Press release
Industrial Gas Turbine (GT) Market Global Industry Top Key Players – Ansaldo Energia, Capstone Turbine, UEC Saturn, MHPS, Siemens, Kawasaki, BHEL, Opra Turbines, Wärtsilä, Vericor, Solar Turbines, Centrax and General Electric
Industrial Gas Turbine
The industrial gas turbine market within the prevalent trade regime has positively been impacted with consumer & regulatory inclination towards energy optimization. Government mandates to curb emissions along with growing environmental concerns have plunged the integration of competitive energy conservation measures. Moreover, pivotal for the transformation has been the re-structuring across prime power markets leading to rapid technological enhancements. Thereby, the industry has witnessed a salient growth in the field of aerodynamics, materials, combustion, and cooling.
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The U.S. market is projected surpass an annual installation of 3 GW by 2024. Expansion of research and development (R&D) investment reforms along with shifting focus towards deployment of combined cycle generation systems will boost the product demand. As per the ICF International, turbines fabricated by the U.S. based manufacturers in 2016, contributed to over 70% of the operational natural gas-fired combined cycle projects across the nation.
> 200 MW industrial gas turbine market is set to grow subject to large scale integration across power generation units, manufacturing plants, and associated process industries. The products are adept with potent fuel efficiency, environment proximity, & longer life cycle favored by competitive overall costs. Furthermore, ameliorate operational performance along with large capacity configuration and product flexibility, conceal long term cost associated issues which in turn will overall industry dynamics.
The U.S. Federal Government has plans to reduce GHG emission levels by 28% by 2025. In 2016, China introduced a new set of action plans aimed at reducing GHG emission levels to 18% by 2020, subject to which China industrial gas turbine market share is likely to grow at a CAGR of 11% from 2016 to 2024. Increasing number of investments to develop high capacity electricity generation stations will also augment the product demand.
These turbines are massively deployed across the oil & gas sector, subject to which industrial gas turbine market from O&G applications will increase at a rate of 8% over 2016-2024. Additionally, the increasing number of ultradeep drilling activities across offshore sea beds will propel the industry trends. Rising number of offshore and onshore activities will augment UAE industrial gas turbine market size, which was worth more than 4.5 GW in 2015, in terms of volume.
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Industrial gas turbine market from manufacturing applications is slated to cross a revenue margin of USD 5 billion by 2024, primarily due to the rapid industrialization across the emerging economies such as Brazil and India. Additionally, these countries have been deploying these turbines heavily across the electricity generations sector, to fulfill the escalating demand for uninterrupted power supply.
These turbines operate on combined cycle and open cycle technologies. Combined cycle based industrial gas turbine industry size is anticipated to surpass USD 12 billion over 2016-2024, pertaining to an enhanced design, high efficiency, and the subsequently reduced start-up time. Open cycle technology covered more than 35% of the overall industrial gas turbine market in 2015 and will grow remarkably over 2016-2024, owing to the capability of this technology to reduce fuel consumption.
Turbine capacity plays a huge factor in determining its efficiency. Gas turbines operate in capacity ranges of ≤ 70 MW, 70-300 MW, and ≥300 MW. Higher the capacity, better the efficiency.
Browse key industry insights spread across 334 pages with 498 market data tables & 38 figures & charts from the report @ https://www.gminsights.com/industry-analysis/industrial-gas-turbine-market
Report Content
Chapter 1 Methodology & Scope
1.1 Methodology
1.2 Market definitions
1.3 Market estimates and forecast parameters
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Industrial gas turbine market 3600 synopsis, 2013 – 2024
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Capacity trends
2.1.4 Technology trends
2.1.5 Application trends
2.1.6 Regional trends
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