Gas Turbine Upgrades for Performance Enhancement Market Estimated to Reach US$ 22,326.8 Mn by 2025: Transparency Market Research

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Sep 06, 2017, 04:30 ET

ALBANY, New York, September 6, 2017 /PRNewswire/ --

Transparency Market Research has released a new market report titled "Gas Turbine Upgrades for Performance Enhancement Market (Turbine Cycle, Upgrade Type, and Region) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast -- 2017-2025." According to this report, the Gas Turbine Upgrades for Performance Enhancement market was valued at US$ 13,242.4 Mn in 2016 and is projected to reach US$ 22,326.8 Mn by 2025, at a CAGR of 6.0% from 2017 to 2025.

A gas turbines, one of the most widely used power generating technologies in today's world, is a common type of internal combustion engine that uses hot gases produced from combustion of the air-fuel mixture to rotate the turbine blades for generating the power. For several years, gas turbines have been used in the aerospace industry and other industries. Gas turbines can run on a variety of fuels such as fuel oil, synthetic fuel, and natural gas. Gas turbines consist of three primary components mounted on the same shaft: compressor, combustion chamber, and turbine. With the emergence of renewable sources of energy and continuous growth of power generation and gas sectors, the need for advancements in existing gas turbines has emerged. The performance of gas turbines is restricted by the ambient temperature, as the power output of gas turbines is inversely proportional to the ambient temperature. The air mass flow rate decreases when the ambient temperature increases, which results in reduced power output from gas turbines.

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Upgrades of gas turbines are necessary to boost power and improve the heat rate of gas turbines, either by increasing their inlet air density or by boosting specific power. Innovative solutions are being carried out by OEMs to meet the requirements of various end-use customers due to the evolution of the electricity market, the changing environmental requirements and the globalization of the energy market. They also help reduce the overall environmental impact of a plant through lowered CO2 emissions.

Factors driving the demand for gas turbine upgrades for performance enhancement are stringent greenhouse gas (GHG) & carbon emission norms for gas turbine, cost-effective operation, automation and digitalization, growing infrastructural activities, low toxic emission and high operating speed, etc. Increasing focus on renewable energy sector hinders the growth of the market. However, there is an increase in demand for gas turbines in the power generation industry. Furthermore, stringent government norms regarding GHG emissions for gas turbines has driven end-users to shift toward gas turbines with low CO2 emission and better. This is anticipated to drive the market for gas turbine upgrades for performance enhancement during the forecast period.

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The gas turbine upgrades for performance enhancement market has been segmented into two categories: turbine cycle and upgrade type. In terms of turbine cycle, the gas turbine upgrades for performance enhancement market has been classified into simple cycle and combined cycle. In terms of revenue, combined cycle held the largest share in 2016, owing to its extensive usage and better efficiency than simple cycle gas turbines

By upgrade type, the gas turbine upgrades for performance enhancement market has been segregated into comprehensive upgrade, hot section coating, compressor coating, inlet air fogging, and other. The inlet air fogging is further segmented into evaporative cooling, fogging, inlet chilling, and others. By upgrade type, the comprehensive upgrade segment constituted 33% market share in 2016.

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Key players in the gas turbine upgrades for performance enhancement market are expected to benefit from the formation of strategic alliances with global players in the gas turbine upgrades for performance enhancement market. Prominent players in the gas turbine upgrades for performance enhancement market are General Electric, MITSUBISHI HEAVY INDUSTRIES, LTD., Siemens AG, ENRGISTX, Mee Industries Inc., Stellar Energy, and others.

Global Gas Turbine Upgrades for Performance Enhancement Market Report is available @ US$ 5795

About TMR

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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