Vertical: EnPBase Year: 2018
Market Size (2018)
$292.66M
Projected (2025)
$437.66M
CAGR (2017–2025)
5.8%
Key Players
10+
The demand for turboexpander is growing rapidly in the global market owing to various factors, including increasing share of natural gas in power generation and the growing need for energy efficiency.
The global turboexpander market is projected to grow at 6.02% CAGR during the forecast period, 2019–2025. In 2018, the global turboexpander market was dominated by Asia-Pacific with a 35.43% share, followed by North America and the rest of the world with shares of 29.91% and 19.34%, respectively.
The global turboexpander market has been segmented based on loading device, application, end use, and region. Based on loading device, the global turboexpander market has been classified into compressor, generator, and oil break. The compressor segment is expected to grow at the fastest rate during the forecast period. In 2018, the compressor segment held a 49.66% share of the global turboexpander market.
Based on application, the global turboexpander market has been segmented into hydrocarbon, air separation, and others. The hydrocarbon segment is expected to grow at the fastest rate during the forecast period. In 2018, the hydrocarbon segment held a 51.23% share of the global turboexpander market.
Based on end use, the global turboexpander market has been divided into oil & gas, manufacturing, and power generation. The oil & gas segment is expected to grow at the fastest rate during the forecast period. In 2018, the oil & gas segment held a 47.34% share of the global turboexpander market.
Based on region, the global turboexpander market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. In 2018, Asia-Pacific held a 35.43% share of the global turboexpander market.
The Turboexpander Market market is projected to grow at a CAGR of 5.8% from 2017 to 2025.
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View Subscription PlansTurboexpanders, also known as expansion turbines, are rotating machines that play a role in cooling the process fluid. They are centrifugal or axial flow turbines, through which high-pressure gas is expanded to produce work that is often used to drive a compressor or generator. Turboexpanders are widely used as sources of refrigeration in industrial processes, such as the extraction of ethane and natural gas liquids from natural gas.
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View Subscription PlansThis report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2018
Historical Period
2017 – 2017
Forecast Period
2019 – 2025
Primary Interviews
150+
Historical data (2017–2018) and forecast period (2018–2025)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
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View Subscription PlansThe global turboexpander market is characterized by the presence of many local, regional, and, global vendors. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition in the market, rapid advancements in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain the market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket services. It is crucial for vendors to provide cost-effective and efficient products to survive and succeed in a competitive market environment.
The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. Atlas Copco, Baker Hughes a GE company, Cryostar, and Air Products & Chemicals Inc. are some of the key players operating in the global market. These companies compete in terms of product availability, quality, price, and technology and consider expansion and product development as their key strategy in the global turboexpander market. Although the international players are dominating the market, regional and foreign players with small market shares also have a significant presence. The international players may strengthen their presence in the global market by heavily investing in collaborations and product development during the forecast period.
Market estimates by geography (2025)
InsightAsia Pacific leads with $158.94M by 2025.
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View Subscription Plans| REGION | 2017 | 2018 | 2025 | CAGR | SHARE |
|---|---|---|---|---|---|
| North America | $82.99M | $103.49M | $132.69M | 6.0% | 30% |
| Asia Pacific | $98.15M | $123.18M | $158.94M | 6.2% | 36% |
| Europe | $42.65M | $52.49M | $66.41M | 5.7% | 15% |
| Rest of the World | $54.24M | $64.81M | $79.62M | 4.9% | 18% |
| Total | $278.02M | $343.98M | $437.66M | 5.8% | 100% |
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View Subscription PlansTotal Market Size
$437.66M
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Compressor | $223.20M | 6.2% | 51% |
| Generator | $157.00M | 5.7% | 36% |
| Oil Break | $57.46M | 4.6% | 13% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytical insights on Turboexpander Market covering market dynamics, competitive landscape, and strategic outlook.
The Turboexpander Market market is projected to reach $437.66M by 2025, growing at 5.8% CAGR. The Compressor segment holds the largest share.
The global turboexpander market is expected to grow substantially during the forecast period owing to the increasing share of natural gas in power generation and the increasing focus on energy efficiency. Moreover, the rising demand for cryogenic turboexpanders is expected to create an opportunity for the players operating in the global market. However, the high installation cost in the global market is expected to restrain growth during the forecast period.
According to the BP Statistical Review of World Energy 2019, global natural gas production grew from 3,677.7 billion cubic meters (BCM) in 2017 to 3,867.9 BCM in 2018. Moreover, as per the data from the report mentioned above, the demand for natural gas as a fuel generation source increased from 5952.8 Terawatt-hours (TWh) in 2017 to 6182.8 TWh in 2018. The growth in the production of natural gas can be attributed to the increasing use of natural gas for power generation. The figure below depicts the rise in the global production of natural gas from 2010–2018.Turboexpanders are used to drive the generator to produce electricity in END USE industries such as oil & gas, power generation, and manufacturing. Turboexpanders, also known as expansion turbine, is a machine which converts the energy stored in the high-pressure gas stream into energy with the help of generators and turbines. As the gas flows into the turboexpander, the gas rotates the turbine, which is coupled with the generator, which in turn rotates and generates energy. Such factors are expected to increase the demand for natural gas in energy generation.
Many countries across the world, including India and Germany, are focusing on the development of gas-fired power generation plants. In India, as per the National Electricity Plan, 2018, the Indian government is focusing on developing gas-fired power plants. For instance, it plans to construct 38 MW powered gas-based power plants and gas-based power plants in Andhra Pradesh and Telangana, respectively. Similarly, in Germany, in 2016, the Stadtwerke Kiel (Germany) commenced the construction of gas power plants in the country, leading to an increasing need for turboexpanders. Furthermore, as per the New Policies Scenario of International Energy Agency (IEA), globally, approximately 1,510 GW of gas-fired power plants will be needed by 2040. Such developments increase the demand for natural gas in power generation worldwide, which will consequently increase the demand for turboexpanders. Thus, the increasing share of natural gas in power generation is expected to drive the global turboexpander market during the forecast period.
Turboexpanders refers to the technologies used for the generation of electricity, air separation, and others. The technological advancement involved in turboexpanders are expected to increase the demand for turboexpanders for its applications in various industries such as oil & gas, manufacturing, and power generation. Cryogenic turboexpander is such an example of the technological advancement for its use in cryogenic plants for cryogenic temperature production in gas processing plants. Cryogenic liquid refers to the fluids which are kept in the liquid state at very low temperature and have low boiling point. Helium, Hydrogen, and Nitrogen are some of the gases which are stored and transported at cryogenic temperatures. The use of cryogenic turboexpanders offers several advantages such as higher efficiency, lower maintenance, better reliability, and reducing operating costs.The advancement in designing of rotating bearing systems and other components to function at a high speed and low temperature helps in enhancing the function of turboexpanders, efficiently. Such technological developments lead to an increased demand in turboexpanders, which are used for various processes such as electricity generation, liquefaction and refrigeration processes, air separation, and others. Therefore, the rising demand for cryogenic turboexpanders is expected to create an opportunity for the players operating in the global turboexpander market during the forecast period.
The process of energy generation, refrigeration, and air separation in turboexpander is expensive and has complex operations as it features a larger number of components such as turbines, generators, and other accessories that are used for the generation of electricity and energy. The operational cost of turboexpander depends on various factors such as technology, industry, and generating plant size. Moreover, the working operations of turboexpanders are expensive owing to the high investment and operation & maintenance costs involved in the generation technology. Moreover, the production and safety concerns regarding energy generation also hinder the growth of the turboexpanders. Additionally, the capital cost of turboexpander with high power output on a per-kilowatt basis is less as compared to the one having smaller power output turboexpanders. Furthermore, the components and materials used in the hydrogen generation technology must be selected as per international standards such as the American Society of Mechanical Engineers (ASME) and the American Petroleum Institute (API). This leads to an increase in the cost of high-quality raw materials and components used in the construction of turboexpanders. All these factors are expected to add to the cost of turboexpanders. Therefore, high initial costs form a restraint in the growth of the global turboexpander market during the forecast period.
