The global turboexpander market is poised to grow at 7.23% during 2018 to 2023 forecasts Market Research Future (MRFR). Turboexpanders find cryogenic application across different types of natural gas, and petrochemicals. They are also utilized in air separation industries. Over the years, turboexpanders have undergone several phases of technological transformation. Product innovation remains major focus area for manufacturers, which is making a positive impact on the market. Latest versions of turboexpanders are highly efficient and have high processing capacities. This makes turboexpanders a sought-after equipment in the oil and gas industry.Also Read: [FURL=https://www.marketwatch.com/press-release/turboexpander-market-2020-global-trends-top-players-analysis-upcoming-strategies-demand-future-scope-and-regional-forecast-to-2023-2020-04-03]https://www.marketwatch.com/press-release/turboexpander-market-2020-global-trends-top-players-analysis-upcoming-strategies-demand-future-scope-and-regional-forecast-to-2023-2020-04-03[/FURL]
Turboexpanders find application in LNG reliquification, compression and cooling. In addition, they are also used for generating power from the excess gases in fertilization process. As global natural gas consumption rises further on account of rapid inclination towards low emission fuels, the turboexpander market finds attractive growth opportunities. LNG is witnessing a significant uptake in countries such as India, China, Russia, and the U.S. this is boosting the need for turboexpanders for processing natural gas. Such factors are supporting the market tremendously.
Global Turboexpander Market Segmental Analysis
Segmental analysis of the market has been segmented into application, loading device type, end-use industry and region
On the basis of application, the market has been segmented into generation of energy from waste gases, air separation, hydrocarbon and others (pressure letdown and geothermal). The hydrocarbon segment is expected to retain its top position over 2023. The segment’s growth can be attributed to the increasing use of turboexpanders in NGL recovery, ethane recovery, dew point control, and LNG production.
On the basis of loading device type, the Turboexpander Market has been segmented into oil break, generator, and compressor. The compressor segment is expected to remain highly attractive during the forecast period. This is mainly owing to widespread application compressors in LNG processing.
On the basis of end-use, the market has been segmented into manufacturing, power generation, and oil and gas. In terms of value, the oil and gas segment currently account for the lion’s share of the market and trend is likely to continue throughout the assessment period. The increased demand for LNG and LPG can be linked with the segment’s growth.
Competition Analysis
Some of the leading companies discussed in MRFR’s report include Baker Huges a GE company (US), Air Products & Chemicals.Inc (US), Honeywell (US), Siemens (Germany), Elliot Group (US), Turbogaz (Ukraine), Atlas Corpo (Sweden), Man Energy Solutions (Germany), L.A. Turbine (US), R&D Dynamics Corporation (US), ACD LLC (Switzerland) and Cyrostar (France).
Browse Complete Research Report at: [FURL=https://www.marketresearchfuture.com/reports/turboexpander-market-6458]https://www.marketresearchfuture.com/reports/turboexpander-market-6458[/FURL]