The prominent players in the global gas turbine upgrades for performance enhancement market are projected to make most from the formation of tactical alliances with regional gas turbine upgrades for performance enhancement market players. Some of the key players in the global market include names such as General Electric, Siemens AG, Mee Industries Inc., Mitsubishi Heavy Industries Ltd., and Stellar Energy among others. Additionally, the market is benefitting from new technological advancements in the market. General Electric (GE) released a statement earlier in September about a Thaketa Township based combined-cycle gas power plant will start its operations as per the schedule in the 2018 first quarter. The plant will be charged by signature F-class gas turbines of GE which will produce around 106 megawatts energy after the completion of the plant in 2018. The plant is a joint venture between Myanmar and China and is being presently under construction overlooked by SEPCOIII Electric Power Construction Corp. of China. SPECOIII will make use of GE’s 6F.03 gas turbines for the system of combined cycle. A power plant with combine cycle system utilizes both steam and gas turbine together to generate 50 percent more electric power from the same amount of fuel than a conventional simple-cycle plant.
According to the latest report published by Transparency Market Research, the global market for gas turbine upgrades for performance enhancement was valued at US$13.24 bn in the year 2016 and is estimated to reach the overall valuation of US$22.32 bn by the end of year 2025. The market is expected to show a growth CAGR of 6% over the time period of 2017 to 2025.
Market Players Focus on Enhancing Power Output from Turbines
For many years, the gas turbines have been utilized in multiple industries such as aerospace. Gas turbines can function on variety of fuels such as synthetic fuel, natural gas, and fuel oil. With the emergence of renewable energy sources and regular growth of gas sectors and power generation has led to requirement of enhancing the performance of the currently functional gas turbines. However, the gas turbines’ performance is impeded by ambient temperature. The ambient temperature is inversely proportional to the power out of the gas turbines. So as the air flow is reduced, the ambient temperature rises and thus, leads to reduced output of power from the gas turbines. This crucial factor is being targeted by the prominent players that are operating in the global gas turbines upgrades for performance enhancement market.
Most of the gas turbine upgrades for enhancing performance focus on increasing the specific power of the turbine or boost the air density inside the turbine. Many innovative solutions are under development as the user base of gas turbines is increasing and it is quite diverse as well. This has also acted as significant driver for the growth prospects of the global market. Moreover, the demand for upgrading the gas turbines in order to enhance their performance is also because of the strict regulations for greenhouse gas and carbon gas emission from the turbines. The market is also driven by need for economical operations, trends that favor digitalization and automation, and increasing investments.
Geographically, the global market is segmented into key regions such as Asia Pacific, Latin America, Middle East and Africa, Europe, and North America. In 2016, the market for gas turbines upgrades for performance enhancement was dominated by Asia Pacific. According the TMR report, Asia Pacific accounted for over 32% of the market share and is projected to continue its domination in the coming years with a strong CAGR of 6.6%. This growth in the gas turbines upgrades for performance enhancement is expected to be followed by Europe which is likely to show a growth CAGR of 6.1% over the coming years.
Download or View Report Brochure & ToC for more Professional and Technical Insights: http://www.transparencymarketresearch.com/report-toc/25850