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Profiles of 108 companies operating in the Turboexpander Market market, including revenue, employee count, and market positioning where available.
Showing 108 of 108 companies
Company Headquarters: Sweden Founded: 1873 Workforce: ~45,000 Company Working: Atlas Copco AB is specialized in design and production of accessories and products and offers customers, compressors, vacuum solutions and air treatment systems, construction and mining equipment, and extensive range of dewatering applications, across multiple industries. Its product segment includes compressor technique, industrial technique, vacuum technique, and power technique. The compressor technique segments include compressors, gas and process compressors and expanders, air and gas treatment equipment, and air management systems. The industrial technique segment covers vacuum products, exhaust management systems, valves and related equipment. The vacuum technique segment covers industrial power tools and systems, assembly solutions, quality assurance products, software and services. The power technique product segment covers a wide range of pump products, which include hydraulic submersible pumps and electric submersible pumps. The company has about 100 production or manufacturing sites. It manages it sales and services in more than 180 countries in five continents. Epiroc AB, Chicago Pneumatic, Oerlikon Leybold Vacuum, and Atlas Copco Chilena S.A.C. are some of the subsidiaries of the company.
Baker Hughes is no longer best described as an oilfield services company. It is a two-into-three-segment industrial and energy technology group whose centre of gravity has migrated decisively from wellsite services toward long-cycle rotating equipment, gas infrastructure, power generation and aftermarket services. In FY2025 the Industrial & Energy Technology segment generated $13.4 billion of revenue against Oilfield Services & Equipment's $14.3 billion, and IET's segment EBITDA margin (18.5%) overtook OFSE's (18.3%) for the first time. The July 2026 acquisition of Chart Industries for approximately $13.6 billion added cryogenic process technology, heat transfer and thermal management as a third reporting segment. Record remaining performance obligations of $40.1 billion at 30 June 2026 — of which $37.1 billion sits in IET — give the company revenue visibility that pure oilfield peers cannot match. The equity story is now margin convergence to 20%, deleveraging from Chart, and exposure to LNG, data-centre power and industrial decarbonisation. --- ### The company's own description The Company describes itself in its Form 10-K as "an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain," noting that it is "built on a century of experience and conducting business in over 120 countries" and that "our innovative technologies and services are taking energy forward." In the 2026 proxy the framing has evolved into a trademarked strategic slogan — "Rewriting The Energy Equation™" — which management defines as "the inseparable link between industrial outcomes and the energy systems that power them," arguing that industrial growth is driving structural increases in energy demand alongside rising expectations for cleaner and more efficient energy. At the Barclays conference on 9 September 2026, management characterised the combined platform as "the industry's most integrated molecule-to-electron platform," spanning core capabilities in power generation, grid stability, energy management, energy compression, flow control, thermal management, industrial compression, cryogenic storage, process systems, fuelling and dispensing, drilling and completion systems, production systems, intervention systems, subsea production systems, and digital and lifecycle systems. ### Independent characterisation Baker Hughes is best understood as three businesses stapled together by a common industrial operating system (the "Baker Hughes Business System") and a common customer set: **(a) A cyclical, service-intensive oilfield business (OFSE).** Roughly $14.3 billion of FY2025 revenue, sold mostly as day-rate and per-job services plus consumables and capital equipment to international oil companies, national oil companies and independents. Revenue tracks rig count, well count and upstream capex. Contract durations are short (months to a few years), backlog is thin ($3.0 billion RPO at 30 June 2026), and pricing is competitive. Roughly 26% of OFSE revenue is North American; the balance is international, with Middle East/Asia the single largest region. **(b) A long-cycle equipment and aftermarket business (IET).