Demand for energy is growing at a rapid pace, leading to building up of additional power plants world over. It is significant to note here that an increase in population is one of the most important factors of growth in this demand. By the year 2050, 2 billion more people will inhabit the earth. For the 9.7 billion people to live a quality life, energy would be required for a number of purposes. This will lead to an increase in demand of turbine inlet cooling systems, driving the market on to a high growth curve. This is particularly true of hot climate regions where a drop in air density can lead to reduced plant efficiency, paving way for monetary losses to owners of such power plants.
From 2014 to 2024, as per Transparency Market Research, global turbine inlet cooling systems market will grow at a rate of 6%, compounded annually. This will pave way for the market to reach a higher valuation of USD 13.1 billion by the end of the forecast period. It is significant to note here that more and more power plants are now joining in the quest to follow international standard, gathering attention of international bodies like the United Nations. This is a prominent factor of growth in the market. Investments in the energy sector are also contributing positively to the growth.
Move to renewable resources need a mention here. Depleting reserves of conventional fuel and its negative impact caused by its use on the environment are leading to increasing demand for renewable energy, leading to growth in the global turbine inlet cooling systems market. It is quite pertinent to note here that across power plants, installation is seeing an increase of gas turbines. Hourly electric demand values dictate demand for cooling systems.
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North America to Capitalize upon Shale Gas Boom, Driving Demand for Turbine Inlet Cooling Systems Market
One of the largest markets in the world for turbine inlet cooling systems is that of North America owing to a high number of installations marking the market landscape. A lot of these are being noted in the coastal regions, of United States of America in particular – California and Texas. Shale gas exploration and extraction is also paving way for significant growth in the regional market.
On the other hand, impressive growth will be charted over the forecast period by the Asia Pacific (APAC) region in the global turbine inlet cooling systems market. Owing to shortage in terms of power generation and availability, opportunities ready to be tapped into will emerge. This will keep the market players hooked to the regional landscape. There is a massive increase in demand for power expected due to growing industrialization as well.
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The Fragmented Vendor Landscape to Witness Varied Growth Strategies over the Forecast Period
A large number of prominent players operate the global turbine inlet cooling systems market. Some of the well known players that are directing efforts towards improving market share aggressively, thereby driving the market forward are American Moistening Company Inc., Caldwell Energy Company Inc., Cat Pumps Inc., Humifrio S.L., Mee Industries Inc., Score Energy Limited, Siemens AG, UTC Technologies Company, Camfil AB, and Baltec IES Pty. Ltd.
In the endeavor to stay ahead of the competitors, players are dabbling with a number of growth strategies. The mix is usually of organic and inorganic strategies. These include mergers, acquisitions, collaborations, and partnerships. Synergistic alliances often lead to better grasp at the market share and allow for an impressive combination of resources. Product improvement is also an important way forward to ensure growth and this makes technological advancement and innovation the key factors of growth.
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