DUBLIN--(BUSINESS WIRE )--The "Turboexpander Market Size, Share & Trends Analysis Report by Product Type (Axial, Radial), by Loading Device (Compressors, Generator, Hydraulic), by Power Capacity, by End Use, by Application, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global turboexpander market size is projected to reach USD 1,404.1 million by 2030, growing at a CAGR of 4.8%.
The market growth can be attributed to the increasing demand for energy-efficient turboexpanders for geothermal, waste to recovery, natural gas production, and other gas processing applications. Favorable government initiatives to curb the Green House Gases (GHG) emissions have encouraged the economies worldwide to consume natural gas by-products such as Liquefied Natural Gas (LNG) and Compressed Natural Gas (CNG). This would eventually increase the demand for the turboexpanders in the oil & gas sector over the forecast period.
The surge in investments in hydrogen liquefaction is expected to create the demand for hydrogen turboexpanders during the forecast period. Unprecedented demand for clean and green energy resources associated with growing concerns to curb GHG emissions and favorable government initiatives under the influence of Net Zero Emission by 2050 undertaken by the United Nations (UN) is presumed to drive demand for clean hydrogen. Furthermore, the rising popularity of green hydrogen in automotive and aerospace and limiting the dependency on crude oil from Organization of the Petroleum Exporting Countries (OPEC) countries is also likely to bode well for the market growth over the next few years.
The Original Equipment Manufacturers (OEMs) in the market for turboexpanders are adopting a customer-centric approach to manufacturing customized turboexpanders for hydrogen liquefaction to serve their customers. For instance, in 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.
Chapter 3. Market Trends, Variables, and Scope
3.2. Market Size and Growth Prospects, 2018-2030
3.6. Industry Analysis-Porter's Five Force Analysis
Chapter 4. Turboexpander Market: Product Type Outlook
Chapter 5. Turboexpander Market: Loading Device Outlook
Chapter 6. Turboexpander Market: Power Capacity Outlook
Chapter 7. Turboexpander Market: Application Outlook
Chapter 8. Turboexpander Market: End-Use Outlook
Chapter 9. Turboexpander Market: Regional Outlook
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900