Key players in the gas turbine upgrades for performance enhancement market are expected to benefit from the formation of strategic alliances with regional players in the gas turbine upgrades for performance enhancement market. Prominent players in the gas turbine upgrades for performance enhancement market are General Electric, MITSUBISHI HEAVY INDUSTRIES, LTD., Siemens AG, ENRGISTX, Mee Industries Inc., Stellar Energy, and others.
According to Transparency Market Research, the gas turbine upgrades for performance enhancement market was valued at US$13,242.4 Mn in 2016 and is projected to reach US$22,326.8 Mn by 2025, at a CAGR of 6.0% from 2017 to 2025.
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By upgrade type, the gas turbine upgrades for performance enhancement market has been segregated into comprehensive upgrade, hot section coating, compressor coating, inlet air fogging, and other. By upgrade type, the comprehensive upgrade segment constituted 33% market share in 2016. Geographically, Asia Pacific is likely to constitute the dominant regional market for gas turbine upgrades for performance enhancement due to the rising need for energy in the region’s dynamic economies.
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Increasing inlet air density or boosting the specific power of gas turbines is the key objective of most gas turbine upgrades for performance enhancement. A number of innovative solutions are being developed by OEMs, as the diverse array of end users of the gas turbine upgrades for performance enhancement market requires a corresponding diversity in turbine design and operation.
Factors driving the demand for gas turbine upgrades for performance enhancement are stringent greenhouse gas (GHG) and carbon emission norms for gas turbines, the rising need for cost-effective operation, trends favoring automation and digitalization, growing infrastructural activities, etc. Increasing focus on the renewable energy sector hinders the growth of the market. However, there is an increase in demand for gas turbines in the power generation industry. Furthermore, stringent government norms regarding GHG emissions for gas turbines has driven end-users to shift toward gas turbines with low CO2 emission and better. This is anticipated to drive the market for gas turbine upgrades for performance enhancement during the forecast period.
The information in this preview comes from a Transparency Market Research report titled ‘Gas Turbine Upgrades for Performance Enhancement Market (Upgrade Type – Comprehensive Upgrade, Hot Section Coating, Compressor Coating, and Inlet Air Fogging; Turbine Cycle – Simple and Combined) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast – 2017 – 2025.’
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