Industrial Gas Turbine Market to hit USD 18 billion by 2024: Market Size Forecasters

The Global Industrial Gas Turbine Market size will exceed USD 18 billion by 2024, as reported in the latest study.

Increasing industrialization couples with rising demand for the safe and reliable electricity will drive the global industrial gas turbine market size by 2024. In the past decades, largescale industries made significant investments towards the development of captive generating stations to reduce their dependencies on utilities which has positively influence the industry growth. In 2017, Aluminum Bahrain awarded GE to supply its H Class technology for powering its single site smelter which is considered as one of the largest in the world.

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.

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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.

International Maritime Organization (IMO) has introduced TIER III regulations to reduce the NOx emissions from marine diesel engines installed on new constructed ships on or after 1st January 2016. These norms are currently imposed to the U.S. Caribbean Sea and North American Emission Control Areas (ECAs). Industrial gas turbine market share from oil and gas is anticipated to expand over 8% by 2024. Rising E&P activities across deep and ultradeep sea bed will complement the business outlook.

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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.

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Related Reports: -

Global and Chinese Gas Turbine Industry, 2017 Market Research Report

The 'Global and Chinese Gas Turbine Industry, 2012-2022 Market Research Report' is a professional and in-depth study on the current state of the global Gas Turbine industry with a focus on the Chinese market.

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