Global Market Insights provides a detailed overview of Industrial Gas Turbine Market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of Industrial Gas Turbine Market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.
Industrial Gas Turbine Market size in 2017 was valued over USD 5 billion and is projected to exceed an annual installation of 20 ’000 MW by 2024.The U.S. government is promoting the deployment of sustainable technologies by offering attractive financial benefits to private investors. Indeed, as per reliable estimates, the U.S. industrial gas turbine industry size is expected to surpass an annual installation of close to 3 GW by the year 2024.
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In addition, oil & gas exploration activities across this region are growing significantly, which will also favor industrial gas turbine industry growth in the region. One of the primary reasons responsible for the expansion of the U.S. industrial gas turbine industry is the robust prevalence of research and development (R&D) investment reforms. That said, the region has also been experiencing a significantly high demand on account of the shifting focus towards deployment of combined cycle generation systems.
According to the ICF International, turbines manufactured by the U.S. based companies, in the year 2016, accounted for more than 70% of the operational natural gas-fired combined cycle projects across the nation. Reliable estimates also claim that the United States had fulfilled around 25% of the overall electricity demand with natural gas in 2015 and is planning to surpass the generation capacity over the years ahead. Surging investment in the replacement of coal and steam based power plants with sustainable natural gas power stations will thus boost the U.S. industrial gas turbine market.
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Industrial Gas Turbine Market Growth Drivers
- North America and Europe
- Inclination toward energy optimization
- Shale gas revolution
- Positive clean energy outlook
- Renewable energy integration
- Middle East Africa and CIS
- Restructuring of electrical infrastructure
- Large scale renewable integration prospects
- Latin America
- Positive outlook towards gas-based electricity generation
Unveiling industrial gas turbine market trends from China
Yet another lucrative region that would contribute toward the propulsion of industrial gas turbines market is the emerging economy of China. One of the primary reasons responsible for China being tagged as a major regional contributor is the favorable regulatory prospects that the country is characterized by. Indeed, China is embroiled with the support of a government that seems keen on the development of a clean energy integration as well as huge gas-fired power projects across the nation.
Prominent manufacturers across the globe have also retained focus on China as a pivotal growth ground given the supportive regulatory spectrum and the robust expansion of key industries across the region. Citing an example of the same, Siemens, in the year 2018, went on to fetch major supply orders for its two H-class gas turbines, specifically for the CHD Guangzhou Zengcheng project.
The notable participants in industrial gas turbine market are General Electric, Kawasaki Heavy Industries, Siemens, Solar Turbines Incorporated, Man Diesel & Turbo, Harbin Electric, Ansaldo Energia, Bharat Heavy Electricals Limited, Bharat Heavy Electricals Limited, Mitsubishi Hitachi Power Systems, Vericor Power Systems, Cryostar, NPO Saturn, Capstone Turbine, and OPRA Turbines.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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