Turboexpander Market Size Worth $1,404.1 Million By 2030
Turboexpander Industry Overview The global turboexpander market size was valued at USD 953.6 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.8% from 2022 to 2030. The increasing demand for natural gas in industries and the residential sector is expected to continue driving the growth of the market over the forecast period. Additionally, continuous technological advancements in bearing technology and growing preference for Active Magnetic Bearings (AMB) over oil-bearing in turboexpanders are presumed to drive the market growth. However, the high product development cycle of the turboexpander is likely to continue to refrain the market growth over the next few years. Gather more insights about the market drivers, restrains and growth of the Global Turboexpander Market The COVID-19 outbreak had a slight slump on the turboexpander market in 2020. It is ascribed to lower demand for oil & gas across the economies, which prompted many compa...