Gas turbine market to accumulate substantial gains via power plant installations

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Having served as a principal fuel source since many decades, natural gas still retains much of its prominence, stimulating gas turbine market trends. The last many years have witnessed a complete paradigm shift in energy perceptions – right from diesel and petrol to renewable energy sources. Despite the transformation however, it has been observed that gas will continue to play a game-changing role in power generation, more so as on today, on account of the deployment of new regulations.

U.S. Gas Turbine Market Size, By Capacity, 2017 & 2024 (USD Million)
U.S. Gas Turbine Market Size, By Capacity, 2017 & 2024 (USD Million)

Taking into account the growing need for uninterrupted power supply, regional governments have been making investments in massive power projects, gradually paving the way for the transformation of gas turbine market outlook over the forecast period.

China has emerged as one of go-to regions for gas turbine industry growth, as the region is currently afloat with power plant development activities, predominantly generating new business opportunities for the gas turbine manufacturers. Recently, the China-based power provider, China Resources Power Group has given an order of H-25 gas turbines to Mitsubishi Hitachi Power Systems, Ltd (MHPS). The former will be an 80 MW Class Natural-Gas-Fired GTCC Project that will be operational by 2019. The heavy-duty gas turbine, H-25 is liable to be used be for its outstanding reliability and excellent operating hours and is in fact in huge demand as a standalone power source across various industrial sectors.

In addition to MHPS, Siemens has also secured an order for H-class gas turbines from China. Siemens will supply two gas turbines, four generators, and two steam turbines to the power plant at the Guangdong Province. With this order, it is likely that Siemens may further strengthen its position in China gas turbine market, which is expected to garner substantial returns by the end of the forecast period.

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The aforementioned instances are certainly remnant of one fact – that Chinese companies are extensively involved in power project developments across the globe, not only earning returns for the home ground, but also providing opportunities for global gas turbine industry firms. Continuing along the previous trail of instances, Siemens, one of the turbine suppliers of the Shanghai Electric Group Co. Ltd, has received an order from Panama to deliver six gas turbines that will provide 440 MW power as a part of a flexible combined cycle power plant. The plant will be fueled with LNG (liquified natural gas), which will provide a high degree of operational flexibility.

Despite gas power plants offering high operational flexibility, many gas turbine industry magnates continue to invest in research and development activities to brainstorm newer innovative products with higher capacities. For instance, GE has recently declared that its 7HA.01 gas turbine in the Nishi-Nagoya power plant in Japan accomplished a combined-cycle gross efficiency of 63.08% – a world record. At this plant, GE had deployed its H-class gas turbine capable of providing a power of more than 1,188 MW. With this achievement, GE has set a benchmark for other gas turbine market players, thereby encouraging them to pursue further R&D programs.

A slew of investments in power plants are likely to soon mark their presence across several geographies, thereby stimulating gas turbine market size. In Asia Pacific region, the governments of countries like India, China, Bangladesh, and many more are looking forward to investing in gas power plants to accomplish their future electricity requirements – a trend that is likely to fuel gas turbine market share in the ensuing years. The rising installation of gas power plants and the extensive capital poured in by regional governments are poised to massively impel gas turbine market size, slated to cross 34 GW by 2024.

Author Name :Sunil Hebbalkar

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