Industrial Gas Turbine Market Trend to 2024: Analysis Focusing on Top Key Players – Siemens, Solar Turbines, Harbin Electric, Vericor Power Systems, Kawasaki Heavy Industries, Capstone Turbine, General Electric, Opra Turbines

Owing to the global shift toward renewable energy sources coupled with the growing popularity of gas turbine powered co-generation technologies, the industrial gas turbine market has been traversing along a lucrative growth path in the past few years. In this regard, numerous environmental regulatory institutions have prescribed stringent guidelines for the energy-intensive manufacturing industries to lower GHG emissions which has resulted in increased popularity of renewable energy sources. The governments of various nations have been making noteworthy financial contributions toward constructing new gas fired power generation plants - a factor that has propelled industrial gas turbine market share in the recent times. Industrial Gas Turbine Market size will exceed USD 18 billion by 2024, as reported in the latest study report.

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Growing measures to ease the effects of carbon footprints arising from conventional coal fired generating facilities will fuel the industrial gas turbine market share. In 2015, Government of UK took a decisive step to roll out the existing conventional coal fired systems in the next ten years to achieve their clean energy target. Stringent government norms to limit the GHG emission has substantially raised the investments towards the development of gas fired power stations which may positively boost the industrial gas turbine market growth.

Heavy duty accounted for over 80% of the 2015 global industrial gas turbine market share. Development of high capacity cogenerating facilities to cater the growing electricity demand coupled with measure to curb GHG emissions will embellish the industry outlook. In 2016, Mexico based Altamira power station has deployed Siemens H-class technology across its 350 MW generating facility.

U.S. industrial gas turbine market is anticipated to exceed 14 GW by 2024. Federal government initiatives to expand the penetration of natural gas fired station will augment the industry outlook. In 2015, EIA had projected that the by 2025 more 30% of total U.S. electricity production will come from natural gas.

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France industrial gas turbine market for 2015 was valued over USD 120 million. In 2015, regulators had introduced Energy Transition for Green Growth legislation targeting to reduce the emission level by 40% by 2030 from 1990 levels.

China industrial gas turbine market size is set to strong growth owing to ongoing development of high capacity electricity generating stations. Government focus to reduce air pollution may further push the business growth. As per Xinhua one of the leading state news agency, Beijing has become first city in China to have all its power stations fueled by natural gas with an objective laid under clean air action plan.

Notable companies catering industrial gas turbine market include Harbin Electric, Vericor Power Systems, Zorya-Mashproekt, Kawasaki Heavy Industries, Opra Turbines, Siemens, Solar Turbines, Cryostar, NPO Saturn, Ansaldo Energia, Bharat Heavy Electricals, Capstone Turbine, General Electric, and Mitsubishi Hitachi Power.

Table of Contents

Chapter 3 Industrial Gas Turbine Industry Insights
3.1 Industry segmentation
3.2 Industry size & forecast, 2013 – 2024
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Innovation & sustainability
3.6 Price trend analysis
3.7 Regulatory landscape
3.7.1 U.S.
3.7.2 Europe
3.7.3 China
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Increasing investment in cogeneration technology
3.8.1.2 Growing adoption of decentralized generation
3.8.1.3 Stringent government norms
3.8.2 Industry pitfalls & challenges
3.8.2.1 Lack of infrastructure
3.9 Growth potential analysis
3.10 Company market share analysis, 2015
3.10.1 Strategy dashboard
3.11 Porter’s analysis
3.12 PESTEL analysis

Chapter 4 Industrial Gas Turbine Market, By Product
4.1 Global market share by product, 2015 & 2024
4.2 Heavy Duty
4.2.1 Heavy duty market, 2013-2024
4.2.2 Heavy duty market volume, by region, 2013-2024
4.2.3 Heavy duty market revenue, by region, 2013-2024
4.3 Aeroderivative
4.3.1 Aeroderivative market, 2013-2024
4.3.2 Aeroderivative market volume, by region, 2013-2024
4.3.3 Aeroderivative market revenue, by region, 2013-2024

Outside of scope of this report in addition to this, consistent support by government authorities to private companies that are involved in building significant gas fired power stations has been a positive sign for the overall energy sector. For instance, the Minnesota Public Utilities Commission has recently sanctioned Xcel Energy’s ambitious proposal to set up a 786 MW gas fired power facility to replace its 680 MW coal fired station. Apparently, the project is being termed as quite significant across the industrial gas turbine market given that the scale of power generation is rather humongous.

Concurrently, various state-owned firms in developing nations have been at the forefront to deploy large gas turbines at upcoming power plants to ensure cost savings and easy upgradation of technology in the future. For instance, GE Power has recently signed a contract to supply gas turbine and generator to India's Hindustan Petroleum (HPCL) refinery at Visakhapatnam.

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