Press release
Industrial Gas Turbine Market Overview and Share Forecast to 2024 | UEC Saturn, Mitsubishi Hitachi Power Systems, Siemens AG
Industrial Gas Turbine Market
The size of Industrial Gas Turbine Market was registered at USD 5 billion in the year 2017 and is projected to exceed an annual installation of 20 '000 MW by 2024, The Industrial Gas Turbine Market is expected to register a CAGR of 1.7%.
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o Pages: 334
o Tables: 498
o Charts / Figures: 38
o Companies covered: 15
Aero-derivative industrial gas turbine market has gained substantial escalation on account of the accessibility & availability of mobile and highly flexible product technologies. These units have varied application portfolio which include utility generation, district heating and marine propulsion. Furthermore, technological advancements have aligned industry focus towards the manufacture of high capacity turbines and cost competitiveness in comparison to traditional units.
Diverse applications across process industry and small-scale power generating plants will complement the 70 MW to 300 MW units. Rapid development of co-generating units to endure energy & heat consumption across commercial, isolated grid networks and small industries will augment the technological adoption. Moreover, ongoing developments subject to the growth of effective re-generative gas turbine units to withstand low heat requirements across these installations will further boost the overall industrial gas turbine market.
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The open cycle industrial gas turbine market will witness an upsurge owing to lower warm up time, size compactness, operational flexibility, light weight, quick start and less dependence on cooling water. These units find extensive applicability for power generation and mechanical drives across the land-based industries. Furthermore, huge manufacturing industries in line with offshore power generation plants have constantly integrated a sustainable demand for the technology.
Market Competitors:
o Zorya-Mashproekt
o MAN Energy Solutions
o Ansaldo Energia Spa
o Capstone Turbine Corporation
o UEC Saturn
o Mitsubishi Hitachi Power SystemsLtd.
o Siemens AG
o Kawasaki Heavy Industries Ltd.
o Bharat Heavy Electricals Limited
o Opra Turbines B.V.
o W?rtsil?
o Vericor Power Systems
In 2017, power generation accounted for over 40% of the global industrial gas turbine market share. Increasing emphasis toward the restoration of traditional coal and steam fired power stations with various renewable energy electricity generating power plants will escalate the business growth. Nowadays, gas turbine units are used universally across base load, peak load networks along with standby power generating stations. Strengthening of industry & regulatory protocols in line with ongoing technological advancements to serve a large customer base through maintaining efficiency & reliability will boost the industry potential.
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