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Industrial Gas Turbine Market Overview, Trends, Growth, Demand, Key Players Analysis and Forecast to 2031
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An industrial gas turbine is a type of gas turbine that is commonly used in power generation, oil and gas extraction, and industrial processes. Gas turbines are a type of internal combustion engine that uses a continuous flow of gas to turn a turbine. The turbine turns a shaft that is connected to an electrical generator. Industrial gas turbines can be either air-cooled or water-cooled.
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Key Trends
There are three key trends in industrial gas turbine technology: higher temperatures, higher pressures, and higher efficiencies.
Higher temperatures allow for higher combustion temperatures, which results in higher efficiency and lower emissions.
Higher pressures increase the efficiency of the turbine by allowing for higher compression ratios.
Higher efficiencies result in lower fuel consumption and lower emissions.
Key Drivers
The main drivers of the industrial gas turbine market are efficiency, flexibility, and environmental friendliness.
Gas turbines are able to operate at very high efficiencies, approaching 60% in some cases. This is much higher than the efficiency of most other types of power generation equipment.
Gas turbines are also very flexible in terms of their operating characteristics. They can be started and stopped relatively quickly, and they can be ramped up or down in output to meet changing demand.
Finally, gas turbines emit far less pollution than other types of power generation equipment, making them an attractive option for power plants located in areas with strict environmental regulations.
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Market Segments
The industrial gas turbine market is segmented by technology, application, and end-user. By technology, the market is classified into an open cycle, and combined cycle. Based on application, it is bifurcated into power generation, marine, aerospace, and others. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Key Players
The global industrial gas turbine market includes players such as General Electric, Siemens, Mitsubishi Hitachi Power Systems Ltd, Rolls-Royce plc, OPRA Turbines, Kawasaki Heavy Industries Ltd, Vericor Power Systems, Solar Turbines, PW Power Systems LLC, Bharat Heavy Electrical Ltd, and others.
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