According to the new market research report 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″, published by MarketsandMarkets™,The turboexpander market is expected to grow from an estimated USD 290.6 Million in 2018 to USD 390.8 Million by 2023, at a CAGR of 6.11%, from 2018 to 2023. This growth is primarily due to the increasing natural gas production and rising focus of end-users such as manufacturing and oil & gas sectors on energy efficiency.
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This market growth can be attributed to increasing share of natural gas in primary energy consumption and increasing focus of end users such as the manufacturing and oil & gas industries on energy efficiency. Turboexpanders are mainly used for the liquification of natural gases and in petrochemical applications such as hydrogen, nitrogen and ammonia purification and ethylene production. Increasing production of natural gas is expected to create the demand for turboexpander in hydrocarbon applications. So, rising natural gas production is expected to boost the demand for turboexpanders.
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In this report, the turboexpander market has been analyzed with respect to four regions, namely, North America, Europe, Asia Pacific, and rest of the world. Asia Pacific is estimated to be the largest turboexpander market between 2018 and 2023. As per the BP Statistical Review of World Energy 2017, natural gas production increased from 490.6 billion cubic meters in 2010 to 579.9 billion cubic meters in 2016 in Asia Pacific, indicating a positive growth curve of the turboexpander market in this region. Factors, such as increasing investments in natural gas production plants are driving the Asia Pacific market for turboexpanders during the forecasted period.
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Leading players in the turboexpander market are Atlas Copco (Sweden), BHGE (US), Cryostar (France), Air Products and Chemicals (US), and L.A. Turbine (US). Signing contracts and agreements was the most commonly adopted strategy by top players, followed by investments and expansions and mergers and acquisitions.
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