Industrial Gas Turbine Market Size to exceed 20 GW By 2024
Published Date: November 20, 2018 Authors: Ankit Gupta, Aditya Singh Bais
Industrial Gas Turbine Market size will surpass 20 GW by 2024, as reported in the latest study by Global Market Insights, Inc.
The industrial gas turbine market within the prevalent trade regime has positively been impacted with consumer & regulatory inclination towards energy optimization. Government mandates to curb emissions along with growing environmental concerns have plunged the integration of competitive energy conservation measures. Moreover, pivotal for the transformation has been the re-structuring across prime power markets leading to rapid technological enhancements. Thereby, the industry has witnessed a salient growth in the field of aerodynamics, materials, combustion, and cooling.
The U.S. market is projected surpass an annual installation of 3 GW by 2024. Expansion of research and development (R&D) investment reforms along with shifting focus towards deployment of combined cycle generation systems will boost the product demand. As per the ICF International, turbines fabricated by the U.S. based manufacturers in 2016, contributed to over 70% of the operational natural gas-fired combined cycle projects across the nation.
> 200 MW industrial gas turbine market is set to grow subject to large scale integration across power generation units, manufacturing plants, and associated process industries. The products are adept with potent fuel efficiency, environment proximity, & longer life cycle favored by competitive overall costs. Furthermore, ameliorate operational performance along with large capacity configuration and product flexibility, conceal long term cost associated issues which in turn will overall industry dynamics.
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Browse key industry insights spread across 334 pages with 498 market data tables & 38 figures & charts from the report, “ Industrial Gas Turbines Market Size By Product (Aeroderivative, Heavy Duty), By Capacity (≤ 70 MW, 70 - 300 MW, ≥ 300 MW), By Technology (Open Cycle, Combined Cycle), By Application (Power Generation, Oil & Gas, Other Manufacturing), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents
Increasing turbine demand across process industries coupled with replacement of conventional fuel by sustainable resources across a cluster of small-scale industrial pursuits will thrust the market size. However, the products in the current scenario witness strong technological competition across import dependent developing markets, prominently those without a stringent mandate or reforms on carbon emission or air pollution. Moreover, perpetual technological proliferation along with evolving consumer & regulatory proximity will complement the overall business outlook.
China industrial gas turbine market is set to grow on account of favorable regulatory prospects towards the development of large scale gas fired power projects and clean energy integration across the nation. Leading global manufacturers have aligned focus towards business expansion across the Chinese industry owing to the escalation in demand and favorable statutory regime. Siemens in 2018, fetched supply orders for its two H-class gas turbines & accessories for the CHD Guangzhou Zengcheng project.
Lower operational costs, enhanced product efficiency, environmental proximity, coupled with sustainable waste heat utilization are few indispensable factors driving the combined cycle (CC) industrial gas turbine market. Resurgent industrial headway along with rising energy demand & the stabilization of gas prices have infused a favorable business framework. Moreover, overburdening of traditional energy resources including hydro power & coal in conjunction with regulatory inclination towards energy optimization will positively sway the industry dynamics.
Prominent market participants comprise of MAN Energy, Zorya-Mashproekt, Ansaldo Energia, UEC Saturn, Capstone Turbine, MHPS, Siemens, BHEL, Opra Turbines, Kawasaki, Wärtsilä, Vericor, Centrax, General Electric, and Solar Turbines.
Industrial gas turbines market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” and “USD“ from 2013 to 2024, for the following segments:
Industrial Gas Turbine Industry, By Capacity
- ≤ 70 MW
- 70-300 MW
- ≥ 300 MW
Industrial Gas Turbine Industry, By Product
- Heavy duty
Industrial Gas Turbine Industry, By Technology
- Open cycle
- Combined cycle
Industrial Gas Turbine Market, By Application
- Power generation
- Oil & gas
- Other manufacturing
The above information is provided on a regional & country basis for the following:
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- Saudi Arabia
- Latin America