Albany, NY -- (SBWIRE) -- 02/24/2020 -- Industrial Turbines Market: Introduction
Industrial turbine is a type of turbine that utilizes either gas or steam for its operation. It is largely utilized either for power generation applications or mechanical drive functions or both.
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The turbine utilizes the fluid flow, i.e. the pressurized steam or pressurized gas combustion exhaust to produce useful work. The turbine can either be connected to a generator for power generation application or to a mechanical unit.
Key Drivers of Global Industrial Turbine Market
Rise in demand for power across the globe, especially in developing and underdeveloped countries, is expected to drive the demand for industrial turbines in near future. Utility companies and governments across the globe are investing significantly to enhance their power generation capacity in order to meet the increasing domestic demand for power. This has boosted the demand for industrial turbines for power generation applications. These turbines generally have higher power generation capacity vis-à-vis reciprocating engines. As a result, they are well suited for large power applications.
Utility companies are focusing on combined heat & power (CHP) aspect to increase their offerings. CHP also helps enhance overall efficiency of industrial turbines by utilizing heat otherwise wasted from outlet stream of the turbine in other applications such as powering secondary turbine or acting as a source for district heating application. Thus, rise in demand for power and increase in usage of CHP are estimated to drive the demand for industrial turbines in the near future.
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Rapid industrialization across the globe is also projected to propel the demand for industrial turbines. Nowadays, industries are opting for own power generation plants rather than electricity from the grid. This can be primarily ascribed to high electricity rate for industries along with rise in charges during peak demand. This is projected to hamper industrial operations. Thus, industries are opting for captive power plants and are utilizing the concept of CHP for their heating applications. They also employ turbines for mechanical drive applications where large power is required. Therefore, increase in industrialization is likely to drive the demand for industrial turbines during the forecast period.
Key Developments in Global Industrial Turbine Market
In November 2019, Ansaldo Energia announced that it had won a contract for the Presenzano power plant constructed by Edison Spa. The company would provide its highly efficient GT36, H class, gas turbine for the power plant. The Presenzano power plant would be a combined cycle power plant with gas turbine of around 505 MW capacity, along with one recovery steam generator and steam turbine of around 255 MW. The construction of the project is anticipated to commence in 2020.
In January 2019, Siemens announced that it had been selected to provide industrial gas turbines for a gas processing facility in Canada. The facility is located in Montney play of Alberta, Canada. The company is expected to provide two SGT-300 industrial gas turbines. It claimed that the two gas turbines would provide around 12 megawatts of power, which would meet the overall project requirements and drive the compressors in the facility. Siemens SGT-300 industrial gas turbine is a robust and proven gas turbine that is used for power generation and mechanical drive applications throughout the world.
In December 2018, Siemens announced that it had signed a contract with Dubal Holding and Mubadala Investment Company for the development of highly-efficient combined cycle power plant at Emirates Global Aluminum's smelter in Jebel Ali, Dubai. The company is estimated to install its H-class turbine, first in the country, in the power plant. Siemens H-class turbine not only provides high efficiency, but also has short start-up times and fast response to load changes.
North America Expected to Dominate Global Industrial Turbine Market
North America is anticipated to dominate the global industrial turbine market during the forecast period. This can be ascribed to the presence of technologically advanced industries and power generation plants that utilize these turbines for CHP and CCHP plants in the region, especially in the U.S.
Europe and Asia Pacific are projected to follow North America in terms of share of the global industrial turbine market. However, the market in Asia Pacific is likely to expand at a substantial pace during the forecast period, primarily due to the rapid industrialization and rise in power generation capacity in the region, especially in China and India.
Latin America and Middle East & Africa constituted minor share of the global industrial turbine market in 2018. However, rise in investments for industrial development and increase in power generation capacity are likely to boost the market in these regions in the near future.
Key Players in Global Market
Major players operating in the global industrial turbine market include:
Siemens
GENERAL ELECTRIC
Ansaldo Energia
MITSUBISHI HEAVY INDUSTRIES, LTD.
Dongfang Electric Corporation
? Kawasaki Heavy Industries, Ltd.
Fuji Electric Co., Ltd.
Doosan Škoda Power
Bharat Heavy Electricals Ltd.
MAN Energy Solutions