Global Gas Turbine Market is projected to grow at a CAGR 5.55%
Knowledge Sourcing Intelligence announces the publication of a new report on “Global Gas Turbine Market – Forecasts from 2020 to 2025” to their offering.
A profusion of industrial investments, technological developments, aspirations of national energy independence is a few of the major factors which are anticipated to drive the growth of this market.
As per the report, the market pertaining to Global Gas Turbine Market is expected to reach US$24.574 billion by 2025, from US$ 19.354 billion in 2019.
In recent times the growing technological progress has led to the successful design and the practical developments of gas turbines with enhanced efficiency and of different capacities have resulted in the growth of the market. Advanced gas lasers, jet engines, and supersonic wind tunnels are few of the applications where gas turbines find their applications. It is also in mechanical drives. The cognizance of their capabilities to facilitate efficient power generation and produce high output has been acknowledged by both governments and market players. Small size, flexible nature, great operational compatibility, and efficient performance are few of the characteristic aspect that makes it most preferred components in a variety of industrial applications across different sectors, which have been underscored by a few recent developments.
Earlier, in April 2018, a contract from the largest electricity company in Argentina, Pampa Energía SA was awarded to Siemens to carry out the conversion of a power plant that is simple cycle gas-fired operated and located at the Genelba site in Marcos Paz, Buenos Aires Province, Argentina to a combined cycle and was to be executed along with Techint its argentine partner. The project was called Genelba Plus and was reported to increase the generating capacity of the plant to about 364 MWe from 168 MWe. Among the list of comments which fall within the scope of the project, one SGT5-2000E gas turbine is included.
Moreover, In October 2019, it was reported that the fruition of Bolivia’s ambitious energy project that was designed to make the country energy independent and leading to an increase in the power generation capacity to 6000 megawatts (MW) by 2025 finally enabling it to emerge as electricity exporter to emerging counties, was achieved. This was achieved by the means of expanding three of the country’s largest thermal power plants, which are owned by Ende Andina SAM to an efficacious combined cycle mode, by Siemens AG. During the expansion phase fourteen SGT-800 gas turbines were added among other key components by Siemens transitioning the increase in plant efficiency from 40% to 51%.
In March 2019, it was announced that a comprehensive Strategic Partnership Framework Agreement (SPFA) was signed between State Power Investment Corporation Limited (SPIC) and Siemens AG which is subsequent to agreement of technology collaboration about gas turbines of heavy-duty nature between China United Heavy-duty Gas Turbine Company (UGTC) and Siemens AG. Under the purview of SPFA, the cooperation in power generation will be further expanded the technological collaboration that was earlier agreed upon and will facilitate a supplier ecosystem-based out of China. Moreover, the collaboration is slated to take place in the field of digitalization of power plants, hydrogen utilization projects, smart energy management for a decentralized energy system. Furthermore, cooperation in the execution of projects and joint developments of projects pertaining to Gas-to-Power across the world was also agreed upon.
In January 2020, the signing of an agreement with Korea Western Power Co. (KOWEPO) was announced by Doosan Heavy Industries & Construction (DHIC) to facilitate the supply of gas turbine the Gimpo Combined Heat & Power (CHP) Plant. The location of the power plant will be at Gimpo city of the Gyeonggi Province. The gas turbines which are to be supplied have been developed in house with the commencement of process development in 2013. This joint effort will lead to the domestic gas turbine industry promotion and consequently its growth. This agreement is also in line with, Government of South Korea’s 8th Basic Plan for Electricity Supply & Demand formulated by The Ministry of Trade, Industry, and Energy.
Evidently, during the last few years as well as from the events leading to 2020, there has been an upswing in contract awards from state entities to private players in the gas turbine market as well there has been an increase in transactions pertaining to gas turbines. Thereby resulting in an explicit delineation of the aspiration of national governments of both the occident and the orient to be self-reliant on power generation. It also translates to their eagerness to invest in research and development towards the fruition of innovations pertaining to large gas turbines. Thus, the aforementioned is projected to boost the market growth for gas turbines, globally.
As a part of the report, the major players operating in the global gas turbine market, which have been covered are Siemens, General Electric, Mitsubishi Heavy Industries, Ltd., BHEL, Kawasaki Heavy Industries, Ltd., Centrax Gas Turbines, OPRA Turbines, Capstone Turbine Corporation, MAN Energy Solutions SE and Ansaldo Energia S.p.A.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-gas-turbines-market
This report segmented the managed data center services market on the basis following terms
By Power Rating
- <100 MW
- 100 MW – 300 MW
- >300 MW
- Gas Cycle
- Combined Cycle
- Power Generation
- Oil and Gas
- North America
- South America
Middle East and Africa
- Saudi Arabia
- Asia Pacific
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