Increasing demand for clean and efficient energy: The increasing demand for clean and efficient energy is one of the prominent drivers of the industrial gas turbine market. Gas turbines are considered one of the most efficient and cleanest forms of power generation, as they emit less carbon dioxide compared to traditional fossil fuel-based power generation systems. This has led to an increase in the adoption of industrial gas turbines in various industrial and commercial applications.
Expansion of industrial and manufacturing sectors: The expansion of industrial and manufacturing sectors across the globe is another major driver of the industrial gas turbine market. The growth in these sectors leads to an increase in the demand for power, which in turn drives the market for industrial gas turbines. The growing adoption of advanced manufacturing technologies, such as Industry 4.0, is also expected to drive the market for industrial gas turbines.
Growing adoption of cogeneration and combined heat and power (CHP) systems: Cogeneration and CHP systems are becoming increasingly popular in various industrial and commercial applications, as they offer the benefits of reduced energy costs and lower carbon emissions. The growing adoption of cogeneration and CHP systems is expected to drive the market for industrial gas turbines.
Technological Advancements: The industrial gas turbine market is also driven by technological advancements. The development of advanced technologies such as advanced materials, improved aerodynamics, and digitalization is expected to improve the efficiency and reliability of industrial gas turbines, which in turn will drive the market.
Fueling Growth: A Look at the Booming Industrial Gas Turbine Market in North America
The North American region is expected to be a significant market for industrial gas turbines during the forecast period. The region has a well-established energy infrastructure, a high demand for power, and a large number of industrial and commercial facilities. The increasing demand for power, driven by population growth and economic development, is expected to drive the market for industrial gas turbines. The growth in industrial and commercial sectors, such as manufacturing, oil and gas, and power generation, is also expected to drive the market in North America.
Unlock the Potential: Discover the Exciting Opportunities in Power Generation and Oil & Gas
The power generation and oil and gas industries are considered to be the most lucrative end-user industries for the industrial gas turbine market. The increasing demand for electricity and the need to meet the growing energy demand, as well as the growing demand for natural gas and investment in oil and gas exploration and production, are driving the market for industrial gas turbines in these industries.
The industrial gas turbine market is highly competitive, with a large number of players operating in the market. Some of the key players in the market include General Electric, Siemens, Mitsubishi Hitachi Power Systems, and Rolls-Royce. These companies hold a significant share of the market and offer a wide range of products and services. Many other small and medium-sized companies are also operating in the market and are focusing on expanding their market presence through strategic partnerships, collaborations, and new product launches. In September 2021, OPRA Turbines B.V. and Silent-Power AG signed a distribution agreement to expand reach of innovative power generation technology.
Industrial Gas Turbine: Introduction
A gas turbine, an internal combustion engine, is the heart of a power plant that produces electricity by converting liquefied or natural gas into mechanical energy. Industrial gas turbines are used to power ships, aircrafts, trains, generators, gas compressors, pumps, and others.
The industrial gas turbine are available in wide array of capacity and most of the final solutions are customized according the end-user demand. The global industrial gas turbine market is led by the major industrial players including Mitsubishi Hitachi Power Systems, Siemens, and General Electric among others.
Industrial Gas Turbine: Market Drivers and Challenges
The power generation sector has a great social and economic impact, thus, manufacturers are under pressure to enhance efficiency of power plants with cost-effective solutions and minimum environmental impact. Thereby, the industrial gas turbine market is stipulated to witness optimistic grow over the projected period.
The industrial gas turbine yield power efficiently when compared to the conventional turbines which is the primary factor driving the demand for industrial gas turbines. The conventional turbines in power generation plants are usually coal fired that emit substantial amount of VOCs (volatile organic compounds) resulting into emission of greenhouse gases.
According to IEA (International Energy Agency) coal-fired thermal power plants are the one of the major contributor of VOCs thus the need of move towards cleaner source of electricity generation is expected to ramp up, in turn, creating market space for industrial gas turbines.
The oil & gas industry has witnessed sinusoidal growth in the past, and is expected to foresee similar growth in the coming years as well. Industrial gas turbines are one of the major asset employed in the oil and gas industry, and the growing demand for cleaner assets in the industry is anticipated to expand the new installations of industrial gas turbines over the forecast period.
With the substantial technological development, the electricity access has widened yet there are millions of people who are still facing issues and have limited or no reliable electricity access. Hence, with the penetration of renewable source of energy and increasing need of reliable electricity access the said market is anticipated to foresee significant traction over the years to come.
Industrial Gas Turbine: Regional Market Outlook
Among the regions, North America is estimated to lead the pack in the global industrial gas turbine market owing to the expanding mining and exploration activities in the region. Slower economic development and deficient power generation infrastructure are couple of the aspects that are estimated to present excellent opportunities in developing and under-developed regions such as the Middle East and Africa.
Regulations pertaining to adoption of renewables to shape the industrial gas turbine market across all the regions. For instance, according to the directive of European Parliament, the region plans to move towards lowest-carbon economy by the end of 2030. Amidst countries, both China and India are the major energy consumers with different dynamics. It is projected that China will become less energy intensive and the growth will be on the slower side.
On the flip side, the accelerating industrialization in India is estimated to drive up the demand for energy consumption, in turn, driving the demand for industrial gas turbine market. Rest of the regions as well are poised to create significant market scope for the industrial gas turbine market during the forecast period.