What is Industrial Turbines Market Scope?
An industrial turbine is a type of turbine that utilizes either gas or steam for its operation. It is largely utilized either for power generation applications or mechanical drive functions or both. Industrial turbines burn fuel and air at high pressure and temperature to generate electric power. Turbines operate on the thermodynamic cycle known as the Brayton cycle. In this cycle, atmospheric air is compressed, heated, and then expanded, with the excess power produced by the turbine (over that consumed by the compressor) used for power generation or mechanical drives. Gas turbines are often used in industrial or large commercial cogeneration applications greater than 1 MW. When used in cogeneration, the exhaust heat is recovered during the production of steam or hot water. In some cases, the exhaust stream is directly used to provide process heat. Excluded are the applications that use gas turbines for central station power production.
The Industrial Turbines market study is being classified by Type (Gas turbines and Steam turbines), by Application (Mechanical Drive and Power Generation & CHP) and major geographies with country level break-up. According to AMA, the Global Industrial Turbines market is expected to see growth rate of 3.6%
Analysts at AMA predicts that Manufacturers from Asian will contribute to the maximum growth of Global Industrial Turbines market throughout the predicted period.
Ansaldo Energia (Italy), GE (United States), Siemens (Germany), Kawasaki Heavy Industries (Japan), Mitsubishi Heavy Industries (Japan), Fuji Electric (Japan), Toshiba (Japan), Peter Brotherhood (United Kingdom), Doosan Skoda Power (Czechia) and Elliott Group (United States) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Harbin Electric Machinery (China) and Dongfang Electric (China).
Analyst at AMA have segmented the market study of Global Industrial Turbines market by Type, Application and Region.
On the basis of geography, the market of Industrial Turbines has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Influencers and their development strategies
In November 2019, Ansaldo Energia announced that it had won a contract for the Presenzano power plant constructed by Edison Spa. The company would provide its highly efficient GT36, H class, the gas turbine for the power plant. The Presenzano power plant would be a combined cycle power plant with a gas turbine of around 505 MW capacity, along with one recovery steam generator and steam turbine of around 255 MW. The construction of the project is anticipated to commence in 2020.
In January 2019, Siemens announced that it had been selected to provide industrial gas turbines for a gas processing facility in Canada. The facility is located in Montney play of Alberta, Canada. The company is expected to provide two SGT-300 industrial gas turbines. It claimed that the two gas turbines would provide around 12 megawatts of power, which would meet the overall project requirements and drive the compressors in the facility. Siemens SGT-300 industrial gas turbine is a robust and proven gas turbine that is used for power generation and mechanical drive applications throughout the world.
Influencing Market Trend
- The rise in investments for industrial development and increase in power generation capacity
- The presence of technologically advanced industries and power generation plants that utilize these turbines for CHP and CCHP plants
- The rapid industrialization and rise in power generation capacity in the region
- Rise in demand for power across the globe, especially in developing and underdeveloped countries
- Rapid industrialization across the globe
- The concern related to the cost of the turbine
- The product damaged concern
Key Target AudienceGovernment bodies, Technology investors, Research institutes and organizations, Market research and consulting firms, End-users/enterprise-users and Others
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Frequently Asked Questions (FAQ):
1. At what growth rate would the Industrial Turbines market expands?
The Global Industrial Turbines market is expected to see a growth of 3.6% during projected year 2020 to 2026.
2. Who are the prominent players of the Global Industrial Turbines market?
The prominent players of Global Industrial Turbines market are Ansaldo Energia (Italy), GE (United States), Siemens (Germany), Kawasaki Heavy Industries (Japan), Mitsubishi Heavy Industries (Japan), Fuji Electric (Japan), Toshiba (Japan), Peter Brotherhood (United Kingdom), Doosan Skoda Power (Czechia) and Elliott Group (United States), to name a few.
3. What are the top priorities to focus for Industrial Turbines marketís growth?
In this highly competitive & fast evolving Industrial Turbines industry, the top strategic priorities would remain consistent like innovation, R&D and M&A.