The compressor segment led the Turboexpander Market in 2017 and is expected to hold the largest market share during the forecast period. Compressors coupled turboexpanders are majorly used in the petrochemical industry for liquefaction of hydrocarbons. Moreover, natural gas production is rising, which is expected to create demand for compressor coupled turboexpanders in hydrocarbon applications. All these factors have resulted in the largest share of the compressor segment.
The hydrocarbon segment led the Turboexpander Market in 2017. Hydrocarbon applications include liquefaction of petroleum gases, liquefaction of natural gases, dew point control, FPSO LNG, regasification, and nitrogen rejection. Shale gas boom and increasing natural gas production are driving the hydrocarbon Turboexpander Market.
The power generation segment is projected to grow at the highest CAGR between 2018 and 2023. Key end-users include geothermal power plants, base load plants in LNG facilities, and pressure letdown turboexpanders. The geothermal electricity market is expected to reach US$18.4 GW by 2021. Increasing share of geothermal power in total power production is expected to boost the demand for turboexpanders during the forecast period.
