GITNUX MARKETDATA REPORT 2024

Turboexpander Industry Statistics

The turboexpander industry is expected to experience steady growth in the coming years due to increased demand in the oil and gas sectors for natural gas processing.

Highlights: Turboexpander Industry Statistics

  • The global turboexpander market was valued at USD 330.5 Million in 2017.
  • The global turboexpander market is expected to reach USD 390.8 Million by 2023.
  • The turboexpanders market is expected to grow at a CAGR of 6.11% from 2018 to 2023.
  • The Asia Pacific region is expected to be the largest market for turboexpanders during the forecast period.
  • Hydrocarbon extraction is expected to hold the largest share of the turboexpander market in 2023.
  • North America is expected to be the second largest market for turboexpanders.
  • China held the largest share of the turboexpander market in the Asia Pacific in 2018.
  • The rapid industrialization in emerging economies is one of the key factors driving the growth of the turboexpander market.
  • The major players in the global turboexpander market include Baker Hughes, Atlas Copco, L.A. Turbine, Hangyang Group, and Cryostar.
  • The turboexpander market is highly competitive with the presence of large-scale and small-scale global players.
  • High installation costs for turboexpanders act as a barrier for the growth of the market.
  • The growth of the global turboexpander market is greatly influenced by the price of steel and gas.
  • South America is poised to witness substantial growth in the turboexpander market, due to its rising oil & gas industry.
  • Industry operators are investing in research and development to technologically advance turboexpander designs.
  • Turboexpanders also have a key role in geothermal power plants, including binary cycle power plants.
  • The need for clean energy and efficient power generation is contributing to the growth of turboexpanders in renewable energy sectors.

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The Latest Turboexpander Industry Statistics Explained

The global turboexpander market was valued at USD 330.5 Million in 2017.

This statistic indicates that the global turboexpander market generated a total revenue of USD 330.5 million in the year 2017. A turboexpander is a device used to expand gases for various industrial applications such as power generation, petrochemicals, and natural gas processing. The value of USD 330.5 million reflects the overall monetary worth of turboexpander-related products and services sold worldwide during that specific year. This data point provides insight into the market size and economic significance of turboexpanders within the global industrial landscape in 2017.

The global turboexpander market is expected to reach USD 390.8 Million by 2023.

This statistic indicates that the global turboexpander market is projected to grow significantly, with a forecasted value of USD 390.8 million by the year 2023. A turboexpander is a type of energy conversion device used in various industrial applications, such as natural gas processing and petrochemical production, to recover energy and improve overall process efficiency. The expected market size reflects increasing demand for energy-efficient technologies and a growing emphasis on sustainable energy practices worldwide. Factors driving this growth could include expanding industrial activities, rising investments in infrastructure, and technological advancements in turboexpander design and application. Overall, this statistic suggests a positive trend in the turboexpander market, highlighting opportunities for industry players and indicating potential economic implications.

The turboexpanders market is expected to grow at a CAGR of 6.11% from 2018 to 2023.

This statistic indicates the projected growth rate of the turboexpander market over a five-year period from 2018 to 2023, with a Compound Annual Growth Rate (CAGR) of 6.11%. The CAGR represents the geometric progression of the market’s growth rate over the specified time frame, providing a smoothed annual growth rate estimate that factors in compounding effects. In this context, a CAGR of 6.11% suggests a steady increase in market size and demand for turboexpanders, projecting positive performance and expansion opportunities within the industry. This statistic can be used by stakeholders, investors, and industry analysts to anticipate future market trends and make informed decisions related to investments, expansion strategies, and market positioning.

The Asia Pacific region is expected to be the largest market for turboexpanders during the forecast period.

The statement “The Asia Pacific region is expected to be the largest market for turboexpanders during the forecast period” indicates that based on current trends and anticipated market growth, the demand for turboexpanders – devices used to convert pressure energy into mechanical shaft power – is projected to be highest in the Asia Pacific region compared to other geographic regions. This could be due to factors such as increasing industrialization, infrastructure development, and energy demand in the region, leading to a greater need for energy efficiency and power generation technologies like turboexpanders. These trends suggest potential opportunities for manufacturers and suppliers of turboexpanders to focus on catering to the market in the Asia Pacific region to capitalize on the expected growth and demand for these products.

