Research Nester assesses the growth and market size of the global turboexpander market which is anticipated to be on account of the growing importance of natural liquefied gas for various applications in numerous industries.
New York – June 19, 2023 - Research Nester’s recent market research analysis on “Turboexpander Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global turboexpander market in terms of market segmentation by product type, loading device, power capacity, application, end-user, and by region.
Growing Demand for Uninterrupted Electricity Supply to Promote Global Market Share of Turboexpander
The global turboexpander market is estimated to grow majorly on account of the increased demand for cleaner sources of energy and electricity to bridge the gap between supply and demand from the burgeoning population. Thus, high investments are made in the production of natural gas which is anticipated to favor market growth. Also, turboexpanders are efficient in turning the kinetic energy into mechanical energy which makes it useful for various cryogenic applications such as petrochemical, natural gas, and air separation.
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The high demand for natural gas is steadily increasing across the globe to lower the carbon footprint of the world. Turboexpanders are essential in this prospect as it produces cleaner and more sustainable energy which is more beneficial in comparison to other conventional fossil fuels. It is considered to be an ideal element in numerous applications which includes liquefaction of gases, heat recovery, and geothermal processes. Thus, turboexpanders are high in demand from various industries for a wide range of processes.
Some of the major growth factors and challenges that are associated with the growth of the global turboexpander market are:
Growth Drivers:
• Surge in Research and Development Activities
• Rising Adoption of Natural Gas Vehicles
Challenges:
The rising popularity of other alternatives such as solar energy and wind energy along with the requirement of high initial investment and low awareness level are some of the major factors anticipated to hamper the global market size of turboexpander.
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By product type, the global turboexpander market is segmented into axial flow and radial flow. The axial flow segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. Axial flow turboexpanders are high in demand for their use in large gas turbines application, particularly in geothermal and heat recovery processes. Furthermore, another factor that is estimated to bring lucrative growth opportunities for segment growth is the installation of axial flow turboexpanders to provide sufficient heat and power for the district heating processes, facilities, and electricity to the grid.
By region, the European turboexpander market is to generate significant revenue by the end of 2035. This could be attributed to the rising awareness about the advantages of turboexpanders in the region along with the implementation of favorable government policies to produce natural gas. Furthermore, the presence of advanced production facilities along with raw materials is also projected to create a favorable position for the market size to expand over the upcoming years.
This report also provides the existing competitive scenario of some of the key players of the global turboexpander market which includes company profiling of L.A. Turbine (Chart Industries, Inc.), Air Liquide Engineering & Construction, Atlas Copco, Air Products and Chemicals, Inc., Baker Hughes Company, Linde plc, Elliott Company, Siemens Energy AG, MAN Energy Solutions SE, Honeywell International Inc., and other key players.
Access our detailed report at: https://www.researchnester.com/reports/turboexpander-market/5080
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