Outlook on the Turboexpander Global Market to 2028 - Advancement in the Turboexpander Cold Gas Services is Driving Growth
DUBLIN, July 11, 2022 /PRNewswire/ -- The "Global Turboexpander Market Size, Share & Industry Trends Analysis Report By Product, By Loading Device, By Application, By End-use, By Power Capacity, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Turboexpander Market size is expected to reach $1.3 billion by 2028, rising at a market growth of 4.5% CAGR during the forecast period.
A turboexpander is an axial-flow expander turbine that is used in process facilities to recover thermal energy from high-pressure gas streams and transform it into mechanical energy. The compressor or generator is powered by this mechanical energy. Turboexpander have recently gained popularity in the oil and gas industry for extracting hydrocarbon liquid from natural gas.
Turbo expanders are employed extensively in petrochemical applications such as nitrogen, hydrogen, and ethylene to liquefying natural gas. Oil and gas continue to dominate the energy landscape. Several countries are moving away from dirty energy sources. Natural gas is amongst the most suitable fossil fuel alternatives. It generates less carbon dioxide and burns cleaner than coal. As a result, operators are continually investing in boosting natural gas production, which might fuel the turboexpander market's expansion.
Moreover, the market is expected to rise due to continual technological developments in bearing technology and a greater demand for Active Magnetic Bearings (AMB) over oil-bearing in turboexpanders. An increase in industry awareness of the need to reduce Green House Gas (GHG) emissions is expected to further drive the demand for turboexpander in geothermal and heat recovery applications. The need for LNG for domestic uses, along with the resulting requirement to store and transport LNG, is predicted to increase the demand for turboexpander. Natural gas is regarded as a more environmentally friendly and dependable energy source.
In October 2021, Sinopec Corporation, China National Offshore Oil Company (CNOOC), and local authority energy suppliers such as Zhejiang Energy started agreements with US natural exporters Cheniere Energy (LNG.A) and Venture Global. The goal of the effort was to establish a long-term collaboration to avoid LNG supply shortfalls in the face of rising gas prices and domestic power problems owing to poor coal production.
COVID-19 Impact Analysis
The turboexpander market saw a modest downturn due to the COVID-19 outbreak. Lower consumption of natural gas across economies is to blame, prompting many corporations to reschedule or postpone investment choices in LNG projects. The deployment of the new turboexpanders was delayed by two to three years as a result of this.
However, since the outbreak of the pandemic, demand for liquid oxygen has increased dramatically, prompting numerous governments to declare plans to build additional oxygen plants. In 2021, this opened up new growth opportunities for turboexpander OEMs, which are projected to continue for the next few years. Due to the cumulative effects of low heating demand after a mild winter, the execution of lockdown restrictions in practically all nations, and the reduced level of physical activity caused by the COVID-19 induced macroeconomic crisis, natural gas demand fell by 4% in 2020.
Market Growth Factors
Liquid natural gas hydrocarbon extraction process utilize turboexpander
Natural gas is mostly composed of methane (CH4), with smaller amounts of heavier hydrocarbon gases including propane (C3H8), ethane (C2H6), and normal butane (nC4H10), isobutane (iC4H10), pentanes, and even higher molecular weight hydrocarbons. Acid gases such as hydrogen sulfide (H2S), carbon dioxide (CO2), and mercaptans such as methanethiol (CH3SH) and ethane thiol (ETH) are also present in crude gas (C2H5SH).
These heavier hydrocarbons are referred to as NGLs when they are turned into final products (natural gas liquids). Turboexpander and a low column extraction temperature are often used in the extraction of NGL also known as called demethanizer. In a heat exchanger, the incoming gas is compressed to around -51 C. The gas produced by the liquid combination is split into a liquid-gas stream and a stream. The flow of liquid travels through a valve and is subjected to an isenthalpic process that lowers the flow temperatures from about -51 C to about -81 C.
Advancement in the Turboexpander cold gas services
Low-temperature, refrigeration, and cryogenic services all require turbo-expanders. The primary purpose of such turbo-expanders is to minimize energy temperature in a high-pressure gas stream. Expansion cools the gas significantly while also supplying mechanical power to rotate tools to perform beneficial tasks. In some implementations, the turbo-expander is connected to a compressor, and the created work is used to compress the gas in the process. The turbo-expander and compressor are sometimes combined into a single machine with a single shaft. In much refrigeration, cryogenic and low-temperature gas applications, a turbo-expander can produce low-temperature gas significantly more effective than solutions such as a "Joule-Thomson" (JT) valve or others.
