Global Turboexpander Market Size, Share & Industry Trends Analysis Report By Product (Radial Flow and Axial Flow), By Loading Device, By Application, By End-use, By Power Capacity, By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Turboexpander Market
Market Report Description
The Global Turboexpander Market size is expected to reach $1.3 billion by 2028, rising at a market growth of 4.5% CAGR during the forecast period.
A turboexpander is an axial-flow expander turbine that is used in process facilities to recover thermal energy from high-pressure gas streams and transform it into mechanical energy. The compressor or generator is powered by this mechanical energy. Turboexpander have recently gained popularity in the oil and gas industry for extracting hydrocarbon liquid from natural gas. Turbo expanders are employed extensively in petrochemical applications such as nitrogen, hydrogen, and ethylene to liquefying natural gas. Oil and gas continue to dominate the energy landscape. Several countries are moving away from dirty energy sources. Natural gas is amongst the most suitable fossil fuel alternatives. It generates less carbon dioxide and burns cleaner than coal. As a result, operators are continually investing in boosting natural gas production, which might fuel the turboexpander market's expansion.
Moreover, the market is expected to rise due to continual technological developments in bearing technology and a greater demand for Active Magnetic Bearings (AMB) over oil-bearing in turboexpanders. An increase in industry awareness of the need to reduce Green House Gas (GHG) emissions would further drive the demand for turboexpander in geothermal and heat recovery applications. The need for LNG for domestic uses, along with the resulting requirement to store and transport LNG, is predicted to increase the demand for turboexpander. Natural gas is regarded as a more environmentally friendly and dependable energy source.
In October 2021, Sinopec Corporation, China National Offshore Oil Company (CNOOC), and local authority energy suppliers such as Zhejiang Energy started agreements with US natural exporters Cheniere Energy (LNG.A) and Venture Global. The goal of the effort was to establish a long-term collaboration to avoid LNG supply shortfalls in the face of rising gas prices and domestic power problems owing to poor coal production.
COVID-19 Impact Analysis
The turboexpander market saw a modest downturn due to the COVID-19 outbreak. Lower consumption of natural gas across economies is to blame, prompting many corporations to reschedule or postpone investment choices in LNG projects. The deployment of the new turboexpanders was delayed by two to three years as a result of this. However, since the outbreak of the pandemic, demand for liquid oxygen has increased dramatically, prompting numerous governments to declare plans to build additional oxygen plants. In 2021, this opened up new growth opportunities for turboexpander OEMs, which are projected to continue for the next few years. Due to the cumulative effects of low heating demand after a mild winter, the execution of lockdown restrictions in practically all nations, and the reduced level of physical activity caused by the COVID-19 induced macroeconomic crisis, natural gas demand fell by 4% in 2020.
Market Growth Factors
Liquid natural gas hydrocarbon extraction process utilize turboexpander
Natural gas is mostly composed of methane (CH4), with smaller amounts of heavier hydrocarbon gases including propane (C3H8), ethane (C2H6), and normal butane (nC4H10), isobutane (iC4H10), pentanes, and even higher molecular weight hydrocarbons. Acid gases such as hydrogen sulfide (H2S), carbon dioxide (CO2), and mercaptans such as methanethiol (CH3SH) and ethane thiol (ETH) are also present in crude gas (C2H5SH). These heavier hydrocarbons are referred to as NGLs when they are turned into final products (natural gas liquids). Turboexpander and a low column extraction temperature are often used in the extraction of NGL also known as called demethanizer. In a heat exchanger, the incoming gas is compressed to around -51 ° C. The gas produced by the liquid combination is split into a liquid-gas stream and a stream. The flow of liquid travels through a valve and is subjected to an isenthalpic process that lowers the flow temperatures from about -51 ° C to about -81 ° C.
Advancement in the Turboexpander cold gas services
Low-temperature, refrigeration, and cryogenic services all require turbo-expanders. The primary purpose of such turbo-expanders is to minimize energy temperature in a high-pressure gas stream. Expansion cools the gas significantly while also supplying mechanical power to rotate tools to perform beneficial tasks. In some implementations, the turbo-expander is connected to a compressor, and the created work is used to compress the gas in the process. The turbo-expander and compressor are sometimes combined into a single machine with a single shaft. In much refrigeration, cryogenic and low-temperature gas applications, a turbo-expander can produce low-temperature gas significantly more effective than solutions such as a "Joule-Thomson" (JT) valve or others.
