According to a new market research report "Turboexpander Market by Loading Device (Compressor, Generator, and Oil Break), Application (Air Separation, and Hydrocarbon), End-User (Manufacturing, Oil and Gas, and Power Generation), and Region – Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from an estimated US$290.6 Million in 2018 to US$390.8 Million by 2023, at a CAGR of 6.11%, from 2018 to 2023. This growth is primarily due to the increasing natural gas production and rising focus of end-users such as manufacturing and oil and gas sectors on energy efficiency. By energy source, natural gas accounts for the largest increase in world primary energy consumption and is an ideal choice for power and industrial sector due to its efficiency. All these factors have resulted in increased demand of turboexpanders.
The compressor segment led the Turboexpander Market in 2017 and is expected to hold the largest market share during the forecast period. Compressors coupled turboexpanders are majorly used in the petrochemical industry for liquefaction of hydrocarbons. Moreover, natural gas production is rising, which is expected to create demand for compressor coupled turboexpanders in hydrocarbon applications. All these factors have resulted in the largest share of the compressor segment.
The hydrocarbon segment led the Turboexpander Market in 2017. Hydrocarbon applications include liquefaction of petroleum gases, liquefaction of natural gases, dew point control, FPSO LNG, regasification, and nitrogen rejection. Shale gas boom and increasing natural gas production are driving the hydrocarbon Turboexpander Market.
The power generation segment is projected to grow at the highest CAGR between 2018 and 2023. Key end-users include geothermal power plants, base load plants in LNG facilities, and pressure letdown turboexpanders. The geothermal electricity market is expected to reach US$18.4 GW by 2021. Increasing share of geothermal power in total power production is expected to boost the demand for turboexpanders during the forecast period.
Read the article online at: https://www.lngindustry.com/floating-lng/06062018/turboexpander-market-worth-us3908-million-by-2023/