Hydrocarbon extraction is expected to hold the largest share of the turboexpander market in 2023.

This statistic indicates that in the year 2023, hydrocarbon extraction is projected to dominate and have the highest market share within the turboexpander industry. This suggests that the demand for turboexpanders, which are used in various industries for energy recovery and power generation, is expected to be particularly high within the hydrocarbon extraction sector compared to other industries. This trend could be driven by factors such as the increasing need for energy efficiency, the growing production of oil and gas, and the emergence of new technologies in the extraction process that require turboexpanders. Overall, this statistic highlights the significant role that hydrocarbon extraction plays in the turboexpander market and reflects a potential growth opportunity for businesses operating in this sector.

North America is expected to be the second largest market for turboexpanders.

The statistic “North America is expected to be the second largest market for turboexpanders” implies that among all global regions, North America is projected to have the second highest demand for turboexpanders, which are devices used to convert high-pressure gas into mechanical power. This indicates a growing or established market for turboexpanders in industries such as oil and gas, power generation, and industrial processes within North America. Factors contributing to this market position could include high industrial activity, technological advancements, investment in infrastructure, and regulatory policies supporting the expansion of energy-efficient technologies like turboexpanders in the region. This statistic suggests opportunities for businesses operating in the turboexpander industry to target North America as a significant market for their products and services.

China held the largest share of the turboexpander market in the Asia Pacific in 2018.

This statistic indicates that in 2018, China dominated the turboexpander market within the Asia Pacific region by holding the largest market share compared to other countries in the region. A turboexpander is a device used to expand gases in various industrial processes, such as natural gas processing and petrochemical manufacturing. The fact that China held the largest share suggests that the country was likely a significant player in the production, usage, or export of turboexpanders in the region during that year. This data can be valuable for market analysis, strategic planning, and understanding the distribution of this technology within the Asia Pacific market.

The rapid industrialization in emerging economies is one of the key factors driving the growth of the turboexpander market.

The statistic indicates that the rapid industrialization occurring in emerging economies is a critical driver of the turboexpander market’s growth. As these developing countries experience economic growth and expansion across various industrial sectors, there is a growing demand for turboexpanders. Turboexpanders are essential pieces of equipment used in industries such as oil and gas, energy production, and chemical processing to efficiently recover energy from high-pressure gas streams. The increased adoption of turboexpanders in these emerging economies is a reflection of their efforts to enhance productivity, reduce energy consumption, and meet the rising demand for energy resources. Overall, the statistic highlights the significant impact of industrialization trends on the turboexpander market’s trajectory.

The major players in the global turboexpander market include Baker Hughes, Atlas Copco, L.A. Turbine, Hangyang Group, and Cryostar.

The statistic highlights the key companies that are significant players in the global turboexpander market. These companies, including Baker Hughes, Atlas Copco, L.A. Turbine, Hangyang Group, and Cryostar, are recognized leaders in the industry and are likely to have a significant market share and influence. Their presence in the market suggests that they have established themselves as reputable and competitive players, with expertise in manufacturing turboexpanders which are crucial components in various industries such as oil and gas, power generation, and refrigeration. Monitoring the activities of these major players can provide insights into market trends, innovations, and potential developments within the turboexpander industry.

The turboexpander market is highly competitive with the presence of large-scale and small-scale global players.

This statistic suggests that the market for turboexpanders, a type of machinery used in various industries such as oil and gas, is characterized by fierce competition due to the involvement of both major multinational corporations and smaller international companies. The presence of large-scale players indicates that there are established industry leaders with significant market share and resources to invest in research, development, and marketing. On the other hand, the participation of small-scale global players implies that there are also niche competitors who specialize in specific segments or offer more personalized solutions. Overall, the competitive landscape of the turboexpander market is diverse and dynamic, with companies of varying sizes vying for market share and innovation.

High installation costs for turboexpanders act as a barrier for the growth of the market.

