The Global Turbo Expander is estimated to reach USD XX billion in 2021 with a CAGR of 10.1% from 2016 to 2021.
Turbo expander is a centrifugal or axial flow turbine through which a high-pressure gas is expanded to produce work that is often used to drive a compressor. Also referred to as expansion turbines, they will be used extensively in hydrocarbon liquids extraction. Other uses of turbo expanders include power generation, refrigeration systems, power recovery in fluid catalytic crackers etc.
The range of turbo expanders which are currently in operation varies from 750 W to 7.5 MW (1 hp to about 10,000 hp). These turbo expanders are widely used as sources of refrigeration in industrial processes such as extraction of ethane and natural gas liquids from natural gas, liquefaction of gases and other low-temperature processes.
Mordor Intelligence’s forecasts indicate that North America is poised to lead the market in coming years, driven majorly by shale boom in the region. The United States would become the leading market for gas compressors in oil and gas sector followed by other countries. Europe and Asia-Pacific are fastest growing markets for gas compressors market in oil and gas sectors. An increase in natural Gas Production and rise in the use of natural gas for power generation and in other Industries are the main reasons behind the market growth. Countries such as China, the Netherlands, and the North Sea present a decent market opportunity in the coming years for gas compressors.
South and Central America and Africa are too expected to share a decent share of market demand in the coming years although there are some factors restraining the oil and gas activity in these regions. Africa’s oil and gas industry has suffered from various political and social scenarios such as internal wars and corruption, the situation is safe enough these days. There was a problem of piracy as well, but it has been handled well by authorities and has now dwindled. Also, there is a tremendous improvement in security across different countries in the region, helping the companies to look into the region again, thus boosting the oil and gas industry.
This report comprehensively analyzes the Natural Gas related Turbo Expander market by segmenting it based on geography and loading device (compressor, hydraulic brake, and generator). Key drivers and restraints that are affecting the growth of this market were discussed in detail. The study also elucidates on the competitive landscape and key market players.