Combined Cycle Power Plant Market Size, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3391
Increasing energy demand, need for higher operational efficiency favoured by initiatives to combat carbon emissions will drive the combined cycle (CC) power plant market. Growing demand for efficient power generation technologies with reference to depleting coal reserves will complement the industry growth. Moreover, effective operational flexibility fueled by self-sustainability will further boost the technological adoption.
Combined cycle power plant market will witness growth owing to decline in operating costs supported by ongoing advancements in turbine technology. High capital expenditure when compared to alternative generation technologies have been restraining the business growth. However, simplified design, enhanced operational performance coupled with optimized utilization of resources will further energize the overall industry outlook .
Strict environmental regulations in association with schemes introduced to curb the GHG emissions will augment the combined cycle (CC) power plant market. As per a leading publication, the number of projects involving combined cycle technology will increase by 3.1% annually over the decade. In addition, ease of integration across existing power plants with advanced technical equipment has reduced the overall project cost.
Minimized labour requirement favored by minimal construction time will further drive the technological adoption. Reduced standby losses, low maintenance cost are the factors propelling the implementation of combined cycle (CC) units. Moreover, technological advancements including upgradation of combined cycle steam turbines demand for effective energy supply will boost the combine cycle power plant market.
Surging demand for infrastructural expansion coupled with need for heating and cooling systems will drive the combined cycle (CC) power plant market. Widespread application of these units is stimulated by their ability to displace conventional infrastructure and provide enhanced reliability. Ongoing deployment of combined cycle (CC) units in existing power plants with an aim to improve efficiency will validate the industry expansion.
Natural gas combined cycle (CC) units on account of their ability to cogenerate resulting in minimal emissions will strengthen the product penetration. Increased power production without additional fuel costs is the major factor positively influencing the business potential. Growing dependency on natural gas and need for integration of renewables favoured by COP 21 are anticipated to drive combined cycle (CC) power plant market.
> 200 MW combined cycle (CC) power plant market will witness growth owing to economical costs coupled with improved average lifespan. Compact designs, enhanced capacity utilization in line with high efficiency are the major elements stimulating the business potential. Ongoing initiatives for effective waste utilization coupled with supporting environmental regulations will augment the industry outlook.
< 200 MW combined cycle (CC) power plant market is anticipated to have an accelerated growth on account of ongoing investments along with compact space requirement. Rising space constraints in conjunction with demand for compact electric infrastructure will energize the deployment of these units. Furthermore, technological collaborations along with initiatives towards energy conservation will strengthen the business outlook.
Prominent combined cycle power plant market participants are Ansaldo Energia, GE, Kawasaki Heavy Industries, Mitsubishi Hitachi, Siemens, Solar Turbines, Bechtel, ATCO Power, Araner and Wartsila.
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