Global Industrial Gas Turbines Market 2017-2021
About Industrial Gas Turbines
Gas turbines are combustion turbines; 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. Gas turbines are used in power generation, cogeneration, mobility, and mechanical drive applications. Apart from the power sector, the demand for gas turbines from various industries has increased significantly in the last decade. With the growing availability of natural gas fuel and favorable regulations, it is expected that the demand for gas turbines in various industries will increase further during the forecast period
Technavio’s analysts forecast the global industrial gas turbines market to grow at a CAGR of 2.40% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global industrial gas turbines market for 2017-2021. The market size is calculated based on the demand for gas turbines from industrial applications.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Industrial Gas Turbines Market 2017-2021
Technavio recognizes the following companies as the key players in the global industrial gas turbines market: GE, Siemens, Ansaldo Energia, Kawasaki Heavy industries, and Mitsubishi Hitachi Power Systems.
Other Prominent Vendors in the market are: Mitsubishi Heavy Industries, MAN Diesel & Turbo, MOTOR SICH JSC, Niigata Power Systems, Opra Technologies, and Solar Turbines.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is growth in natural gas pipeline networks. The number of natural gas pipeline networks being planned and constructed has grown significantly in the last few years. The main reason is governmental support because of the shift toward new sources of clean and emission-free source of energy”
According to the report, one of the major drivers for this market is Consolidation of market vendors. In the last decade, the global industrial gas turbines market has undergone considerable changes. Mergers have played a crucial role in this transformation, with many large players acquiring gas turbine contracting companies. This has led to the expansion of the operations of major manufacturers on a global scale.
Further, the report states that one of the major factors hindering the growth of this market is Contraction in mining industry in China. China consumes nearly 50% of the world's commodities. Therefore, the country's economic slowdown has led to an oversupply of commodities such as coal and iron ore. However, the production costs of energy, labor, and equipment remain high. This has resulted in reduced revenues and profits, increasing the debt level of mining companies. This is a major challenge to the growth of the market as it results in a reduction in mining activities.
GE, Siemens, Ansaldo Energia, Kawasaki Heavy industries, Mitsubishi Hitachi Power Systems, Mitsubishi Heavy Industries, MAN Diesel & Turbo, MOTOR SICH JSC, Niigata Power Systems, Opra Technologies, and Solar Turbines.