Market Restraining Factors
Presence of the Alternative Energy Recovery devices in the market
In between furnace/reactor and the ultimate end product, most process plants employ single- or multi-stage outflow systems. These systems lower the flow pressure while preserving the media's integrity. Energy is released in numerous phases when the pressure is reduced, allowing the flow to stabilize before reaching the desired product conditions or extrusion process downstream. Depending on the media and process conditions, let-down systems can use both control and isolation valves. These valves can be subjected to turbulence, vibration, and noise while decreasing high pressures and/or velocities, as well as abrasion, corrosion, and viscous sludge.
Based on Product, the market is segmented into Radial Flow and Axial Flow. The radial flow segment acquired the highest revenue share in the turboexpander market in 2021. The widespread use of radial expanders is in low-output power applications such as hot gas expanders in refineries, binary cycle geothermal facilities, and other low-power cryogenic plants. A carbon-free power source, binary cycle geothermal plants require radial flow turboexpander. A pseudo radical flow function can be used to calculate reservoir pressure and transmissibility when real pseudo radical flow is determined.
Loading Device Outlook
Based on Loading Device, the market is segmented into Compressor, Generator, and Hydraulic/Oil-brake. The generator segment witnessed a substantial revenue share in the turboexpander market in 2021. The hydrogen turboexpander-generator is an axial flow turbine or radial expander for energy recovery that expands a high-pressure hydrogen gas to produce work that drives an electrical generator. It takes the place of the control valve or regulator that lowers the pressure to the proper level for the low-pressure network. A turboexpander-generator can aid in the recovery of energy losses as well as the reduction of electrical demands and CO2 emissions.
Based on Application, the market is segmented into Cryogenic, Air Separation, Oil & Gas Processing, and Others. The cryogenic segment procured the highest revenue share in the turboexpander market in 2021. It is because it lowers the enthalpy of the fluid throughout the expansion, which sub-cools it and reduces boil-off losses. It can also export the recovered energy as electrical energy. Propane's thermodynamic qualities are ideal for taking advantage of a cryogenic turboexpander.
Based on End-use, the market is segmented into Oil & Gas, Energy & Power, Chemical & Petrochemicals, and Others. The energy & power segment witnessed a substantial revenue share in the turboexpander market in 2021. The market for LNG gas is expected to rise as a result of favourable government policies to encourage sustainable energy and net-zero emissions. Over the projected period, the increased adoption of cryogenic energy storage (CES) and, in particular, energy storage with liquid air, is expected to fuel market expansion.
Power Capacity Outlook
Based on Power Capacity, the market is segmented into 1MW - 4 MW, 5MW - 9MW, Less than 1 MW, 10MW - 19MW, 20MW - 24 MW, 25 MW - 40 MW, and Others. 1MW - 4 MW segment dominated the turboexpander market with the highest revenue share in 2021. It is due to the increasing usage of such power capacity of turboexpander across different industrial verticals. In addition, there are many key players of the market, which are increasingly investing in advancing their products for better use.
|Market size value in 2021||USD 940.8 Million|
|Market size forecast in 2028||USD 1.3 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 4.5% from 2022 to 2028|
|Number of Pages||320|
|Number of Tables||578|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Product, Loading Device, Application, End-use, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific segment acquired the largest revenue share in the turboexpander market in 2021. It is mainly driven by China, Japan, India, Malaysia, the Philippines, and other emerging economies in Southeast Asia. The Asia Pacific region is driven by an increase in the consumption of cryogens for ultra-high vacuum settings needed for semiconductor fabrication, as well as favourable government measures to promote the hydrogen economy throughout the automotive industry processes.
Free Valuable Insights: Global Turboexpander Market size to reach USD 1.3 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Honeywell International, Inc., Baker Hughes Company, Siemens AG, Atlas Copco AB, Cryostar, Air Products and Chemicals, Inc., Chart Industries, Inc., MAN Energy Solutions SE, Elliott Group, and R&D Dynamics Corporation.
