander market was mainly dominated by Asia-Pacific, which is predicted to continue in the upcoming years. One of the major reasons for the rising demand for turbo expanders is the growing utilization of natural gas to generate power. With most nations aiming to reduce their carbon emissions by transitioning to cleaner fuel alternatives like natural gas, there is an anticipated increase in the consumption of this resource. It is expected to lead to a surge in demand for turbo expanders.
- China formulated a gas-to-power strategy to raise the percentage of natural gas in its overall power generation blend to 15% by 2030, up from 4.2% in 2021.
- In addition, numerous refineries and LNG projects are anticipated to emerge in the Asia-Pacific region in the projected timeframe. As a significant quantity of turbo expanders are utilized for recuperating energy in refineries and in the expansion of LNG within LNG plants, it is expected that there will be a surge in demand for such equipment.
- For instance, in January 2022, Petronas and the Malaysian State of Sabah disclosed their intentions to establish a liquefied natural gas (LNG) terminal with a capacity of two million metric tons/year (mmty). The upcoming facility in the Sipitang Oil and Gas Industrial Park is a component of Petronas' cooperation with the state in expanding Sabah's distribution of cleaner energy to industrial and commercial entities.
- Furthermore, many developing economies, such as India, are growing quickly, potentially leading to increased industrialization. As a result, the market for turbo expanders is expected to be stimulated due to their utilization in various industrial applications such as refrigeration and energy extraction.
- Therefore, due to the abovementioned points, the Asia-Pacific region is expected to dominate the turbo expander market during the forecasted period.
Turboexpander Industry Overview
The turbo expander market is semi-consolidated. Some of the major players in the market (in no particular order) include Atlas Copco AB, Baker Hughes Company, Cryostar SAS, Nikkiso ADC, and PBS Group., among others
Turboexpander Market Leaders
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Atlas Copco AB
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Cryostar SAS
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PBS Group
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Baker Hughes Company
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Nikkiso ADC
*Disclaimer: Major Players sorted in no particular order
Turboexpander Market News
- August 2023: Sapphire Technologies and TB Global Technologies Ltd. announced the development of a turboexpander generator that harnesses waste energy in city gas transportation routes. Two FreeSpin In-line Turbo Expanders (FIT) were successfully commissioned at the Toho Gasin’s Yokkaichi liquefied natural gas (LNG) terminal in Japan.
- October 2022: Sapphire Technologies, a developer and manufacturer of energy recovery systems for hydrogen and natural gas industrial applications, signed an agreement to collaborate with Tallgrass Energy, a leading US energy infrastructure company. It is to pursue a nationwide clean energy project to install 72 turbo expander systems over the next three years.
Turboexpander Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing Investment in the Adaption of Natural Gas for Power Generation and Fuel for Various Industries
4.5.2 Restraints
4.5.2.1 Increasing Share of Renewable Energy Sources
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Loading Devices
5.1.1 Compressor
5.1.2 Generator
5.1.3 Hydraulic Brake
5.2 End-user Industry
5.2.1 Oil and Gas
5.2.2 Power Generation
5.2.3 Energy Recovery
5.2.4 Other End-user Industries
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 France
5.3.2.3 United Kingdom
5.3.2.4 Italy
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Chile
5.3.4.4 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 United Arab Emirates
5.3.5.3 South Africa
5.3.5.4 Qatar
5.3.5.5 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Atlas Copco AB
6.3.2 Baker Hughes Company
6.3.3 Cryostar SAS
6.3.4 Nikkiso ACD
6.3.5 PBS Group
6.3.6 LA Turbine
6.3.7 Elliott Group
6.3.8 Blair Engineering
6.3.9 Air Products and Chemicals Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Technological Investments in the Market to Produce Energy Efficiently and Control Carbon Emissions
Turboexpander Industry Segmentation
Turbo expanders, also known as expansion turbines, convert the energy of a high-pressure gas or fluid into mechanical energy by expanding the gas or fluid through a series of nozzles and blades. They are commonly used in industrial processes, such as natural gas processing, liquefied natural gas (LNG) production, and air separation plants.
Loading devices, end-user industry, and geography segment the turbo expander market. The loading devices segment the market into compressors, generators, and Hydraulic Brakes. The market is segmented into oil and gas, power generation, energy recovery, and other end-user industries by end-user industry. The report also covers the market size and forecasts across major regions. For each segment, the market sizing and forecasts for the turbo expander market in revenue (USD) for all the above segments.
| Loading Devices | |
| Compressor | |
| Generator | |
| Hydraulic Brake |
| End-user Industry | |
| Oil and Gas | |
| Power Generation | |
| Energy Recovery | |
| Other End-user Industries |
| Geography | |||||||
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Turboexpander Market Research FAQs
How big is the Turbo Expander Market?
The Turbo Expander Market size is expected to reach USD 1.08 billion in 2024 and grow at a CAGR of 4.60% to reach USD 1.35 billion by 2029.
What is the current Turbo Expander Market size?
In 2024, the Turbo Expander Market size is expected to reach USD 1.08 billion.
Who are the key players in Turbo Expander Market?
Atlas Copco AB, Cryostar SAS, PBS Group, Baker Hughes Company and Nikkiso ADC are the major companies operating in the Turbo Expander Market.
Which is the fastest growing region in Turbo Expander Market?
Middle East and Africa is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Turbo Expander Market?
In 2024, the Asia Pacific accounts for the largest market share in Turbo Expander Market.
What years does this Turbo Expander Market cover, and what was the market size in 2023?
In 2023, the Turbo Expander Market size was estimated at USD 1.03 billion. The report covers the Turbo Expander Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Turbo Expander Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Turboexpander Industry Report
Statistics for the 2024 Turboexpander market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Turboexpander analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
