Expansion in the Turboexpander Market Forecasted to Reach 8.0% by 2034
The global turboexpander market is set for significant expansion in the coming years, with a projected Compound Annual Growth Rate (CAGR) of 8.0% from 2025 to 2034, reaching a market size of approximately USD 5.6 billion by 2034, up from USD 2.6 billion in 2024.
Key regions driving this growth include the Asia-Pacific (APAC), which led the market in 2024 with a value of about USD 1.1 billion, making it the largest regional market globally. The escalating demand for energy-efficient gas processing technologies, expansion of LNG infrastructure, and expanding industrial gas applications, particularly in regions with rising energy demands like Asia-Pacific, are propelling this growth.
Industries and applications fueling this market growth include natural gas processing and liquefaction, industrial gas separation, and energy recovery and carbon emission reduction. In natural gas processing and liquefaction, turboexpanders are critical in LNG plants to achieve the necessary low temperatures for liquefaction. This sector's expansion is a major growth driver due to increasing investments in LNG infrastructure globally.
Turboexpanders are also widely used in air separation units to produce industrial gases such as oxygen, nitrogen, and argon, essential for sectors like metallurgy, healthcare, and electronics. Furthermore, they enhance energy efficiency by converting thermal energy into mechanical energy, supporting cleaner and more sustainable processes in gas plants.
The oil and gas sector remains the top end-user in the Turboexpander Market, accounting for 67.1% share. Turboexpanders with less than 20 MW capacity captured a 50.2% market share in 2024.
Significant developments in the market include Atlas Copco's NGS Turboexpander series, featuring improved aerodynamics for higher efficiency in natural gas processing. Baker Hughes introduced the NovaLT Turboexpander, optimized for LNG and industrial gas applications, incorporating advanced bearing technology for lower maintenance and higher uptime.
Air Products has advanced its turboexpander technology for hydrogen liquefaction, enhancing efficiency in large-scale LNG and clean energy projects. Cryostar launched its H2 turboexpander for liquid hydrogen production, supporting the energy transition.
In gas processing plants, turboexpanders recover valuable liquids like ethane and propane from natural gas, enhancing plant productivity and profitability. Turboexpanders are also crucial for natural gas liquefaction, enabling efficient liquefaction and supporting energy recovery.
Radial flow turboexpanders dominated the market in 2024, holding a 62.8% share. Geothermal plants also utilize turboexpanders to generate electricity in low- to medium-power applications, improving energy efficiency.
In the application segment, hydrocarbon turboexpanders lead with a 59.7% share. Turboexpanders are vital for air separation, ensuring efficient gas production in industries such as healthcare, metallurgy, and electronics.
The growth in the global turboexpander market is a testament to the increasing demand for energy-efficient and sustainable solutions in various industries, particularly in regions with growing energy demands like Asia-Pacific.
- The expansion of the global turboexpander market is heavily influenced by the finance sector, as investments in LNG infrastructure and clean energy projects drive growth.
- In the technology realm, advancements in data-and-cloud-computing are crucial for optimizing the performance of turboexpanders, enhancing energy efficiency and reducing maintenance costs.
- The manufacturing industry plays a significant role in the growth of the turboexpander market, as demand for energy-efficient gas processing technologies, particularly in sectors like metallurgy, healthcare, and electronics, continues to rise.
