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 21, 2018 ) Global Industrial Gas Turbine Market is anticipated to grow over 6% and exceed USD 18 billion by 2024. Increasing E&P investments pertaining to the exploration of shale and other unconventional energy resources will stimulate the global industrial gas turbine market. In 2017, Total announced to invest USD 500 million over 3 years to develop shale gas in Argentina.
Growing electricity demand owing to rapid industrialization will propel the industrial gas turbine market share. In Middle East, the electricity consumption was reached 935 TWh in 2015 from 840 TWh in 2013. Increasing investment towards captive power plant development to reduce their dependency on utilities will further complement the industry landscape.
Rising concern to curb carbon emission resulting from coal fired facilities will boost the industry outlook for industrial gas turbine market. In 2015, UK government took initiatives for achieving the target of clean energy for the roll out of existing conventional coal fired generating systems in the upcoming ten years.
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Stringent government regulations to curb the greenhouse gas emissions along with increasing investment towards the advancement of gas fired power generating stations will positively impact the industrial gas turbine market. In 2016, the Government of China proposed its new action plan for reduction of emissions to 18% by 2020.
Advancement of elevated capacity cogeneration facilities cater to the rising electricity demand with measure to limit greenhouse gas emissions will positively impact aeroderivative industrial gas turbine market. In 2015, General Electric launched its new sub-20 M (NovaLT16 GT family) gas turbine model which finds application in a large range of gas turbines, which is expanding its horizons in the field of power generation, oil & gas sector and several other industrial applications.
Industrial gas turbine market for the U.S. is expected to increase 12 GW by 2024. Government efforts for expanding penetration of gas fired stations will boost the industry outlook. In 2015, EIA predicted that more than 30% of the electricity production in the U.S. will be generated from natural gas by the year 2025.
National Energy Technology Laboratory (NETL) conducted a DOE-sponsored research program for the development of hydrogen-fueled gas turbine technology for integrated gasification combined cycle (IGCC) to enhance power efficiency, reducing carbon emissions and to lower the overall costs of power generation, utilization and storage.
NOx reduction norms have been introduced by International Maritime Organization (IMO) which under the TIER III regulations, mandated marine diesel engine installed on ships constructed after 1st January 2016 to lower their NOx emissions. The regulation imposes the norms to the U.S., North American Control Areas and Caribbean Sea.
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The EU has framed directive 2001/80/EC for combustion power plants that emit waste gases into the atmosphere and are regulated by ‘emission limit values’ which is calculated in terms of mass per volume and is expressed in mg/Nm3 requires an oxygen content on 15% for industrial gas turbines.
Oil & Gas segment is expected to increase above 8% by 2024 in the industrial gas turbine market. Growing exploration and production activities across ultradeep sea beds will enhance the business outlook.
The industrial gas turbine market for France was valued at over USD 120 million in 2015. In 2015, the Energy Transition was introduced by regulators for Green Growth legislation for reducing the emission level by 40% by 2030.
Ongoing developments for high capacity electricity generation systems in China has led to strong market growth for industrial gas turbine systems. Increasing investments by Government for reduction of air pollution may further drive the business development. According to Xinhua, one of the principal state news agencies, Beijing has become first city in China with its power stations powered by natural gas following the objective under the Clean Air Action Plan.
Notable industry participants in the industrial gas turbine market are General Electric, Kawasaki Heavy Industries, Zorya-Mashproekt, Bharat Heavy Electricals, Harbin Electric, Opra Turbines, Siemens, Solar Turbines, Ansaldo Energia, Capstone Turbine, Vericor Power Systems, NPO Saturn, Mitsubishi Hitachi Power and Cryostar.
Growing electricity demand owing to rapid industrialization will propel the industrial gas turbine market share. In Middle East, the electricity consumption was reached 935 TWh in 2015 from 840 TWh in 2013. Increasing investment towards captive power plant development to reduce their dependency on utilities will further complement the industry landscape.
Rising concern to curb carbon emission resulting from coal fired facilities will boost the industry outlook for industrial gas turbine market. In 2015, UK government took initiatives for achieving the target of clean energy for the roll out of existing conventional coal fired generating systems in the upcoming ten years.
Request for Sample Copy of this research report @ https://www.gminsights.com/request-sample/detail/272
Stringent government regulations to curb the greenhouse gas emissions along with increasing investment towards the advancement of gas fired power generating stations will positively impact the industrial gas turbine market. In 2016, the Government of China proposed its new action plan for reduction of emissions to 18% by 2020.
Advancement of elevated capacity cogeneration facilities cater to the rising electricity demand with measure to limit greenhouse gas emissions will positively impact aeroderivative industrial gas turbine market. In 2015, General Electric launched its new sub-20 M (NovaLT16 GT family) gas turbine model which finds application in a large range of gas turbines, which is expanding its horizons in the field of power generation, oil & gas sector and several other industrial applications.
Industrial gas turbine market for the U.S. is expected to increase 12 GW by 2024. Government efforts for expanding penetration of gas fired stations will boost the industry outlook. In 2015, EIA predicted that more than 30% of the electricity production in the U.S. will be generated from natural gas by the year 2025.
National Energy Technology Laboratory (NETL) conducted a DOE-sponsored research program for the development of hydrogen-fueled gas turbine technology for integrated gasification combined cycle (IGCC) to enhance power efficiency, reducing carbon emissions and to lower the overall costs of power generation, utilization and storage.
NOx reduction norms have been introduced by International Maritime Organization (IMO) which under the TIER III regulations, mandated marine diesel engine installed on ships constructed after 1st January 2016 to lower their NOx emissions. The regulation imposes the norms to the U.S., North American Control Areas and Caribbean Sea.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/272
The EU has framed directive 2001/80/EC for combustion power plants that emit waste gases into the atmosphere and are regulated by ‘emission limit values’ which is calculated in terms of mass per volume and is expressed in mg/Nm3 requires an oxygen content on 15% for industrial gas turbines.
Oil & Gas segment is expected to increase above 8% by 2024 in the industrial gas turbine market. Growing exploration and production activities across ultradeep sea beds will enhance the business outlook.
The industrial gas turbine market for France was valued at over USD 120 million in 2015. In 2015, the Energy Transition was introduced by regulators for Green Growth legislation for reducing the emission level by 40% by 2030.
Ongoing developments for high capacity electricity generation systems in China has led to strong market growth for industrial gas turbine systems. Increasing investments by Government for reduction of air pollution may further drive the business development. According to Xinhua, one of the principal state news agencies, Beijing has become first city in China with its power stations powered by natural gas following the objective under the Clean Air Action Plan.
Notable industry participants in the industrial gas turbine market are General Electric, Kawasaki Heavy Industries, Zorya-Mashproekt, Bharat Heavy Electricals, Harbin Electric, Opra Turbines, Siemens, Solar Turbines, Ansaldo Energia, Capstone Turbine, Vericor Power Systems, NPO Saturn, Mitsubishi Hitachi Power and Cryostar.
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Arun Hegde
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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