Combined Cycle Power Plant Market size is expected to grow substantially between 2023 and 2032 due to its high cycle efficiency, large output, cost-effectiveness, low emission levels, and other attractive features. Escalating demand for energy worldwide impelled by the rapid surge in industrial activities, increasing population, and economic development in emerging economies will further drive the industry growth.
The economic disturbance created by the war in Ukraine has called for a rapid energy transformation. The change includes various nations switch from sources of highly polluting fuels, which are frequently provided by just a few major producers, to low-carbon energy sources such as nuclear and renewable energy.
The combined-cycle power plant is a compound gas-steam turbine system wherein the exhaust from the gas turbine is deployed to operate a boiler. At the same time, the produced steam is fed into the steam turbine to generate electricity. Various combined-cycle power plants are available to deliver increased power output efficiently and produce more power than the simple-cycle power plant.
The key trends bolstering the combined cycle power plant market share include implementing stringent environmental norms and regulations to limit the GHG emissions from the coal-based thermal power sector and rapid technological advancements. The next-gen power plants are leveraging machine learning technology to ensure the precise modeling of their core operational functions, a move that would contribute to the transforming industry landscape.
In terms of capacity, the > 200 MW segment is poised to depict appreciable growth rate through 2032, owing to its compact design and resistance to high-temperature oxidation & corrosion. Gas turbines installed in these power plants are estimated to reach a unit capacity of over 250MW-350MW and witness a 40% increase in efficiency in the coming years.
Europe combined cycle power plant market will hold a considerable business share by 2032 due to rapid industrialization, which drives the region's energy economy. European nations are likely to emerge as a rapidly expanding natural gas market, with the demand anticipated to boost considerably over the coming decades. This is in turn expected to provide lucrative scope for the CC power plant businesses to grow exponentially during the forecast period.
Key participants operating in the global combined cycle power plant market are Wartsila, Araner, ATCO (Sentgraf Enterprises), Bechtel Corporation (Bechtel Group), Solar Turbines (Caterpillar), Siemens, Mitsubishi Hitachi, Kawasaki Heavy Industries, General Electric, and Ansaldo Energia, among others. These firms are incorporating varied strategies such as M&As and business expansions to sustain their positions in the global industry.
For instance, in November 2022, Siemens Digital Industries Software announced that it had inked an agreement to acquire Avery Design Systems, Inc., one of the leading simulation-independent verification IP suppliers. With this acquisition, Siemens plans to add Avery’s technology to the Siemens Xcelerator portfolio under its industry-leading suite of electronic design automation (EDA) integrated circuit (IC) verification offerings.