LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global industrial gas turbines market to grow at a CAGR of more than 2% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global industrial gas turbines market for 2017-2021. The report also lists two primary end-users, namely the oil and gas industry and steel industry.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global industrial gas turbines market:
- Consolidation of market vendors
- Increased demand for energy from industrial sector
- Compatibility with different fuels
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Consolidation of market vendors
In the last decade, the global industrial gas turbines market has undergone considerable consolidation with, with many large players acquiring gas turbine contracting companies. This has led to the expansion of the operations of major manufacturers on a global scale. Manufacturers are also focusing on developing their capabilities for aftermarket services, with varied field requirements in different regions. For instance, in 2015, Sulzer acquired Precision Gas Turbine (Florida), a leading independent service provider of gas turbines in the US. This acquisition was aimed at increasing Sulzer’s ability to service a broader range of gas turbines.
“Mergers have played a crucial role in the transformation of the market. The expansion of product portfolios and increasing prominence in various end-user segments has been the top priority for manufacturers in the market, which is characterized by a smaller number of players,” says Anju Ajaykumar, a lead analyst at Technavio for unit operations research.
Increased demand for energy from industrial sector
Rapid industrialization and mechanization of manufacturing techniques have led to the growth and expansion of the industrial sector. Oil and gas is the biggest industry in terms of value. This industry is a major consumer of energy because of the manufacturing processes involved. Oil and gas facilities are generally located at remote places where grid power is not available. Therefore, these facilities must set up their own sources of power. Gas turbines are used in such cases for power generation. Other industries such as food and pulp, chemicals, and iron and steel are energy-intensive industries.
Compatibility with different fuels
With technological advances, gas turbines are now powered with different gases and liquid fuels. There has been increased adoption of low-British Thermal Unit gases, synthetic gases, and even liquid fuels. Before selecting a particular gas for use in gas turbines, the gas is tested for combustion stability and emission limits. These synthetic gases have proven to be highly efficient, and gas turbines have also been made flexible for the use of these gases. Aeroderivative gas turbines are a type of gas turbines that are being developed for fuel flexibility. Ethanol is one of the most efficient biofuels in terms of energy balance and low carbon emissions.
“Other such biodiesels are also being used in gas turbines. These are derived from plants such as jatropha, palm, rapeseed, algae, or from animal fat by-products, which have varying proportions of C14-C22 saturated and unsaturated fatty acids,” says Anju.
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