Gas Turbine Market to witness steady growth from oil and gas sector

Gas turbines have become one of the most highly sought-after power generation technologies. The fuel-to-power efficiency of the engine tends to be optimized by the difference between the compressor discharge pressure and inlet air pressure. Prominently, gas turbines have become prevalent as a reliable device in power generation, marine, aviation and oil and gas, among several others.

Notably, stakeholders are counting on gas turbine technology to play a handy role in reducing CO2 emissions. Gas turbines have become a viable alternative, both environmentally and economically for heat and power generation. In the latest research report by Global Market Insights, Inc., gas turbine market size is likely to surpass $10 bn by 2026.

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When it comes to aviation sector, propulsion is increasingly being provided by gas turbines as there is a huge pressure to make air transport cleaner pertaining to fuel reduction and noise reduction.

Owing to the significance of the application and the range of modern jet engines, special units are being designed for direct operation in the U.S. with 3,600 revolutions per minute. In a bid to give optimum engine performance, safety, economy and overhaul of life, gas turbine engines are expected to be highly sought in aviation sector.
In recent years, gas turbines have been capturing significant portion of balance sheets in oil and gas industry. With the development in turbine technology, new markets are being created for oil and gas products.

Even though the landscape of oil and gas industry operation has been changing, environmental protection and economic efficiency have become invaluable. With soaring demand for a compressor system which functions efficiently to keep the gas moving and boosts productivity and profit, gas turbines have been setting the trend in oil and gas industry.

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Forward-looking companies are developing cost-effective solutions for the offshore oil and gas industry by augmenting the power density of the power generation equipment, thereby reducing the needed space claim. With gas turbines being used as a prime mover in offshore installations, project developers are eying to reduce capital investments and boost production capacity to achieve the desired Return on Investment (RoI).
Asia Pacific is set to witness increased investment as emerging countries such as India and China look to adopt cleaner fuels for power generation, such as renewables and reducing dependence upon coal.

With India being one of the world’s largest and fastest growing markets for renewable energy and power transmission, stakeholders are eyeing to cash in on the opportunity to boost energy security and securing deflationary domestic energy investments.

As India gears for a $500 bn investment in creating renewable energy generation capacity by 2028, renewables have been capturing major attention in the energy ecosystem.

As companies look to expand penetration, Siemens has inked a deal with State Power Investment Corp. (SPIC) of China to revive gas turbine in the mainland. It is speculated that Siemens is also contemplating a joint venture for the business.

While in 2017, Mitsubishi Hitachi Power System (MHPS) rolled out new gas turbine hybrid power generation system; MHPS started commissioning T-Point 2 in April 2020. The T-Point 2 facility is likely to bolster robust validation of advanced-class gas turbines (ACGTs).

Trend for gas turbines is likely to be observed in oil and gas, aviation, and power plant industries. With investment in India and China soaring, gas turbine market appears to be in well positioned.

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