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Gas Turbine Upgrades For Performance Enhancement Market Likely to Rise to US$22.3 bn by 2025
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Gas turbines are the most widely used power generating technology in today’s world. A gas turbine is a common type of internal combustion engine that uses hot gases produced from the combustion of air-fuel mixtures to rotate turbine blades for generating power. For several years, gas turbines have been used in the aerospace industry and other industries. Gas turbines can run on a variety of fuels such as fuel oil, synthetic fuel, and natural gas. Gas turbines consist of three primary components mounted on the same shaft: compressor, combustion chamber, and turbine. With the emergence of renewable sources of energy and continuous growth of power generation and gas sectors, the need for advancements in existing gas turbines has emerged. The performance of gas turbines is restricted by the ambient temperature, as the power output of gas turbines is inversely proportional to the ambient temperature. The air mass flow rate decreases when the ambient temperature increases, which results in reduced power output from gas turbines.
Upgrades of gas turbines are necessary to boost power and improve the heat rate of gas turbines, either by increasing their inlet air density or by boosting specific power. Innovative solutions are being carried out by OEMs to meet the requirements of various end-use customers due to the evolution of the electricity market, the changing environmental requirements and the globalization of the energy market. They also help reduce the overall environmental impact of a plant through lowered CO2 emissions.
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The global gas turbine upgrades for performance enhancement market is expected to exhibit a 6% CAGR between 2017 and 2025. The market was valued at US$13.9 bn in 2017 and is likely to rise to US$22.3 bn by 2025.
Combined Cycles to Dominate Market due to Higher Efficiency
The gas turbine upgrades for performance enhancement market has been segmented into two categories: turbine cycle and upgrade type. In terms of turbine cycle, the gas turbine upgrades for performance enhancement market has been classified into simple cycle and combined cycle. In terms of revenue, combined cycle held the largest share in 2016, owing to its extensive usage and better efficiency than simple cycle gas turbines.
By upgrade type, the gas turbine upgrades for performance enhancement market has been segregated into comprehensive upgrade, hot section coating, compressor coating, inlet air fogging, and other. The inlet air fogging is further segmented into evaporative cooling, fogging, inlet chilling, and others. By upgrade type, the comprehensive upgrade segment constituted 33% market share in 2016.
Asia Pacific to Dominate Gas Turbine Upgrades for Performance Enhancement Market
In terms of region, the gas turbine upgrades for performance enhancement market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. In 2016, Asia Pacific dominated the gas turbine upgrades for performance enhancement market with a share of more than 32% and is expected to follow the trend during the forecast period, with the region likely to exhibit the leading 6.6% CAGR in the forecast period. Europe’s share in the global gas turbine upgrades for performance enhancement market is also likely to rise in the market, with the market expected to exhibit a 6.1% CAGR in the 2017-2025 forecast period.
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