Gas Turbines Market – Introduction
A gas turbine is the heart of a power plant and is also known as a combustion turbine. Gas turbines are used to produce electric current. A gas turbine is an engine which is used to transform other liquid fuels or natural gas to mechanical energy. This mechanical energy then drives a generator and thus it produces electrical energy. Each gas turbine has three main elements including an upstream rotating gas compressor; a combustor; and a downstream turbine on the same shaft as the compressor. For converting the energy into electricity, a mixture of fuel and air at very high temperature heated by the gas turbine causes the turbine blades to spin. The spinning turbine drives the generator, and thus electricity is generated.
Gas Turbines Market Competitive Landscape
- In March 2019, SiemensAG entered into a partnership with China Power Investment Corporation, to develop heavy-duty gas turbines for power plants.
- In December 2018, Turbine Efficiency Group Limited based in Lincolnshire, the U.K., acquired Gas Turbine Applications Inc., an after-market services provider company. Gas Turbine Applications Inc. is specialized in Centaur and Saturn industrial gas turbines.
Increasing Demand for Electricity Drives the Growth of Gas Turbines
In the near future, demand for electricity is projected to increase by almost one-third of the current demand, and thus is a major factor projected to drive the growth of the gas turbine market, as gas turbines are used to generate electricity. As per TMR analysis, the United States, Russia etc. are revamping their electricity generation infrastructure due to the rising need to decommission aging power stations which is further expected to increase the demand for gas turbines in the next few years.
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Reduction in Emission of Carbon Dioxide to Underpin the Sales of Gas Turbines
Gas turbines play an important role in reducing carbon emissions. Gas turbines exhibit lower emissions as compared to other combustion-based power generation applications. Increasing government regulations and implementation of numerous climate change initiatives to cut down greenhouse gas emission is expected to uphold the market growth in the next few years.
Shifting Focus Toward Renewable Energy Restraining Gas Turbine Growth
Increase in the use of renewable energy sources such as wind and solar is expected to restraint the gas turbine market across the globe. Industries are moving toward these renewable sources due to their benefits.
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