Growing efforts to curb the hazardous impact of carbon emissions on the environment will enhance Industrial Gas Turbine Market expansion. Strict government norms to maintain the ecological balance has resulted in the setting up of new gas fired power stations, which is likely to positively influence the industry demand. Rising global requirements for clean energy with growing population and industrialization will sketch a luminous growth chart for the business. In a bid to promote the usage of clean and reliable energy, in November 2015, the UK government, took a decision to replace all its coal fired power stations with gas fired power stations. Global Market Insights, Inc., reports, “Industrial Gas Turbine Industry, which collected a revenue of USD 10 billion in 2015, is forecast to surpass USD 18 billion by 2024.”
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Gas turbines find major applications across the oil & gas, power generation, and manufacturing sectors. Industrial gas turbine industry in oil & gas application segment is likely to grow at an annual rate of 8% over 2016-2024, driven by the high spending on offshore exploration & production activities. Technological innovations are expected to further impel the market potential across the oil & gas sector.
Manufacturing applications are forecast to hit USD 5 billion by 2024, subject to rapid industrialization across emerging economies such as Brazil and India. Power generation sector, which accounted for over 55% of industrial gas turbine industry share in 2015, is projected to witness a notable surge over the coming years. Growing demand for steam fired power systems over conventional coal fired power plants is expected to spur the industry development.
Industrial Gas Turbine Market, By Capacity
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Below are the regional trends impacting industrial gas turbine industry over 2016-2024:
Browse key industry insights spread across 250 pages with 494 market data tables & 11 figures & charts from the report, “Industrial Gas Turbine Market Forecast, 2016 – 2024” in detail along with the table of contents:
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Key participants in industrial gas turbine market include Solar Turbines Incorporated, Kawasaki Heavy Industries, Harbin Electric Company Limited, Siemens AG, Mitsubishi Hitachi Power Systems, and MAN Diesel & Turbo SE.
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