Report : North America Turboexpander Market Forecast to 2030 - Regional Analysis - by Loading Device (Compressor, Generator, and Hydraulic/Oil Brake), Power Capacity [Less than 1 MW (Up to 500 KW and 500 KW to 1 MW), 1 MW to 20 MW, and More than 20 MW], and End User (Oil and Gas, Power Generation, and Industrial)
At 6.0% CAGR, North America Turboexpander Market is Projected to be Worth US$ 656.81 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the North America turboexpander market was valued at US$ 412.01 million in 2022 and is expected to reach US$ 656.81 million by 2030, registering a CAGR of 6.0% from 2022 to 2030. Technological advancements and development of cryogenic expanders are among the critical factors attributed to the North America turboexpander market expansion.
Turbine efficiency is one of the major parameters that determine the efficiency and competence of a turboexpander system. As a turboexpander consumes high power, a slight improvement in turbine effectiveness leads to a major improvement in system efficiency. The aerodynamic performance of turbomachines varies on the mean-line design methodology of the rotor and stator. The flexibility and competence of turboexpanders led to a diversity of configurations, which make them flexible in diverse applications. Increasing focus on turbans with high speed and precision is one of the major trends in the turboexpanders market. In addition, with increasingly varying applications, the demand for advanced turboexpanders consisting of advanced active magnetic bearings, a high-frequency variable-speed drive, and a high-speed permanent magnet generator is also surging. Moreover, the elevating demand for high end machineries in large-scale refineries and gas processing stations are anticipated to boost the advanced turboexpanders market growth during the forecast period.
On the contrary, availability of alternatives hampers the growth of North America turboexpander market.
Based on loading device, the North America turboexpander market is categorized into compressor, generator, and hydraulic/oil brake. The compressor segment held 45.9% market share in 2022, amassing US$ 189.01 million. It is projected to garner US$ 291.31 million by 2030 to register 5.6% CAGR during 2022-2030.
In terms of power capacity, the North America turboexpander market is segmented into less than 1 MW, 1 MW to 20 MW, and more than 20 MW. The 1 MW to 20 MW segment held 48.7% share of North America turboexpander market in 2022, amassing US$ 200.72 million. It is projected to garner US$ 328.04 million by 2030 to expand at 6.3% CAGR during 2022-2030. The 1 MW to 20 MW segment is further bifurcated into Up to 500 KW and 500 KW to 1 MW.
By end user, the North America turboexpander market is segmented into oil & gas, power generation, and industrial. The oil & gas segment held 54.7% share of North America turboexpander market in 2022, amassing US$ 225.41 million. It is projected to garner US$ 336.60 million by 2030 to expand at 5.1% CAGR during 2022-2030.
Based on country, the North America turboexpander market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 74.3% share of North America turboexpander market in 2022. It was assessed at US$ 306.32 million in 2022 and is likely to hit US$ 494.25 million by 2030, exhibiting a CAGR of 6.2% during 2022-2030.
Key players operating in the North America turboexpander market are Elliott Co, Air Products & Chemicals Inc, Atlas Copco AB, Cryostar SAS, Turboden SpA, L'Air Liquide SA, Sapphire Technologies Inc, R & D Dynamics Corp, and Siemens Energy AG, among others.
- In February 2022, Plug Power partnered with Atlas Copco Mafi-Trench Company LLC and Fives to jointly develop hydrogen liquefaction plants. Liquifying hydrogen makes it easier to transport, leading to cost savings and broader distribution coverage. The collaboration follows Plug Power's acquisition of Joule Processing LLC, a process solution and engineered equipment provider with a strong track record of execution among the largest EPC and oil and gas midstream companies. The partnership aims to address the biggest needs facing the liquid hydrogen production industry, such as improving the efficiency, cost, and lead time of hydrogen liquefiers. Plug Power expects to commission hydrogen liquefier trains with 15 ton per day and 30 ton per day capacities starting in 2023.
- In May 2023, Turboden Spa, Unareti Spa, and Pietro Fiorentini Spa partnered to improve the Macconago gas station in Milan, aiming for greater energy efficiency and decarbonisation. The upgrade includes the installation of a 4 MWe gas expander to recover electricity from natural gas load losses. This is the largest project of its kind in Italy, demonstrating the sector's commitment to the energy transition and decarbonisation of cities and the country.
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