Atlas Copco (Sweden) and Baker Hughes, a GE company (BHGE) are the Major Players in the Turboexpander Market
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.
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).
Major strategies adopted by key players include contracts & agreements, new product development, investments & expansions, mergers & acquisitions, and partnerships & collaborations. Contracts & agreements was the most commonly adopted strategy from 2014 to April 2018. Industry players also adopted investments & expansions, which was the second most widely followed strategy during the same period.
Atlas Copco is one of the leading providers of equipment and services for different industries. The company manufactures air equipment, vacuum solution, mining equipment, generators, electric and pneumatic tools, and hybrid joining technologies, among others. It conducts its business through five segments, namely, compressor technique, vacuum technique, industrial technique, mining and rock excavation technique, and power technique. The compressor technique business segment provides compressed air solutions, industrial compressors, gas and process compressors and expanders, air and gas treatment equipment, and air management systems. The company offers a wide range of turboexpanders to run generators and compressors. It offers its products in more than 180 countries globally. In October 2014, Atlas Copco’s gas and process division launched a new dedicated aftermarket organization to serve North American customers in the industrial gases, oil & gas, and renewable energy markets.
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Baker Hughes, a GE company (BHGE) is one of the largest companies providing products and services for the oil & gas industry. The company operates through four business segments, namely, turbomachinery & process solution, oilfield service, oilfield equipment, and digital solution. The turbomachinery & process solution segment provides equipment and related services for mechanical-drive, compression, and power generation applications. The company offers these products and services for the oil & gas industry to serve its downstream segments that include refining, petrochemical, distributed gas, flow and process control, and other industrial applications. Turboexpander falls under the compressor segment. The company provides turboexpanders for geothermal power generation, ocean thermal energy recovery, air liquefaction applications, and onshore and offshore applications in the oil & gas sector. The company provides advanced products and solutions with more than 10 technological centers located worldwide. It also has a presence in more than 120 countries. BHGE has adopted expansions & investments as its key strategy. In March 2017, GE Oil & Gas opened a new facility in Takoradi Port, Ghana. The company is expanding its global footprint and supporting local investment. It has committed to delivering more than 45,000 training hours for Ghanaian personnel over the next five years, as it seeks to build a world-class team locally. The team will help deliver quality products such as turboexpanders in Africa.
Related Reports:
Turboexpander Market by Loading Device (Compressor, Generator, and Oil Break), Application (Air Separation, and Hydrocarbon), End-User (Manufacturing, Oil & Gas, and Power Generation), and Region - Global Forecast to 2023
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