Industrial gas turbine market to yield high revenue via oil & gas applications, mounting energy requirement to spur industry growth over 2016-2024.
Rising global requirements for clean energy with growing population and industrialization will sketch a luminous growth chart for the business. In a bid to promote the usage of clean and reliable energy, in November 2015, the UK government, took a decision to replace all its coal fired power stations with gas fired power stations. Global Market Insights, Inc., reports, “Industrial Gas Turbine Industry, which collected a revenue of USD 10 billion in 2015, is forecast to surpass USD 18 billion by 2024.”
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Gas turbines find major applications across the oil & gas, power generation, and manufacturing sectors. Industrial gas turbine industry in oil & gas application segment is likely to grow at an annual rate of 8% over 2016-2024, driven by the high spending on offshore exploration & production activities. Technological innovations are expected to further impel the market potential across the oil & gas sector.
Manufacturing applications are forecast to hit USD 5 billion by 2024, subject to rapid industrialization across emerging economies such as Brazil and India. Power generation sector, which accounted for over 55% of industrial gas turbine industry share in 2015, is projected to witness a notable surge over the coming years. Growing demand for steam fired power systems over conventional coal fired power plants is expected to spur the industry development.
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Below are the regional trends impacting industrial gas turbine industry over 2016-2024:
• France industrial gas turbine market revenue, evaluated at USD 120 million in 2015, is forecast to grow considerably within the next few years. Strict government norms such as “Energy Transition for Green Growth Act” to reduce the fossil fuel consumption by 30% by 2030 will contribute substantially towards the revenue.
• Rise in the offshore as well as onshore exploration & drilling activities will favorably influence UAE industrial gas turbine market development.
• Large-scale expenditure for developing high capacity power generating plants is expected to accelerate the business landscape in China.
• U.S. industrial gas turbine industry, which amassed a revenue of USD 1 billion in 2015, is anticipated to experience protruding growth during the period of 2016 to 2024. Beneficial regulations favoring the installation of natural gas fired power plants will benefit the industry.
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Key participants in industrial gas turbine market include Solar Turbines Incorporated, Kawasaki Heavy Industries, Harbin Electric Company Limited, Siemens AG, Mitsubishi Hitachi Power Systems, and MAN Diesel & Turbo SE.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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