Turbo Expander Market - Growth, Trends, and Forecast (2020 - 2025)

The market is segmented by Loading Devices (Compressor, Generator, and Hydraulic Brake), End-User Industry (Oil and Gas, Power Generation, Energy Recovery, and Other End-user Industries), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa)

Market Snapshot

Study Period:

2018-2025

Base Year:

2019

Fastest Growing Market:

Middle East and Africa

Largest Market:

Asia Pacific

CAGR:

Greater Than 6 %

Major Players:

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Market Overview

The global turbo expander market is expected to grow at a CAGR of more than 6% during 2020-2025. Factors such as increasing shift toward natural gas-based power generation and demand from the oil and gas industry, are expected to drive the demand for turbo expander in the coming years. However, growing share of renewable energy sources in the electricity generation mix across the globe is expected to restraint the growth of turbo expanders during the forecast period.

  • Power generation is expected to be the fastest growing end-user industry in the turbo expander market owing to the increasing shift towards natural gas-based power generation.
  • Although the growth of renewable energy sources such as solar and wind is expected to hinder the growth of the market studied, power generation from biogas is expected to create a significant opportunity in the near future.
  • Asia-Pacific has dominated the turbo expander market, with the majority of the demand coming from China, India, and Japan.

Scope of the Report

The turbo expander market report include:

Loading Devices
Compressor
Generator
Hydraulic Brake
End-user Industry
Oil and Gas
Power Generation
Energy Recovery
Other End-user Industries
Geography
North America
Europe
Asia-Pacific
South America
Middle-East and Africa

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Key Market Trends

Shift Towards Natural Gas-Based Power Generation

  • Gas-fired power generation increased by 4% in 2018, led by a strong generation growth in the United States and China. The installed capacity of gas-fired power plants is expected to increase in the next two decades, as more than 1,500 GW of new gas-fired power generation capacity is expected to be added to the global power network by 2040.
  • The share of the total electricity supplied by natural gas-fired power plants accounted for 35% in 2018, up from 32.4% in 2017. This trend is expected to continue in the coming years. The United States coal-fired power plants are shutting down at a rapid pace, forcing the electric utilities to shift to cleaner and cheaper sources, such as natural gas and renewables.
  • Similarly, Japan has substituted much of its power generation capacity from nuclear power plants with LNG-fired plants since 2011.
  • Therefore, the increasing shift towards natural gas-based power generation is expected to drive the turbo expander market in the power generation sector during the forecast period.

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Asia-Pacific to Dominate the Market

  • Asia-Pacific has dominated the turbo expander market in 2018 and is expected to continue its dominance in the coming years as well. The increasing usage of natural gas in the generation of power supply is a major driver for the increase in the demand for turbo expander. Since most countries are planning to decarbonize their economies by switching to cleaner fuel sources, such as natural gas, for power generation, the demand for natural gas is expected to peak, thus driving the demand for turbo expanders.
  • China’s gas to power plan aims to increase the natural gas market share in the country’s total power generation mix, to 10% by 2020 and to 15% by 2030, from 3.1% in 2018. 
  • Furthermore, many refineries and LNG projects are expected to come up in Asia-Pacific, during the forecast period. With large number of turbo expanders being used for the energy recovery purpose in refineries and during the expansion of LNG in LNG plants, the demand for the same is expected to increase. 
  • Moreover, many economies, like India, are rapidly growing, which may result in the growth of industrialization. This is expected to drive the market studied, owing to its use in industrial applications like refrigeration and energy extraction.

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Competitive Landscape

The turbo expander market is moderately fragmented. Some of the key players in this market include Atlas Copco AB, Baker Hughes Company, Cryostar SAS, ADC LLC, and PBS Group.

Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitutes Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Loading Devices

      1. 5.1.1 Compressor

      2. 5.1.2 Generator

      3. 5.1.3 Hydraulic Brake

    2. 5.2 End-user Industry

      1. 5.2.1 Oil and Gas

      2. 5.2.2 Power Generation

      3. 5.2.3 Energy Recovery

      4. 5.2.4 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 North America

      2. 5.3.2 Europe

      3. 5.3.3 Asia-Pacific

      4. 5.3.4 South America

      5. 5.3.5 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Atlas Copco AB

      2. 6.3.2 Baker Hughes Company

      3. 6.3.3 Cryostar SAS

      4. 6.3.4 ADC LLC

      5. 6.3.5 PBS Group

      6. 6.3.6 LA Turbine

      7. 6.3.7 Elliott Group

      8. 6.3.8 Blair Engineering

      9. 6.3.9 Air Products and Chemicals Inc.

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

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