Middle East & Africa 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)
The Middle East & Africa turboexpander market was valued at US$ 60.31 million in 2022 and is expected to reach US$ 80.57 million by 2030; it is estimated to record a CAGR of 3.7% from 2022 to 2030.
Technological Advancements Bolster Middle East & Africa Turboexpander MarketTurbine 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.
Middle East & Africa Turboexpander Market OverviewAccording to IEA, the Middle East and Africa generates ~95% of its electricity from oil and gas. More than 290 billion cubic meters of gas, or more than one-third of the region's gas production, and 1.75 million barrels of oil per day are consumed by thermal plants in the region. The oil and gas producing economies of the Middle East & Africa rely heavily on fossil fuels, which raises the carbon intensity of their electricity generation by approximately a fifth compared to the global average. As a result, this region is expected to offer promising opportunities for opting for CCUS-EOR projects to achieve carbon neutrality. In May 2023, the Abu Dhabi National Oil Company (ADNOC) granted three contracts totaling US$ 4 billion to reduce carbon emissions and reach a production capacity of 5 million barrels per day by 2030. The contracts can cover ADNOC's onshore and offshore operations for five years with a two-year extension option. Thus, the growing adoption of carbon-neutral oil and gas production is expected to offer lucrative growth opportunities to the turboexpander market during the forecast period.
Middle East & Africa Turboexpander Market Revenue and Forecast to 2030 (US$ Million)
Middle East & Africa Turboexpander Market SegmentationThe Middle East & Africa turboexpander market is segmented based on loading device, power capacity, end user, and country. Based on loading device, the Middle East & Africa turboexpander market is segmented into compressor, generator, and hydraulic/oil brake. The compressor segment held the largest market share in 2022.
In terms of power capacity, the Middle East & Africa turboexpander market is categorized into less than 1 MW, 1 MW to 20 MW, and more than 20 MW. The 1 MW to 20 MW segment held the largest market share in 2022. 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 Middle East & Africa turboexpander market is segmented into oil & gas, power generation, and industrial. The oil & gas segment held the largest market share in 2022.
Based on country, the Middle East & Africa turboexpander market is segmented into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Saudi Arabia dominated the Middle East & Africa turboexpander market share in 2022.
Elliott Co, Air Products & Chemicals Inc, Atlas Copco AB, Cryostar SAS, Turboden SpA, L'Air Liquide SA, and Siemens Energy AG are some of the leading players operating in the Middle East & Africa turboexpander market.
Reasons to BuySave and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Middle East & Africa turboexpander market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the Middle East & Africa turboexpander market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth Middle East & Africa market trends and outlook coupled with the factors driving the Middle East & Africa turboexpander market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.