Industrial Gas Turbine Market size was valued over USD 10 billion in 2015 and is predicted to grow over 6% by 2024
Increasing electricity demand coupled with growing emphasis towards the cogeneration and other gas fired technology will augment the global industrial gas turbine market size over the forecast timeline.
(EMAILWIRE.COM, August 06, 2018 ) Surging global demand for electricity coupled with an inclination toward gas fired technologies will favor industrial gas turbine market growth over the coming seven years. These turbines are basically internal combustion engines that fire an air and fuel mixture to generate hot gases and are used heavily across the manufacturing, power generation, and oil and gas sectors. Governmental concerns regarding the harmful effects of GHG emissions from coal fired plants is forecast to impel the growth of industrial gas turbine market, slated to cross a revenue of USD 18 billion by 2024, having had an initial valuation of USD 10 billion in 2015.
Of late, the governments of various countries have made notable financial contributions toward the production of new gas fired generation facilities that will propel industrial gas turbine industry trends. For instance, in 2017, the U.S. regulatory bodies approved Xcel Energy’s plan to replace its 680 MW coal fired plant with a 786 MW gas fired power station. Such consistent efforts by government bodies and other regulatory organizations are likely to positively impact global industrial gas turbine market, which will expand at a growth rate of 6% over 2016-2024.
The U.S. Federal Government has plans to reduce GHG emission levels by 28% by 2025. In 2016, China introduced a new set of action plans aimed at reducing GHG emission levels to 18% by 2020, subject to which China industrial gas turbine market share is likely to grow at a CAGR of 11% from 2016 to 2024. Increasing number of investments to develop high capacity electricity generation stations will also augment the product demand.
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These turbines are massively deployed across the oil & gas sector, subject to which industrial gas turbine market from O&G applications will increase at a rate of 8% over 2016-2024. Additionally, the increasing number of ultradeep drilling activities across offshore sea beds will propel the industry trends. Rising number of offshore and onshore activities will augment UAE industrial gas turbine market size, which was worth more than 4.5 GW in 2015, in terms of volume.
Industrial gas turbine market from manufacturing applications is slated to cross a revenue margin of USD 5 billion by 2024, primarily due to the rapid industrialization across the emerging economies such as Brazil and India. Additionally, these countries have been deploying these turbines heavily across the electricity generations sector, to fulfill the escalating demand for uninterrupted power supply.
In 2015, power generation applications covered more than 55% of industrial gas turbine industry share, owing to the rising government focus to replace traditional steam and coal fired power stations with natural gas fired power generating stations. In 2015, natural gas accounted for 25% of total electricity in the U.S. It is expected this this number will increase to 30% by 2025, which will fuel industrial gas turbine market size.
These turbines operate on combined cycle and open cycle technologies. Combined cycle based industrial gas turbine industry size is anticipated to surpass USD 12 billion over 2016-2024, pertaining to an enhanced design, high efficiency, and the subsequently reduced start-up time. Open cycle technology covered more than 35% of the overall industrial gas turbine market in 2015 and will grow remarkably over 2016-2024, owing to the capability of this technology to reduce fuel consumption.
Turbine capacity plays a huge factor in determining its efficiency. Gas turbines operate in capacity ranges of ≤ 70 MW, 70-300 MW, and ≥300 MW. Higher the capacity, better the efficiency.
Turbines with a capacity of less than 70 MW find applications across mid-sized industries, subject to which industrial gas turbine industry from ≤ 70 MW capacity is expected to grow at a rate of 8% over 2016-2024. On the other hand, turbines with a capacity of 70-300 MW are deployed across power stations to provide uninterrupted power supply, thereby impelling industrial gas turbine market size from 70-300 MW capacity, which was worth 9 GW in terms of volume in 2015.
Of late, the governments of various countries have made notable financial contributions toward the production of new gas fired generation facilities that will propel industrial gas turbine industry trends. For instance, in 2017, the U.S. regulatory bodies approved Xcel Energy’s plan to replace its 680 MW coal fired plant with a 786 MW gas fired power station. Such consistent efforts by government bodies and other regulatory organizations are likely to positively impact global industrial gas turbine market, which will expand at a growth rate of 6% over 2016-2024.
The U.S. Federal Government has plans to reduce GHG emission levels by 28% by 2025. In 2016, China introduced a new set of action plans aimed at reducing GHG emission levels to 18% by 2020, subject to which China industrial gas turbine market share is likely to grow at a CAGR of 11% from 2016 to 2024. Increasing number of investments to develop high capacity electricity generation stations will also augment the product demand.
Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/272
These turbines are massively deployed across the oil & gas sector, subject to which industrial gas turbine market from O&G applications will increase at a rate of 8% over 2016-2024. Additionally, the increasing number of ultradeep drilling activities across offshore sea beds will propel the industry trends. Rising number of offshore and onshore activities will augment UAE industrial gas turbine market size, which was worth more than 4.5 GW in 2015, in terms of volume.
Industrial gas turbine market from manufacturing applications is slated to cross a revenue margin of USD 5 billion by 2024, primarily due to the rapid industrialization across the emerging economies such as Brazil and India. Additionally, these countries have been deploying these turbines heavily across the electricity generations sector, to fulfill the escalating demand for uninterrupted power supply.
In 2015, power generation applications covered more than 55% of industrial gas turbine industry share, owing to the rising government focus to replace traditional steam and coal fired power stations with natural gas fired power generating stations. In 2015, natural gas accounted for 25% of total electricity in the U.S. It is expected this this number will increase to 30% by 2025, which will fuel industrial gas turbine market size.
These turbines operate on combined cycle and open cycle technologies. Combined cycle based industrial gas turbine industry size is anticipated to surpass USD 12 billion over 2016-2024, pertaining to an enhanced design, high efficiency, and the subsequently reduced start-up time. Open cycle technology covered more than 35% of the overall industrial gas turbine market in 2015 and will grow remarkably over 2016-2024, owing to the capability of this technology to reduce fuel consumption.
Turbine capacity plays a huge factor in determining its efficiency. Gas turbines operate in capacity ranges of ≤ 70 MW, 70-300 MW, and ≥300 MW. Higher the capacity, better the efficiency.
Turbines with a capacity of less than 70 MW find applications across mid-sized industries, subject to which industrial gas turbine industry from ≤ 70 MW capacity is expected to grow at a rate of 8% over 2016-2024. On the other hand, turbines with a capacity of 70-300 MW are deployed across power stations to provide uninterrupted power supply, thereby impelling industrial gas turbine market size from 70-300 MW capacity, which was worth 9 GW in terms of volume in 2015.
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Global Market Insights, Inc.
Arun Hegde
Tel: 1-888-689-0688
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results