Gas Turbine Upgrades for Performance Enhancement Market: Growth of Power Sector to Give Market Significant Impetus
According to Transparency Market Research, the gas turbine upgrades for performance enhancement market was valued at US$13,242.4 Mn in 2016 and is projected to reach US$22,326.8 Mn by 2025, at a CAGR of 6.0% from 2017 to 2025.
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By upgrade type, the gas turbine upgrades for performance enhancement market has been segregated into comprehensive upgrade, hot section coating, compressor coating, inlet air fogging, and other. By upgrade type, the comprehensive upgrade segment constituted 33% market share in 2016. Geographically, Asia Pacific is likely to constitute the dominant regional market for gas turbine upgrades for performance enhancement due to the rising need for energy in the region’s dynamic economies.
Continuous Growth of Power Generation Sector Drives Growth
Gas turbines, one of the most widely used power generating technologies in today’s world, are a common type of internal combustion engine that uses hot gases produced from combustion of the air-fuel mixture to rotate the turbine blades for generating the power. For several years, gas turbines have been used in the aerospace industry and other industries. Gas turbines can run on a variety of fuels such as fuel oil, synthetic fuel, and natural gas. With the emergence of renewable sources of energy and continuous growth of power generation and gas sectors, the need for advancements in existing gas turbines has emerged. However, the performance of gas turbines is restricted by the ambient temperature. The power output of gas turbines is inversely proportional to the ambient temperature, as the air flow rate decreases when the ambient temperature increases, which results in reduced power output from gas turbines. This is a key factor targeted by players operating in the gas turbine upgrades for performance enhancement market.
Increasing inlet air density or boosting the specific power of gas turbines is the key objective of most gas turbine upgrades for performance enhancement. A number of innovative solutions are being developed by OEMs, as the diverse array of end users of the gas turbine upgrades for performance enhancement market requires a corresponding diversity in turbine design and operation.
Strict Environmental Norms Drive Growth of Turbine Upgrades for Performance Enhancement Market
Factors driving the demand for gas turbine upgrades for performance enhancement are stringent greenhouse gas (GHG) and carbon emission norms for gas turbines, the rising need for cost-effective operation, trends favoring automation and digitalization, growing infrastructural activities, etc. Increasing focus on the renewable energy sector hinders the growth of the market. However, there is an increase in demand for gas turbines in the power generation industry. Furthermore, stringent government norms regarding GHG emissions for gas turbines has driven end-users to shift toward gas turbines with low CO2 emission and better. This is anticipated to drive the market for gas turbine upgrades for performance enhancement during the forecast period.
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The information in this preview comes from a Transparency Market Research report titled ‘Gas Turbine Upgrades for Performance Enhancement Market (Upgrade Type - Comprehensive Upgrade, Hot Section Coating, Compressor Coating, and Inlet Air Fogging; Turbine Cycle - Simple and Combined) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast - 2017 - 2025.’
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Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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