DUBLIN, September 30, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Global Combined Cycle Gas Turbine Market 2016-2020" report to their offering.
The global combined cycle gas turbine (CCGT) market is forecast to grow at a CAGR of 4.24% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: One of the key trends for market growth will be stringent government regulations worldwide. Growing concerns about resource depletion, increase in harmful emissions, and stricter regulations for climate change mitigation have increased the focus on technologies that can produce power in a much cleaner and more efficient manner.
In 2015, the EPA passed the Clean Power Plan to reduce CO2 emissions from power plants by 30% from the 2005 levels by 2030. The states in the US have been given the flexibility to implement the plan by adopting a mix of options, such as offering credits or allowances, increasing renewable power generation, using carbon capture technologies, and attracting investments. Such initiatives are expected to increase the share of natural gas in the power mix from 27% in 2014 to 33% by 2020.
According to the report, one of the major challenges to the growth of the global CCGT market is the high threat of substitution from low-carbon emission alternatives such as renewable and nuclear energy. With the increasing focus on carbon emissions, the world is shifting toward renewable energy to meet the growing energy demand. However, in the current scenario, renewable energy's high initial cost hinders its adoption on a significant scale.
This challenge for renewable energy is proving to be a major driver for the global CCGT market that offers a lower cost of power installation than renewable and nuclear energy. The fact that gas turbines, mainly driven by natural gas, offer a cleaner power generation option than coal, currently the primary source of power generation, also supports market growth.
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
- Ansaldo Energia
- Kawasaki Heavy Industries
- Mitsubishi Hitachi Power Systems
- Solar Turbines
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by design type
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Key vendor analysis
PART 15: Appendix
PART 16: About the Author
For more information about this report visit http://www.researchandmarkets.com/research/883j4t/global_combined
Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets