Turbo Expanders Market is expected to grow to US$ 570.08 million by 2027 from US$ 302.05 million in 2017 growing at a CAGR of 6.7%
The global turbo expanders market is expected to grow to US$ 570.08 Mn by 2027 from US$ 302.05 Mn in 2017, growing at a CAGR of 6.7%.
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The major companies operating in the market include Air Products & Chemicals, Atlas Copco, Cryostar, Man Energy Solutions, Baker Hughes, Turbogaz, Honeywell International Inc., Elliott Group, R&D Dynamics Corporation, and ACD, LLC among others.
The global demand for fuels and hydrocarbon products, scarce resources, and environmental awareness require products, solutions and services for more efficient plant operation and highest availability. There was an extreme fluctuations in the oil & gas industry in last years, this as a result has anticipated expansion in both the upstream and downstream industry and brought significant investments from multiple sectors. The industry operates in a highly-competitive marketplace. As leading companies in this market continues to broaden its addressable market, by expanding its current product portfolio, diversifying its client base, and developing new applications and markets. Partnership across the verticals and merger & acquisition are two of the noteworthy market trend seen in past years to grow and survive in this market. Various companies in the value chain are acquiring and entering into partnership with other players in the market to maintain their position in market and provide efficient solutions to their customers. Major market players of turbo expander market are based in North America, mainly US. However, the market is penetrating at high growth rate in APAC region.
The world is experiencing a significant rise in demand for energy efficient power generation systems as the power consumption has increased heavily over the past decades. It is anticipated that, the power consumption will grow further with the increased usage in the developed countries as well as in few developing countries. This has led to adoption of turbo-expanders which are highly energy efficient. The turbo expander market is expected to experience significant growth in the coming years due to the increasing demand in industries such as chemical, renewable energy production and other emerging applications, exhibiting substantial market growth. Power recovery or pressure let down and natural gas liquification processes are the largest application of the expander however, the growth of turbo expander in non-industrial applications such as power generation, refrigeration, and others is also rising owing to ongoing improvements in the technology resulting in penetration of the equipment in the market.
The rapid and continued growth in the industrial refrigeration systems has serious economic and environmental consequences. With the increase of refrigeration units in use comes the corresponding increase in energy consumption and environmental impact. As turbo-expanders provide higher cooling efficiencies to the industrial refrigeration systems, these products are being increasingly adopted in various regions of the world. Oil & gas sector is also experiencing volatile demands in the recent times.
The market for the turbo expander is moderately consolidated with few major players sharing the larger pie of the market. Also, major and smaller players are trying to come up with innovative solutions and strategic partnerships as well as different business models to attract a large base of customers.
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The report segments the global turbo expanders market as follows:
Global Turbo Expanders Market - By Loading Device
Global Turbo Expanders Market - By Application
Global Turbo Expanders Market - By End-User
Oil & Gas
Global Turbo Expanders Market - By Geography
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