Turboexpander Industry Overview

The global turboexpander market size was valued at USD 953.6 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.8% from 2022 to 2030. 

The increasing demand for natural gas in industries and the residential sector is expected to continue driving the growth of the market over the forecast period. Additionally, continuous technological advancements in bearing technology and growing preference for Active Magnetic Bearings (AMB) over oil-bearing in turboexpanders are presumed to drive the market growth. However, the high product development cycle of the turboexpander is likely to continue to refrain the market growth over the next few years.

Gather more insights about the market drivers, restrains and growth of the Global Turboexpander Market

The COVID-19 outbreak had a slight slump on the turboexpander market in 2020. It is ascribed to lower demand for oil & gas across the economies, which prompted many companies to reschedule or delay investment decisions in LNG projects. This pushed the installation of the new turboexpanders by over two to three years. However, the demand for liquid oxygen since the onset of the pandemic has witnessed a sharp rise amidst which several countries announced plans to set up new oxygen plants. This created new growth prospects for turboexpanders OEMs in 2021 and is expected to continue for the next few years.

Turboexpander, also known as expansion turbines, is a rotating radial or axial flow turbine through which high-pressure gas is expanded to produce energy loaded with three devices generator, compressor, or hydraulic/oil brakes. The hydrocarbon processing and air separation plants are the two major markets where turboexpanders are extensively used. They also find applications in liquefaction of gases, heat recovery, and geothermal applications. They form a pivotal element of any compressor system. Therefore, the growth is likely to be instigated by demand from various industrial applications.

Increasing awareness among industries to curb Green House Gas (GHG) emissions will also be a factor to create the need for turboexpanders in geothermal and heat recovery applications. The increasing demand for LNG vehicles and the growing demand for cryogen products in process industries are expected to be critical drivers for market growth. Also, the ever-increasing demand for LNG for domestic applications and the subsequent need to store and transport LNG is expected to drive the demand for turboexpanders in the near future. Natural gas is considered a cleaner and more reliable energy source. Hence, favorable government initiatives to promote and boost the adoption of alternative fuels are also expected to drive the demand for turboexpanders over the next few years.

The initiative was intended to secure a long-term partnership to prevent the shortage of LNG supplies amid soaring gas prices and domestic power shortages due to low coal production. In light of the aforementioned factors, the market for turboexpanders is expected to gain moderate growth over the forecast period. However, delays in Financial Investment Decisions (FIDs) could pose a challenge for the market over the mid-term of the forecast period.

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• Liquefied Natural Gas Market - The global liquefied natural gas market size was valued at USD 109.48 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.1% from 2022 to 2030. The growing demand for electric power through clean energy sources is likely to propel market growth over the coming years. 
• Industrial Refrigeration Systems Market - The global industrial refrigeration systems market size accounted for USD 19.10 billion in 2021 and is anticipated to expand at a CAGR of 4.3% from 2022 to 2030. Globally, the use of processed and packaged foods and drinks and the need to prevent spoilage are causing the demand for industrial refrigeration systems to increase.

Turboexpander Market Segmentation

Grand View Research has segmented the global turboexpander market based on product type, loading device, power capacity, application, end use, and region:

Turboexpander Product Type Outlook (Revenue, USD Million, 2018 - 2030)

• Axial Flow
• Radial Flow

Turboexpander Loading Device Outlook (Revenue, USD Million, 2018 - 2030)

• Compressor
• Generator
• Hydraulic/Oil-brake

Turboexpander Power Capacity Outlook (Revenue, USD Million, 2018 - 2030)

• Less than 1 MW
• 1MW - 4 MW
• 5MW - 9MW
• 10MW - 19MW
• 20MW - 24 MW
• 25 MW - 40 MW
• Above 40 MW

Turboexpander Application Outlook (Revenue, USD Million, 2018 - 2030)

• Air Separation
• Oil & Gas Processing
• Cryogenic Application
• Others

Turboexpander End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Oil & Gas
• Energy & Power
• Chemical & Petrochemicals
• Others

Turboexpander Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Market Share Insights

• October 2021: Chinese energy companies, namely Sinopec Corporation, China National Offshore Oil Company (CNOOC), and local government-backed energy distributors such as Zhejiang Energy, initiated the discussion with the U.S. natural exporters such as Cheniere Energy (LNG.A) and Venture Global.
• May 2021: PBS Group, one of the key vendors in the market, developed CTE 300, a new turboexpander explicitly designed for hydrogen applications. The newly developed product will have a maximum inlet pressure of over 5 MPa with a cooling power of up to 100 kW.

Key Companies profiled:

Some prominent players in the global turboexpander market include

• Atlas Copco AB
• Air Products Inc. (ROTOFLOW)
• Air Liquide (formerly Nikkiso Cryogenic Industries)
• Baker Hughes Company
• Chart Industries (L.A. Turbine)
• Linde Plc (Cryostar)
• R&D Dynamics Corporation
• Elliott Group (EBARA Corporation)
• Siemens Energy (Siemens AG)
• Man Energy
• PBS Group, a. s.
• Turbogaz
• Others (Honeywell International Inc.; Blair Engineering; Tibo; Sichuan Air Separation Plant Group; and Suzhou XIDA Cryogenic Equipment Co., Ltd)

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