Published on : Dec 11, 2019
Growing demand for energy, rising investments in clean energy, and growing regulations increasing their use are expected to drive robust growth in the global gas turbine for power generation market. The advancements in gas turbines are also expected to reduce costs and increase end-use applications as the growing focus on meeting energy challenges is expected to gain more attention in the near future. Additionally, technological advancements in IT sector, automotive, and manufacturing sector are also expected to aid growth of the global gas turbine for power generation market.
The global gas turbine for power generation market is basically driven by surging investment in the research and development and innovation. A report, titled “Gas turbine for power generation Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2030.” The report offers the growth scenarios present globally as well as revenues of the overall gas turbine for power generation market. The gas turbine for power generation market report thoroughly discusses robust growth prospects and prominent strategies implicated by several key players operating in the global gas turbine for power generation market, which are likely to benefit the market growth and grab leading position in terms of revenue in the market. The report is available on the website ResearchMoz.us as well.
Growing Demand Promises Robust Global Collaboration and Growth
Governments around the world are investing in gas turbines as demand for clear energy continues to rise. Instability in oil producing regions, and growing demand for cheaper alternatives to fossil fuels continues to drive growth of the global gas turbines for power generation. In October 2019, Turkey and Japan announced a collaborative project to bring power generation to Uzbekistan. In this major venture, the first power generating project was built in 2012. The new project started in 2017 was near complete at the time of the announcements in October.
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Additionally, the gas turbine power generation presents a major opportunity as the contract for building the project was estimated at $448.5 million. Additionally, the contract promises nearly 2178 MW of energy to Uzbekistan, which is a new high for its economy.
Technological Improvements Promise Significant Opportunities for Growth
The global gas turbine for power generation market promises significant opportunities for players in small areas which improve the efficiency of power plants. Recently, GE technology helped improved the power output of plant in Indorama by over 15%. This resulted in increased working days for the plant, over 170 over the course of next fifteen years. Power plants continue to require major improvements as conventional capabilities of recording energy production, transmission, and final output are less than desirable. Additionally, technologies on the horizon like IoT and real-time monitoring devices are expected to present new opportunities for players in the gas turbine for power generation market. These technologies can improve energy production as well as potentially reduce costs significantly for power projects.
Some key players in the global gas turbine for power generation market are General Electric, Mitsubishi Heavy Industries, and Siemens. Recently Siemens announced major capacity uptakes in various regions, and a new 250 MW power project. The key initiatives by players in this market presents a bright prospect for growth in the near future.