Industrial Gas Turbine Market Size, Industry Outlook Report, Regional Analysis, Application Development, Price Trend, Competitive Landscape & Forecast, 2016 – 2023

“The major competitors for the global industrial gas turbine market share include General Electric, Siemens, Mitsubishi-Hitachi Power Systems, MHI, Turbomeca and Alstom among others.”

Industrial gas turbine market size is likely to observe significant growth from 2016 to 2023. Increase in operational efficiency and reduction in environmental impacts are expected to drive the industry over the forecast period. The overall gas turbine market size is likely to witness gains of over 5.5% in the near future. 

These are mainly an internal combustion engines that generate hot gases by flaming air fuel mixture spin in order to produce power. The turbines are increasingly being adopted to achieve superior reliability and efficiency in power projects. Industrial gas turbine market mainly serves power generation purposes. Reduction in cost of natural gas and gas turbine has concerned various key players towards this industry. In addition, rise in energy demand is also like to surge the demand growth over the forecast period.

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Compatibility with other energy sources such as diesel fuel, methane, biogas and crude oil has offered potential opportunities to consumers to switch the source. Increasing replacement of aging gas turbines in industries with the updated turbines has also spurred the demand growth for this industry. These turbines possess high power to weight ratio as compared to other reciprocating engines. In addition, the turbines are smaller in size and process smaller amount of moving parts in comparison with reciprocating engines, offering same power rating. Moreover, benefits offered such as high operation speeds, low lubricating oil consumption and low operating pressures are anticipated to surge global demand. 

High lead time required is likely to hamper the global industrial gas turbine market over the forecast period. Major factors responsible for the high lead time include heavy weight, unavailability of alloys and structural complexity. In addition, industrial turbines produces carbon requires upgrades of incompetent gas turbine power plants. The plant operation cause noise and air pollution and may also lead to deafness. High cost, longer start-up time, lesser efficiency at idle speed and low responsiveness to changes in power demand are expected to challenge the demand growth over the coming few years. 

The industrial gas turbines are mostly deployed in mechanical drive and power generation sectors. These turbines are different from aeronautical designs in several ways such as frames, blading and bearings. These designs are heavier in construction and are integrated with electric generator in order to recover residual energy. They range in different sizes from man portable mobile plants to complex systems weighing over 100 tones. Most of the engines are utilized in combined heat and power (CHP) configurations so as to integrate into convenient container configurations. 

Gas turbines are mainly efficient up to 60%, in order to recover the waste heat with the help of heat recovery generator to control a conventional steam turbine in a collective cycle configuration. It can also work in a cogeneration intend for water or space heating. In addition, it also compels an absorption chiller for cooling the inlet air and increase the power output. Ability to be turn off and on within few seconds coupled with furnishing power during peak time are the major factors driving the demand growth over the forecast period. Rapid technological innovations and developments such as hydraulic fracturing and horizontal drilling have helped in the utilization of huge shale gas reserves and have also reduced the cost of natural gas.

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The industrial gas turbine market can be segmented on the basis of components which include baffles and vane, honeycombs and braze foils and seals. The industry can be further divided by types into heavy industrial gas turbine and light industrial gas turbine. Key regions occupying significant industrial gas turbine market share include Asia Pacific, North America, Europe, MEA and Latin America. Heavy industrial gas turbine engines are developed from industrial steam gas turbines that consist of heavy rotors, larger cases than jet engines and slower speeds. These gas turbines are competent of burning wide range of gas and liquid fuels. 

The major competitors for the global industrial gas turbine market share include General Electric, Siemens, Mitsubishi-Hitachi Power Systems, MHI, Turbomeca and Alstom among others.


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