** Roughly $13.4 billion of FY2025 revenue. This is an original-equipment-manufacturer model: sell a gas turbine, compressor train, generator or liquefaction module into a multi-year project, book it into backlog, recognise revenue over time on percentage-of-completion, then capture 20–30 years of contractual service agreements, spare parts, upgrades and digital monitoring on the installed base. This is the structurally attractive half of the company. IET RPO of $37.1 billion at 30 June 2026 includes $15.0 billion of Gas Technology Equipment and $16.7 billion of Gas Technology Services — the services backlog is larger than the equipment backlog, which is the signature of a mature installed-base annuity. **(c) A cryogenic and thermal process business (Chart, from 16 July 2026).** Chart reported approximately $4.3 billion of revenue for FY2025 as a standalone company. It brings brazed aluminium and air-cooled heat exchangers, cold boxes, nitrogen rejection units, blowers and fans, vaporizers, cryogenic storage tanks, carbon capture equipment, compressors and steam turbines. **Revenue model mix.** Baker Hughes does not disclose a clean product/service/subscription/licensing split. What is disclosed: FY2024 sales of goods were $17,810 million against sales of services of $10,019 million (approximately 64%/36%); FY2023 was $15,617 million goods and $9,889 million services; FY2022 was $12,236 million goods and $8,920 million services. The goods share has risen with the IET equipment cycle. Software and digital (Cordant, iCenter, Leucipa, System 1) is sold on licence, subscription and outcome-based models but is not separately disclosed as a revenue line — flagged as not publicly disclosed. **Value chain position and end markets.** Management's own end-market split of FY2025 combined revenue (including Chart as reported) is approximately 40% energy upstream (extraction of the molecule), approximately 50% energy infrastructure (transporting and transforming the molecule into energy), and approximately 10% industrial (consumption of energy). End markets named in the FY2025 10-K and 2026 presentations include: onshore and offshore oil and gas, LNG, pipelines and gas storage, refining, petrochemicals, distributed gas, nuclear (including small modular reactors), hydrogen, carbon capture utilisation and storage, clean power, geothermal, renewables, data centres, mining, industrial gases, space, pulp and paper, food and beverage, industrial heating, automotive and aerospace. **Customer types.** National oil companies (Aramco, ADNOC, KazMunayGas, KNPC, Kuwait Oil Company, Petroleum Development Oman, ONGC, Petrobras, Ecopetrol, SOCAR, CNPC, Sinopec), international majors (ExxonMobil, Eni, Equinor, BP, TotalEnergies), LNG developers (Venture Global, Cheniere, NextDecade, Commonwealth LNG, Glenfarne, Golar, Nigeria LNG), EPC contractors (Bechtel, Tecnimont/MAIRE, Saipem, Técnicas Reunidas, McDermott), independent power and data-centre developers (Dynamis Power Solutions, Kodiak Gas Services, Aalo Atomics), and industrial process operators (Yara, Braskem, Valero).
Air Products — EnP
L.A. Turbine (LAT) is a leading design and manufacturing company that specializes in turboexpanders that are highly engineered and are application specific. These turboexpanders are industrial applications that include hydrocarbon processing, geothermal power generation, power recovery and/or refrigeration purposes. L.A. Turbine manufactures equipment that ranges from 100HP to vast 21,000 HP turboexpanders. They serve customers that deal in hydrocarbon & chemical processing, power generation, air separation, on- & off-shore markets. Some of their renowned customers include BP, Chevron, Exxon, Freeport LNG, Linde, Ormat, Shell, and Total.
R&D Dynamics Corporation engages in the design and development of high-speed rotating machines supported on foil air/gas bearings. The company offers its foil bearing technology and other classes of rotating machines for aerospace, automotive, and industrial applications. R&D Dynamics Corporation’s product portfolio includes turbocompressors, turboexpanders, turbo-alternators, and air cycle machines under the compressed gas-driven machines; air/gas blowers & compressors and vapor cycle compressors under the electric/motor-driven machines, and small turbine engines and auxiliary power units under the fuel-driven machines. In addition to this, the company also offers an extensive portfolio of patents and intellectual property and continues to invest heavily in research & development, advancing core technologies such as next-generation foil air/gas bearings, high-speed electric motors and drives, and optimized air, refrigerant, and other gas cycles and systems.
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Historical performance and future projections (2020–2030, USD Billion)
Market Size (USD Mn)