The statistic indicating that high installation costs for turboexpanders act as a barrier for the growth of the market suggests that the significant initial investment required to install turboexpander technology is impeding the expansion of the market. Turboexpanders are used in various industries to recover energy from pressure differentials in gas streams, making them an important tool for improving efficiency and reducing operating costs. However, the high upfront costs associated with purchasing and installing these systems may deter businesses from adopting this technology, hindering the potential growth of the market. Lowering installation costs or offering incentives to offset these expenses could help overcome this barrier and facilitate market growth for turboexpanders.

The growth of the global turboexpander market is greatly influenced by the price of steel and gas.

This statistic suggests that the growth of the global turboexpander market is closely tied to the fluctuations in the prices of steel and gas. The turboexpander market, which involves the use of these materials in its production and operation, is sensitive to changes in their costs. As the price of steel and gas increases, it can lead to higher production costs for turboexpanders, potentially impacting the overall growth of the market. Conversely, if the prices of these materials decrease, it may result in lower production costs and potentially drive growth in the turboexpander market. Therefore, monitoring and analyzing the prices of steel and gas is crucial for understanding and predicting trends in the global turboexpander market.

South America is poised to witness substantial growth in the turboexpander market, due to its rising oil & gas industry.

The statistic suggests that the turboexpander market in South America is expected to experience significant expansion in the near future, primarily driven by the growth of the region’s oil and gas industry. This projected growth indicates that there is a growing demand for turboexpanders – a type of energy recovery device used in oil and gas processing facilities – in South America. As the oil and gas sector in the region continues to develop and expand, there will be an increasing need for efficient and cost-effective technologies like turboexpanders to optimize energy usage and improve overall processing operations. This trend highlights the potential opportunities for businesses operating in the turboexpander market to capitalize on the growing market demand in South America.

Industry operators are investing in research and development to technologically advance turboexpander designs.

The statistic indicates that businesses within the industry are allocating resources towards research and development activities with the goal of enhancing the technological capabilities of turboexpander designs. This suggests a concerted effort by industry operators to innovate and improve upon existing turboexpander technologies, likely in pursuit of achieving operational efficiencies, increased performance, or other competitive advantages. By investing in research and development, companies are demonstrating a commitment to staying at the forefront of technological advancements within the turboexpander sector, potentially leading to the development of more advanced and efficient turboexpanders in the future.

Turboexpanders also have a key role in geothermal power plants, including binary cycle power plants.

The statistic “Turboexpanders also have a key role in geothermal power plants, including binary cycle power plants” suggests that turboexpanders play a significant and crucial role in the operation of geothermal power plants that utilize a binary cycle. In geothermal power generation, heat from the earth is used to produce electricity, and the binary cycle specifically involves the use of two separate working fluids, typically a low-boiling-point organic compound, to improve efficiency. Turboexpanders are devices that convert the thermal energy of a fluid into mechanical energy, which can then be used to generate electricity. By utilizing turboexpanders in geothermal power plants, particularly in binary cycle systems, the plants can effectively harness the available thermal energy to produce electricity efficiently and sustainably.

The need for clean energy and efficient power generation is contributing to the growth of turboexpanders in renewable energy sectors.

The statistic suggests that the increasing demand for clean energy and efficient power generation is driving the growth of turboexpanders within the renewable energy sector. Turboexpanders are devices that convert high-pressure gas into mechanical work and are commonly used in various renewable energy applications such as geothermal, biomass, and waste heat recovery systems. As the world shifts towards more sustainable energy sources to combat climate change and reduce environmental impact, the adoption of turboexpanders is seen as a key technology to maximize energy efficiency and promote the utilization of renewable resources. The growth of turboexpanders in the renewable energy sectors reflects a broader trend towards cleaner and more sustainable energy solutions that are essential for meeting global energy demands in a sustainable manner.

Conclusion

The turboexpander industry statistics reveal the growth and potential of this dynamic sector. As technology continues to advance and demand for energy-efficient solutions increases, the turboexpander market is poised for further expansion. Businesses and policymakers can use these statistics to make informed decisions and capitalize on the opportunities presented by this thriving industry.

References

0. – https://www.www.prnewswire.com

1. – https://www.www.marketsandmarkets.com

2. – https://www.www.globenewswire.com

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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