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The global turboexpander market is expected to reach a market size of USD 390.8 million by 2023, growing at a CAGR of 6.11%. In 2018, the market in North America is estimated to be the largest (by value) for turboexpanders, followed by the market in Asia Pacific. The trend is expected to change, with Asia Pacific leading the turboexpander market in 2023. Factors such as increasing share of natural gas in primary energy consumption and rising focus on energy efficiency are driving the turboexpander market. by energy source, natural gas accounts for the largest increase in world primary energy consumption and is an ideal choice for power and industrial sector due to its efficiency. All these factors have resulted in increased demand of turboexpanders.
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Asia Pacific will remain the fastest-growing turboexpander market during the forecast period, being primarily driven by the growth in production capacity of natural gas and oil refineries in countries such as China and India. As per BP Statistical Review of World Energy 2017, natural gas production in the region increased from 490.6 billion cubic metres in 2010 to 579.9 billion cubic metres in 2016, indicating a positive growth curve of the turboexpander market. Meanwhile, steel industries also play a vital role in the development of the turboexpander market in the region and will positively impact the turboexpander market during the forecast period.
The turboexpander market by end-user is segmented into oil & gas, manufacturing, and power generation. Power generation will remain the fastest growing turboexpander market during the forecast period owing to increasing share of geothermal power in total power production; this is expected to generate demand for turboexpanders during the forecast period. As per National Renewable Energy Laboratory (NREL), the global geothermal electricity market is expected to reach a total installed capacity of 18.4 GW by 2021. This would positively impact the growth of the turboexpander market during the forecast period.
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The turboexpander market is dominated by a few major players that have wide regional presence. The leading players in the turboexpander market include Atlas Copco (Sweden), BHGE (US), Cryostar (France), Air Products and Chemicals (US), and L.A. Turbine (US).
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