DUBLIN--(BUSINESS WIRE)--The "Turboexpander Market by Loading Device (Compressor, Generator, and Oil Break), Application (Air Separation, and Hydrocarbon), End-User (Manufacturing, Oil & Gas, and Power Generation), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The turboexpander market is projected to reach USD 390.8 million by 2023 from USD 290.6 million in 2018, at a CAGR of 6.61%
This growth can be attributed to the increasing share of natural gas in primary energy consumption and increasing focus on energy efficiency. Natural gas is a key fuel in the electric power and industrial sector because of its fuel efficiency. Thus, rising natural gas production is creating demand for turboexpanders in hydrocarbon applications. However, high initial costs involved in small-scale installations can hinder the growth of this market.
The hydrocarbon segment held the largest share of the turboexpander market in 2017, and is estimated to hold the largest share (by value) during the forecast period. Hydrocarbon turboexpanders are relatively large in size and delivers power output ranging between 1,600 kW and 20,000 kW. Hydrocarbon applications includes liquefaction of petroleum gases, liquefaction of natural gases, dew point control, FPSO LNG, regasification, and nitrogen rejection. Increasing natural gas production by major oil and gas economies such as North America and Middle East is expected to drive the hydrocarbon turboexpander market during the forecast period.
Asia Pacific is expected to be the largest market for turboexpanders in 2023, expected to grow at the highest CAGR during the forecast period. China accounted for the largest share of the turboexpander market in Asia Pacific in 2017. Countries such as China and India are driving the turboexpander market in Asia Pacific.
These countries are focusing on increasing natural gas production and are investing in refineries. Natural gas production and consumption levels are set to increase in China, owing to growing demands for turboexpanders. Moreover, Indian Oil Corp. (IOC) plans to invest USD 10.4 million (INR 70,000 crore) in India to increase its oil refining capacity from 80.7 million tonnes per annum (MTPA) to 116.55 MTPA by 2030. All these factors are expected to drive the growth of the turboexpander market in Asia Pacific.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Automotive Turbocharger Market, Premium Insights
5 Market Overview
6 Automotive Turbocharger Market, By Vehicle Type
7 Automotive Turbocharger OE Market, By Fuel Type
8 Automotive Turbocharger Market, By Technology
9 Automotive Turbocharger Marker, By Material
10 Automotive Turbocharger Market, By Hybrid & Plug in Hybrid Vehicle
11 Off-Highway Turbocharger Market, By Application
12 Automotive Turbocharger Aftermarket, By Vehicle Type
13 Automotive Turbocharger Market, By Region
14 Competitive Landscape
15 Company Profiles
- Additional Company Profiles
- Asia Oceania
- Bosch Mahle
- Continental AG
- Delphi Technologies
- Fuyuan Turbocharger Co. Ltd
- Hunan Tyen Machinery Co. Ltd
- Kompressorenbau Bannewitz GmbH (KBB)
- Mitsubishi Heavy Industries
- Ningbo Motor Industrial Co. Ltd
- North America
- Precision Turbo & Engine Inc.
- Rotomaster International
- Turbo Dynamics Ltd
- Turbo International
- Turbonetics Inc.
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