Industrial Gas Turbine Market to hit 20 GW By 2024

Global Market Insights adds Industrial Gas Turbine Market report which focuses on the major drivers and restraints for the key players. It also provides analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.

Growing environment concerns coupled with stringent government measures to curb GHG emissions by various industries have shifted their focus toward energy conservation which will stimulate the global industrial gas turbine market. In the current industrial regime, gas turbines have developed as a vital component for heat & power delivering technologies. In addition, pivotal for this expansion are the amendments which are being taken into consideration across key power markets along with ongoing technological enhancements in the field of aerodynamics, cooling, combustion and materials.

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Aero-derivative industrial gas turbine market has gained substantial escalation on account of the accessibility & availability of mobile and highly flexible product technologies. These units have varied application portfolio which include utility generation, district heating and marine propulsion. Furthermore, technological advancements have aligned industry focus towards the manufacture of high capacity turbines and cost competitiveness in comparison to traditional units.

Diverse applications across process industry and small-scale power generating plants will complement the 70 MW to 300 MW units. Rapid development of co-generating units to endure energy & heat consumption across commercial, isolated grid networks and small industries will augment the technological adoption. Moreover, ongoing developments subject to the growth of effective re-generative gas turbine units to withstand low heat requirements across these installations will further boost the overall industrial gas turbine market.

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The open cycle industrial gas turbine market will witness an upsurge owing to lower warm up time, size compactness, operational flexibility, light weight, quick start and less dependence on cooling water. These units find extensive applicability for power generation and mechanical drives across the land-based industries. Furthermore, huge manufacturing industries in line with offshore power generation plants have constantly integrated a sustainable demand for the technology.

In 2017, power generation accounted for over 40% of the global industrial gas turbine market share. Increasing emphasis toward the restoration of traditional coal and steam fired power stations with various renewable energy electricity generating power plants will escalate the business growth. Nowadays, gas turbine units are used universally across base load, peak load networks along with standby power generating stations. Strengthening of industry & regulatory protocols in line with ongoing technological advancements to serve a large customer base through maintaining efficiency & reliability will boost the industry potential.

Industrial gas turbine market across North America is anticipated to witness upsurge subject to growing focus on CCGT power plant capacity additions. Electricity generation through combined cycle gas turbine technologies is reinforced by the existence of huge & untapped gas reserves, lower construction time and higher efficiency.

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Eminent industrial gas turbine market participants comprise of: MAN Energy, Zorya-Mashproekt, Capstone Turbine, Ansaldo Energia, UEC Saturn, Siemens, Kawasaki, MHPS, BHEL, Opra Turbines, Solar Turbines, Wartsila, Vericor, Centrax and General Electric.