Recent Strategies Deployed in Turboexpander Market
- Apr-2022: Baker Hughes completed the acquisition of Mosaic Materials, an engineering and chemicals enterprise focused on allowing greenhouse gas depletion. Under this acquisition, the company would bring its actual advanced abilities, adding material science and modular design, to advance and measure Mosaic’s innovative technology, allowing direct air capture with a solution that demands extremely less energy to work and delivers decrease cost of possession.
- Mar-2022: Baker Hughes acquired Altus Intervention, providers of well intervention services and down-hole oil and gas technology. This acquisition aimed to improve Baker Hughes’ life-of-well abilities as executives look to enhance the effectiveness from cultivated fields.
- Feb-2022: Baker Hughes expanded its geographical footprint by establishing a new domestic supercenter facility for oilfield devices and services in Guyana. Under this expansion, the supercenter would cover more than 8 acres, which would support local consumers and reinforce Baker Hughes’ regionalization attempt within South America.
- Feb-2022: Atlas Copco joined hands with Plug Power, an American company engaged in the development of hydrogen fuel cell systems. Together, the companies aimed to establish a hydrogen liquefaction industry. Additionally, Liquifying hydrogen creates easy transportation, prominent to notable cost savings and wide circulation area.
- Jul-2021: Chart Industries completed the acquisition of L.A. Turbine, a turboexpander service, engineering, design, and manufacturing company. Through this acquisition, the L.A. Turbine lineup with Chart Industries' artificial investment principles would contributes to financial strength and growth through extended profit and revenue. Moreover, LAT’s abilities are an organic fit and provide a competing point of distinction for Chart.
- Feb-2021: Chart Industries took over Cryogenic Gas Technologies, a producer of customized engineered process systems. Through this acquisition, the company aimed to integrate Cryo Technologies’ knowledge with its competence, Chart would provide the industry a distinctive one-stop shop for consumers to liquefy and advertise the hydrogen molecule, irrespective of plant ability, but requires dependable and experienced machinery and process distributor for storage and liquefaction.
- Jan-2021: Atlas Copco introduced XATS 900E, an electric convenient compressor. The XATS 900E is equipped with a 160kW motor that is highly capable and silent in working.
- Aug-2020: Atlas Copco came into a partnership with Vericor, a manufacturer of aero-derivative marine and industrial gas turbines. Through this partnership, the companies aimed to produce comprehensive geared centrifugal Companders and compressors that would be operated by Vericor gas turbines.
- Nov-2018: Air Products signed two gas manufacturing and delivery agreements with Sonatrach, the largest state-owned oil and gas enterprise. Under this agreement, the companies aimed to form a joint venture HELIOS. Through this joint venture, Sonatrach would regain helium from two actual liquefied natural gas provisions, and that helium would be provided to HELIOS’ actual liquid helium industry in Arzew.
- Aug-2018: Air Products completed the acquisition of the Rotoflow subsidiary of Baker Hughes, an Air Products business. Through this acquisition, Air Products obtained complete service and engineering abilities to continue delivering superior service to Rotoflow consumers. Additionally, the acquisition broadens Air Products’ actual word wide industrial gas and liquefied natural gas turboexpander abilities into increasing energy, petrochemical, and hydrocarbon division.
Scope of the Study
Market Segments Covered in the Report:
- Radial Flow
- Axial Flow
By Loading Device
- Air Separation
- Oil & Gas Processing
- Oil & Gas
- Energy & Power
- Chemical & Petrochemicals
By Power Capacity
- 1MW - 4 MW
- 5MW - 9MW
- Less than 1 MW
- 10MW - 19MW
- 20MW - 24 MW
- 25 MW - 40 MW
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Honeywell International, Inc.
- Baker Hughes Company
- Siemens AG
- Atlas Copco AB
- Air Products and Chemicals, Inc.
- Chart Industries, Inc.
- MAN Energy Solutions SE
- Elliott Group
- R&D Dynamics Corporation
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