Dense presence of natural-gas coupled with technological integrations in the extraction activities propel the adoption of turbo expanders
The "Turbo Expanders Market to 2027- by Loading Device (Compressor, Generator, and Oil Brake); Application (Hydrocarbon, Air Separation, and Others); and End-User (Oil & Gas, Power Generation, and Industrial) - Global Analysis and Forecast". The scope of study involves understanding on the factors responsible for this growth of Turbo Expanders Market along with the estimates and forecasts of the revenue and market share analysis and also spots the significant turbo expander players in the market and their key developments.
Turbo Expanders Market to 2027 - Global Analysis and Forecast by Loading Device, Application, and End-User Vertical. In terms of revenue, the global Turbo Expanders Market is expected to grow to US$ 570.08 million by 2027 from US$ 302.05 million in 2017, growing at a CAGR of 6.69%. Owing to economically advanced economies, developed infrastructure, and the presence of large oil reserves, North America and Asia Pacific have larger share of revenues in the market, estimated at 39.2% and 39.1% respectively. Also, support for upcoming technological trends have further favoured high growth of turbo expander products in both the regions. Higher populations in the region of APAC have resulted in the higher market share for turbo expanders.
All round growth in the investments for developing the infrastructure vertical for residential, industrial as well as commercial markets coupled with some stringent regulations laid down by the concerned bodies for sustainability is driving growth for adoptions of turbo expanders by the manufacturing industries in the North American region. Increase in the oil & gas related activities, and demands for higher energy efficiencies in the refrigeration systems is anticipated to drive the adoptions of turbo expanders in the region. High technological penetration and awareness amongst the masses is another influencing factor on the high installations for Turbo Expanders in the region.
On the other hand, in Asia Pacific region, National oil companies such as the China National Offshore Oil Corporation (CNOOC), India's Oil and Natural Gas Corporation (ONGC), Malaysia's Petronas, Thailand's PTT and Vietnam's PetroVietnam have taken the lead in investing in and developing the region's oil & gas industry. Additionally, independent oil & gas companies and international oil companies are seeing increasing regional participation. Some of the more mature oil and gas reserves in the region are found in China and India, and in certain parts of Thailand, Malaysia and Indonesia. Currently, new oil frontiers are being developed in other countries, like the Philippines and Myanmar. Exploration of unconventional oil and gas reserves in deeper and more remote waters is notably gaining traction. Attributing to this, there is a substantial market growth in this region.
Further, these regions are estimated to be followed by Europe, MEA, and SAM; holding 13.5%, 5.2% and 3.0% of the total market. Globally turbo expanders market is expected to foresee significant rise in terms of revenue share. North America is expected to be a saturated market with losing a fair amount of market share over the forecast period, registering a market hold of 33.8% and losing its dominance to APAC region. The market share of APAC region by 2027 is expected to be approximately 48.5% of the global turbo expanders market.
The report segments the global turbo expanders market as follows:
Global Turbo Expanders Market - By Loading Device
Global Turbo Expanders Market - By Application
Global Turbo Expanders Market - By End-User
Global Turbo Expanders Market - By Geography
Contact Person: Sameer Joshi
Email Id: email@example.com