Market Restraining Factors
Presence of the Alternative Energy Recovery devices in the market
In between furnace/reactor and the ultimate end product, most process plants employ single- or multi-stage outflow systems. These systems lower the flow pressure while preserving the media's integrity. Energy is released in numerous phases when the pressure is reduced, allowing the flow to stabilize before reaching the desired product conditions or extrusion process downstream. Depending on the media and process conditions, let-down systems can use both control and isolation valves. These valves can be subjected to turbulence, vibration, and noise while decreasing high pressures and/or velocities, as well as abrasion, corrosion, and viscous sludge.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Strategies deployed in Turboexpander Market
Chapter 4. Global Turboexpander Market by Product
4.1 Global Radial Flow Market by Region
4.2 Global Axial Flow Market by Region
Chapter 5. Global Turboexpander Market by Loading Device
5.1 Global Compressor Market by Region
5.2 Global Generator Market by Region
5.3 Global Hydraulic/Oil-brake Market by Region
Chapter 6. Global Turboexpander Market by Application
6.1 Global Cryogenic Market by Region
6.2 Global Air Separation Market by Region
6.3 Global Oil & Gas Processing Market by Region
6.4 Global Others Market by Region
Chapter 7. Global Turboexpander Market by End-use
7.1 Global Oil & Gas Market by Region
7.2 Global Energy & Power Market by Region
7.3 Global Chemical & Petrochemicals Market by Region
7.4 Global Others Market by Region
Chapter 8. Global Turboexpander Market by Power Capacity
8.1 Global 1MW - 4 MW Market by Region
8.2 Global 5MW - 9MW Market by Region
8.3 Global Less than 1 MW Market by Region
8.4 Global 10MW - 19MW Market by Region
8.5 Global 20MW - 24 MW Market by Region
8.6 Global 25 MW - 40 MW Market by Region
8.7 Global Others Market by Region
Chapter 9. Global Turboexpander Market by Region
Chapter 10. Company Profiles
10.1 Honeywell International, Inc.
10.1.1 Company Overview
10.1.2 Financial Analysis
10.1.3 Segmental and Regional Analysis
10.1.4 Research & Development Expenses
10.2 Baker Hughes Company
10.2.1 Company Overview
10.2.2 Financial Analysis
10.2.3 Segmental and Regional Analysis
10.2.4 Research & Development Expenses
10.2.5 Recent strategies and developments:
10.2.5.1 Acquisition and Mergers:
10.2.5.2 Geographical Expansions:
10.3 Siemens AG
10.3.1 Company Overview
10.3.2 Financial Analysis
10.3.3 Segmental and Regional Analysis
10.3.4 Research & Development Expense
10.3.5 SWOT Analysis
10.4 Atlas Copco AB
10.4.1 Company Overview
10.4.2 Financial Analysis
10.4.3 Segmental and Regional Analysis
10.4.4 Research & Development Expense
10.4.5 Recent strategies and developments:
10.4.5.1 Partnerships, Collaborations and Agreements:
10.4.5.2 Product Launches and Product Expansion:
10.5 Cryostar (Linde plc)
10.5.1 Company Overview
10.5.2 Financial Analysis
10.5.3 Segmental Analysis
10.5.4 Research & Development Expenses
10.6 Air Products and Chemicals, Inc.
10.6.1 Company Overview
10.6.2 Financial Analysis
10.6.3 Segmental and Regional Analysis
10.6.4 Research & Development Expenses
10.6.5 Recent strategies and developments:
10.6.5.1 Partnerships, Collaborations, and Agreements:
10.6.5.2 Acquisition and Mergers:
10.7 Chart Industries, Inc. (First Reserve)
10.7.1 Company Overview
10.7.2 Financial Analysis
10.7.3 Segmental and Regional Analysis
10.7.4 Research & Development Expenses
10.7.5 Recent strategies and developments:
10.7.5.1 Acquisition and Mergers:
10.8 MAN Energy Solutions SE (Volkswagen Group)
10.8.1 Company Overview
10.8.2 Financial Analysis
10.8.3 Segmental and Regional Analysis
10.8.4 Research & Development Expenses
10.9 Elliott Group (Ebara Corporation)
10.9.1 Company Overview
10.9.2 Financial Analysis
10.9.3 Segmental and Regional Analysis
10.9.4 Research & Development Expenses
10.10. R&D Dynamics Corporation
10.10.1 Company Overview
For more information about this report visit https://www.researchandmarkets.com/r/936vv6
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