Turboexpander Market size is anticipated to surpass USD 1.4 Billion by the end of 2035, growing at a CAGR of 7% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of turboexpander was over USD 950 Million. 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. Hence, it is projected that the global turboexpander market is bound to expand owing to the escalation in demand from various industrial applications.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~7% |
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Base Year Market Size (2022) |
~ USD 950 Million |
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Forecast Year Market Size (2035) |
~ USD 1450 Million |
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Regional Scope |
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Loading Device (Compressor, Generator, Hydraulic/Oil Brake)
The generator equipment segment in the turboexpander market is anticipated to generate the largest revenue share by the end of 2035 and holds 41% share, owing to the high demand for hydrogen turboexpanders that is imperative during the hydrogen liquefaction process. Along with that, also the high demand for blue and green hydrogen in aerospace and automotive is estimated to bring lucrative growth opportunities for segment expansion. Moreover, with the surge in the demand for hydrogen generation, OEMs are focusing on providing the best kind of experience with generator-loaded turboexpanders.
End-Use (Oil & Gas, Energy Recover, Power Generation, Chemical & Petrochemical, Manufacturing)
The oil and gas segment is projected to hold 35% share of the global turboexpander market during the forecasted timeframe. The primary reason for segment size expansion is the increasing use of on-shore and off-shore LNG in various applications. Furthermore, the rapidly growing demand for industrial, commercial, and residential sectors is considered to favor the expansion of segment growth in the upcoming years.
Our in-depth analysis of the global turboexpander market includes the following segments:
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Product Type |
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Loading Device |
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Power Capacity |
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Application |
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End-Use |
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APAC Market Analysis
The Asia Pacific turboexpander market is projected to be the largest with a share of about 35% by the end of the forecast period. Asia Pacific region holds the highest market potential owing to the high focus on using cleaner energy sources, especially, in China, India, Japan, and Malaysia. In addition to that, the presence of favorable government initiatives to boost and promote the hydrogen economy is the largest favorable factor for the growth of the region in the upcoming years.
North American Market Forecast
The North American turboexpander market is set to hold 24% of the revenue share by the end of the projected timeframe. The rapid growth of investments by the United States and Canadian governments in shale gas exploration is anticipated to be the primary factor for the growth of the market in the region. Also, the high investments in natural gas production are anticipated to drive market expansion in the forecast period.
Author Credits: Abhishek Verma, Hetal Singh
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