High energy requirements along with the growing popularity of gas turbine powered cogeneration technologies will foster industrial gas turbine market development. Global efforts to replace fossil fuel power plants with new gas generation facilities will chart a profitable roadmap for the industry. As per Global Market Insights, Inc., “Industrial Gas Turbine Industry size is slated to hit USD 18 billion by 2024.” Positive outlook of the countries such as U.S. and China towards green environment will favorably impact the demand for sustainable technologies, thereby resulting in market upsurge over the years to come. Besides, lower peak combustion, reduced costs of lubricating oil, minimal carbon monoxide & hydrocarbon emissions and higher power-to-weight ratio are some of the benefits offered by industrial gas turbines.
U.S. Industrial Gas Turbine Market, by Capacity, 2013 - 2024 (GW)
Gas turbines find wide applications in oil & gas, military tanks, marine, automobile, and power generation sectors. Industrial gas turbine market in oil & gas sector is predicted to record an annual growth of 8% over the coming seven years. Increasing exploration & production activities carried out in the ultradeep oceans are anticipated to contribute significantly towards the industry growth. Manufacturing application is expected to surpass a revenue of USD 5 billion by 2024, owing to increase in industrial establishments across countries such as Brazil and India. Power generation applications, contributing over 55% of the overall revenue in 2015, is predicted to experience a striking growth during the next seven years. Growing necessity for establishing natural gas power generation plants to reduce air pollution will lead to the industry growth.
Key geographical trends driving industrial gas turbine market revenue over 2016-2024:
Market players are focusing on developing green technologies as a part of their corporate social responsibility or business ethics along with churning huge revenues. Harbin Electric Company Limited, Mitsubishi Hitachi Power Systems Limited, Zorya-Mashproekt Corporation, Kawasaki Heavy Industries Limited, Siemens AG, General Electric Corporation, Solar Turbines Incorporated, MAN Diesel & Turbo SE, Bharat Heavy Electricals Limited, Vericor Power Systems, Capstone Turbine Corporation, Ansaldo Energia, Opra Turbines B.V., Cryostar, and NPO Saturn Company are the key participants of industrial gas turbine industry.