New York, Jan. 29, 2024 (GLOBE NEWSWIRE) — The global turboexpander market size is predicted to grow at a CAGR of over ~7% from 2023 to 2035. The market is projected to garner a revenue of USD 1.4 billion by the end of 2035, up from a revenue of ~USD 950 million in the year 2022.The demand for natural gas to create a sustainable living is anticipated to increase the usage of turboexpanders owing to their effectiveness in producing energy. In 2021, the global consumption of natural gas increased by around 4% and reached almost 4 trillion cubic meters. Turbo expanders are highly efficient in hydrocarbon processing and air separation plants. The latest development in the design of turboexpanders has also facilitated its application in the liquefaction of gases, heat recovery, and geothermal. They are considered to be an important part of any compressor system.
(GlobeNewsWire)