Industrial Gas Turbine Market to Reach $10.70 Billion by 2027; Increasing Number of Company Mergers and Collaborations Will Emerge in Favor of Market Growth, says Fortune Business Insights™
August 25, 2020 at 04:50 AM EDT
Pune, Aug. 25, 2020 (GLOBE NEWSWIRE) -- The global industrial gas turbine market size is projected to reach USD 10.70 billion by the end of 2027. The increasing number of company collaborations will bode well for the growth of the overall market in the coming years. According to a report published by Fortune Business Insights, titled “Industrial Gas Turbine Market Size, Share & COVID-19 Impact Analysis, By capacity (1-2MW, 2-5MW, 5-7.5MW, 7.5-10MW, 10-15MW, 15-20MW, 20-30MW, 30-40MW, 40-100MW, 100-150MW, 150-300MW, 300+MW), By Sector (Electric Power Utility, Oil & Gas, Manufacturing), By Technology (Heavy Duty, Light Industrial, Aeroderivative), By Cycle (Simple Cycle, Combined Cycle) and Regional Forecast, 2020-2027,” the market was worth USD 10.45 billion in 2019 and will exhibit a CAGR of 2.6% during the forecast period, 2020-2027.
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Covid-19 Pandemic to Present Several Challenges to Ongoing Power Projects
The recent coronavirus has created a whirlwind in world economies in the past few months. The uncertainties in global economies and the losses incurred across several industries have discouraged manufacturers, and the trails of the aftereffect can be seen in the industrial gas turbine sector as well. Accounting to the rapid spread of the disease, strict measures has been implemented to control the pandemic. These measures have had an adverse effect on several industry verticals and its effect on power projects is substantially on the negative side. Due to lockdowns and social distancing practices, people have been forced to stay indoors and the lack of workforce and labor has certainly made a negative impact on the industrial gas turbine market in the past few months.
Industrial gas turbines are combustion engines that are used to develop mechanical energy from several sources, including fuel and natural gas. They are widely used for a variety of industrial applications that require a huge amount of power. The precision of efficacy of industrial gas turbines is comparatively high than other input sources. The primary reason why they are widely used in industries across diverse domains is the low cost and high efficiency. The massive investments in the research and development of efficient products will bode well for the growth of the overall market in the coming years. Technological advancements have played a huge part in the growth of the market in recent years. Additionally, the rising demand for clean energy and increasing awareness regarding environmental pollution will aid the growth of the overall industrial gas market in the foreseeable future.
Company Mergers have Proven Highly Beneficial in Power Projects
The report encompasses several factors that have contributed to the growth of the overall market in recent years. It is observed that government as well as domestic organizations have to rely on tech companies for devices such as industrial gas turbines. Given that these organizations do not necessarily have a manufacturing unit of any sorts, this presents several growth opportunities for tech companies operating across the world. The efforts taken to maximize the use of low-emission energy will create a platform for rapid growth. In April 2019, Mitsubishi Hitachi Power Systems, Ltd. (MHPS) announced that it has bagged a major order for the development of new gas turbines for a large scale thermal power station. The company claims that it will be developing two H-25 gas turbines for a new thermal power station that is being built by the China Resources Power Group. MHPS’ latest contract will help the company extend its consumer range in the regional as well as global market in the coming years.
North America Projected to Emerge Dominant Driven by Widespread use of Gas Turbines
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. A majority of the power projects and industrial equipment and machineries operate on the basis of industrial gas turbines. Given the increasing industrial pollution in North America, the use of these turbines is a welcoming step. Subsequently, massive investments are being made in the development and integration of gas turbines across this region. As of 2019, the market in Asia Pacific was worth 3.82 billion and this value is projected to increase at a considerable pace in the coming years. The market in Asia Pacific will rise at the highest CAGR in the coming years, driven by the industrial gas emissions and the subsequently rising demand for the product in countries such as Japan, China, and India.
List Of Key Companies Profiled In Industrial Gas Turbine Market Are:
March 2020 – Siemens announced that it has bagged a contract from Brest Republican Unitary Enterprise of Electricity Industry (Brestenergo) in Belarus. Through this contract, Siemens will supply five of its SGT-800 industrial gas turbines for a new 254MW peak load and backup power plant.
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