Research and Markets - Global Turbine Inlet Cooling Systems Market - Analysis, Technologies & Forecasts to 2021 - Key Vendors are American Moistening Company, Baltec IES, Caldwell Tanks, Mee Industries & Siemens
The global turbine inlet cooling systems market to grow at a CAGR of 3.98% during the period 2017-2021.
The report, Global Turbine Inlet Cooling Systems Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market.
The latest trend gaining momentum in the market is resurgence of nuclear power in Japan. In 2011, Japan witnessed the Fukushima accident that eliminated the dependence on nuclear power. After this incident, nuclear reactors in Japan were not operation. This created nearly 30% gap in electricity-generating capacity. This gap was replaced by importing (LNG) liquefied natural gas, oil, and coal. In 2013, the dependence on such imports increased tremendously by 94%, which simultaneously increased carbon emissions. Carbon emissions grew by almost 25%. In addition, the increase in imports led to the rise in electricity prices.
According to the report, one of the major drivers for this market is reduction in coal-based power plants. In 2015, according to EIA, nearly 94 coal-fired power plants were shut down in the Americas. Forty-one coal power plants with a capacity of 5,326.5 are expected to shut down by 2016. Owing to the increase in concerns about environmental protection, the goal of clean power plan in the US has led to these closures.
Further, the report states that one of the main challenges that the market is facing is the volatility of natural gas. To safeguard power from price fluctuations, utilities always seek to maintain a balanced feedstock portfolio.