SELBYVILLE, Delaware, March 17, 2020 /PRNewswire/ -- Global gas turbine market value is anticipated to cross USD 10 billion by 2026, as reported in the latest study by Global Market Insights, Inc. Increasing sustainable energy demand across the power and process plants as well as growing inclination toward energy optimization will drive the business scenario. In addition, integration of renewable energy generation systems across the power grid will fuel the product demand.
> 70 MW to 200 MW capacity is projected to exceed an annual instalment of 10 GW by 2026. Cost effective installations, highly effective repowering solution, integrated gasification combined cycle (IGCC) and combined cycle power with over 60% efficiency are key features driving the product deployment. In addition, increasing variation across combustion systems to adopt multi-fuel including natural gas, propane and distillate oil will enhance the product applicability. Moreover, growing energy demand across upcoming economies and growing inclination toward sustainable energy generation will complement the gas turbine market growth.
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Improved design parameters, low stress and longer product lifecycle along with high material specification are some prominent parameters which will enhance the product deployment across various power generation plants. Replacement & refurbishment of existing power generation establishments on account of enhanced reliability, increased thermal capability to accommodate off-voltage demand and reduced maintenance cost will further propel the industry scenario.
Some major findings of the gas turbine market analysis report include:
- The gas turbine demand is surging on account of growing inclination toward sustainable power generation technologies as well as integration of regenerative gas turbines across power grid systems.
- Favourable government policies including tax rebates, subsidies and financial incentives toward adoption of renewable power generation systems will further boost the product deployment.
- Ongoing technological advancements to enhance operational versatility, efficiency and durability along with rising R&D investments to enhance the renewable integration across power grid will positively influence the industry landscape.
- Major players operating across the gas turbine market includes Solar Turbines, Man Diesel & Turbo, Siemens AG, Wartsila, Capstone Turbine etc.
- Restructuring & replacement of conventional energy generation systems along with refurbishment & revamp of existing electrical infrastructure will further stimulate the product demand
Browse key industry insights spread across 620 pages with 1044 market data tables & 38 figures & charts from the report, "Gas Turbine Market Statistics By Product (Aero-Derivative, Heavy Duty), Capacity (< 50 kW, 50 kW to 500 kW, > 500 kW to 1 MW, > 1 MW to 30 MW, > 30 MW to 70 MW, > 70 MW to 200 MW, > 200 MW), Technology (Open Cycle, Combined Cycle), Application (Power Plants, Oil & Gas, Process plants, Aviation, Marine), Industry Analysis Report, Regional Analysis, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026" in detail along with the table of contents:
Lower warm-up time and quick start when compared with existing technologies in line with operational versatility and light weight are some of the essential features favouring the gas turbine market. Offshore and onshore industries find a widespread applicability of gas-powered turbine across mechanical & direct drive. In addition, rising installation of these turbines on account of its light weight, high efficiency & lower maintenance and increasing investments toward defense air fleet will positively drive the global market across the aviation industry.
North America and Europe gas turbine market in 2019, collectively exceeded an annual installation of 14 GW. Growing inclination toward decentralized energy generation along with adoption of sustainable power establishments will drive the industry scenario. In addition, refurbishment & replacement of existing electrical infrastructure along with increasing demand of renewable energy will positively influence the business scenario. Moreover, stringent government norms to minimize carbon footprint across oil & gas and marine industry sectors will sway the product deployment.
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Industrial Gas Turbine Industry Outlook By Technology (Open Cycle, Combined Cycle), Products (Aeroderivative, Heavy Duty), Capacity (≤ 70 MW, 70 - 300 MW, ≥ 300 MW), Application (Power Generation, Oil & Gas, Other Manufacturing), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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