About Gas Turbines
Gas turbines are used in gas-fired power plants. These plants include an internal combustion engine, wherein the fuel is mixed with air, causing ignition. The resultant high-temperature gas is directed toward a gas turbine through a nozzle, which results in rotation of the turbine. Gas turbines are mainly used in gas-fired power plants. These plants include an internal combustion engine, wherein the fuel is mixed with air, causing ignition. The resultant high-temperature gas is directed toward a gas turbine through a nozzle, which results in the rotation of the turbine.
Technavio’s analysts forecast the global gas turbines market for power industry to grow at a CAGR of 2.44% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global gas turbines market for power industry for 2017-2021. The market size is calculated based on the demand for the gas turbines in the power plant sector.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Gas Turbines Market for Power Industry 2017-2021
Technavio recognizes the following companies as the key players in the global gas turbines market for power industry: Ansaldo Energia, General Electric, Kawasaki Heavy Industries, Mitsubishi Hitachi Power Systems, and Siemens.
Other Prominent Vendors in the market are: BHEL, MAN Diesel &Turbo, Niigata Power Systems, Motor Sich, OPRA technologies, and Solar Turbines.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is adopting cogeneration technology. Cogeneration is the simultaneous production of heat and electricity. CHP is embedded in most of the hospitals, universities, residential buildings, industries, and districts. The efficiency of cogeneration plants can reach up to 90% by utilizing the generated heat. The CHP fuel mix utilized by cogeneration plants are natural gas, fossil fuels, renewable sources, oil and oil products, and other fuels.”
According to the report, one driver in market is increase in CCGT power plants. The demand for combined-cycle gas turbines for power plants is on the rise due to increased efficiency and better output. The abundance of natural gas and its low cost has also enabled companies and utilities to build new natural gas-based thermal power plants. This has helped increase the number of CCGT plants globally. In the long term, CCGT will also help meet the carbon emission targets. The introduction of the US government’s Clean Power Plan will further propagate a shift from simple-cycle to combined-cycle plants, which have lower carbon dioxide (CO₂) emissions. This is because meeting the new performance standards for CO₂ emissions will be difficult with simple cycle plants. The CPP proposes state-by-state emission levels for existing power plants, with the cumulative goal of reducing nationwide carbon emissions by 30% by 2030, from the 2005 levels.
Further, the report states that one challenges in market is volatility in natural gas price. One of the main challenges hindering the growth of the global gas turbine market is volatility of natural gas prices. In order to safeguard the power prices from price fluctuations, utilities always seek to maintain a balanced feedstock portfolio. However, in the present scenario, with a rapid shift toward gas turbine and natural gas-driven power plants in pursuit of cleaner modes of power generation, the reliance on natural gas is continuously increasing. At present, with low natural gas prices, the prospects of over-reliance on natural gas for power generation look less harmful. However, going by the historic trend of natural gas prices, as illustrated in the graph, the over-reliance on natural gas will expose consumers to high natural gas prices, prompted by its growing demand and recovery of crude oil prices.
Ansaldo Energia, General Electric, Kawasaki Heavy Industries, Mitsubishi Hitachi Power Systems, and Siemens.BHEL, MAN Diesel &Turbo, Niigata Power Systems, Motor Sich, OPRA technologies, and Solar Turbines.