Gas Turbine Upgrades for Performance Enhancement Market Should Grow to US$25.3 Bn in 2029 From US$17 Bn 2022
Global gas turbine upgrades for performance enhancement market is expected to experience nearly 4.9% growth during 2021 – 2025
As an increasing number of end users realise the significance of upgrading existing gas turbines to deliver enhanced performance, the worldwide market for gas turbine upgrades will trail on a promising growth trajectory. Global gas turbine upgrades for performance enhancement market is expected to experience nearly 4.9% growth during 2021 – 2025, indicates a newly released report of Fairfield Market Research. Up from the valuation of around US$17 Bn recorded in 2022, the market is poised to reach beyond US$25 Bn by the end of 2029. Stimulated by the growing role of governments, investments in outdated gas turbines have been on the rise, thereby favouring the market expansion.
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Severing Need for Upgrading Existing Ageing Fleet to Encourage Adoption of Gas Turbine Upgrade Solutions
While consistently rising demand for power generation will form a robust base for the growth of gas turbine upgrades for performance enhancement market, the growing stringency of the regulatory framework regarding carbon emissions is also expected to largely contribute toward the growth of the market. A growing number of combined cycle power plants continue to strive for enhanced performance and efficiency, which warrants a significant opportunity in gas turbine upgrades for performance enhancement market. In the wake of a host of initiatives eyeing energy conservation, there has been a considerable rise in demand for high-performance, efficient turbines across industrial, commercial, as well as residential infrastructural projects. This is likely to support the growth of gas turbine upgrades for performance enhancement market.
Combined Cycle Gas Turbines Dominant, Comprehensive Upgrades Remain in Demand
Market analysis based on the turbine cycle reveals dominance of combined cycle gas turbine that currently accounts for more than 65% market share. As the combined cycle power plant simultaneously uses a gas and a steam turbine to achieve more than 50% more electricity generation from the same fuel, it is more likely to gain prominence against the traditional simple cycle power plant. In addition, combined cycle gas turbines serve to amplify the thermal efficiency, which boosts adoption among end users. The report further provides analysis of the market based on the type of upgrades. Among compressor coating, hot section coating, inlet air fogging, and comprehensive turbine upgrades, the report says that the comprehensive upgrades will remain the most sought-after category with around 34% market share. Comprehensive upgrades of both the exiting in-action, and outdated gas turbines will remain a highly profitable segment for market players, identifies the report.
Asia Pacific Continues to Surge Ahead, Europe Likely to Emerge Lucrative in Gas Turbine Upgrades for Performance Enhancement Market
With nearly 32% share in the global market value, Asia Pacific remains in the bandwagon. The report however marks Europe’s rapidly rising attractiveness in gas turbine upgrades for performance enhancement market. The former’s continued primacy in market is clearly attributable to the wide end user base across the region and China is likely to maintain the lead as it holds the maximum revenue generation opportunity, especially for comprehensive turbine upgrades. China is expected to remain at the forefront in the region’s as well as global gas turbine upgrades for performance enhancement market on account of strong presence of a number of vendors providing both small- and large-scale turbine upgrades and services.
Key Players in Gas Turbine Upgrades for Performance Enhancement Market
Siemens AG, Mitsubishi Heavy Industries, Ltd., GE, ABB Ltd., Dresser-Rand, Toshiba Corporation, Stellar Energy, ENRGISTX, Mee Industries Inc., Centrax Ltd.
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