Global Gas Turbine Electrical Power Generation Market: Snapshot
Over the past few years, the role of gas turbines in worldwide electrical power generation has increased continuously. The marked simplicity of design and construction has propelled end users to prefer this over steam turbine power plants. The trend has paved way for several lucrative markets where gas turbines are deployed for electricity generation. Technological advances particularly pertaining to thermal efficiencies have helped catalyze applications. A case in point is he co-generation market. The low cost of combined cycle power plants has been bellwether for demands in this market. Numerous advantages that base-load systems have in large power stations constitute key, compelling business propositions for the deployment of gas turbines for electrical power generation. Ease of scheduled maintenance, low construction time compared to steam turbines, and the long duration that base-load systems can operate are some of the advantages of gas turbines. Plus, gas turbines are being deployed in countries where natural gas is abundant. These markets are seeing high demand for gas turbines for small-scale distributed generation, including in backup generators.
Over the years, the gas turbine electrical power generation market has witnessed increased attention of manufacturers on the proper choice of alloys in making the body. Advent of super alloys with attractive mechanical and physical properties, such as high-temperature structure, has allowed them bring advances in gas turbine engine design. Advancements in alloy fabrication methods have helped them in such initiatives, thereby expanding the scope of the market. They are also using special coatings that prevent corrosion for the turbine blades. In coming years, gas turbines are likely to gather steam in off-shore power generation. Numerous original equipment manufacturers in the gas turbine electrical power generation market are leaning on continuously expanding the portfolio of new gas turbine model. Further, players such as GE are upgrading their technologies to benefit power plant operators. Growing penetration of renewables has opened a vast avenue for such players.
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The demand within the global gas turbine electrical power generation market is rising on account of advancements in the energy sector. The depleting levels of fossil fuels and other non-renewable energy sources has necessitated the development of renewable sources of power. Furthermore, the large amount of electricity generated via turbines can be used to power remote villages and suburban regions. This factor has also emerged as an important consideration from the perspective of market growth. Research studies related to the conversion of mechanical energy to electricity has also played a vital role in driving market demand.
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- The US Energy Information Administration has made concerted efforts in elucidating the potential of gas turbines in electricity generation. Moreover, the renewed zeal of the regional energy sector to develop cutting-edge technologies for renewable energy production has also aided market growth. Presence of strong river currents has helped in developing a sound industry for renewable energy generation.
- Regional governments have invested in the development of renewable power plants. The importance of gas turbines for powering the needs of the residential sector cannot be undermined. The vendors in the global gas turbine electrical power generation market are focusing developing strong ties with regional suppliers of electricity.
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Power generation is amongst the most important factors that define the growth of a region. Availability of abundant power can be a cause of prosperity, improved living standards, and higher happiness index across regions. Therefore, regional authorities are investing in the development of robust sources of electric power. This trend has played an integral role in the inflow of voluminous revenues within the global gas turbine electrical power generation market.
Gas turbine is an engine used for producing electric current. It is placed at the heart of the power plant. Gas turbine acts as a combustible engine, which converts natural gas or other fuels into mechanical energy. This mechanical energy forces the generator to produce electricity. Generally, gas turbine converts mechanical energy into electrical energy. This is the prime function of gas turbine electrical power generator Gas turbine electrical power acts as an electrical energy that moves along the power lines for businesses and homes. Gas turbines for electrical power generation remains one of the cleanest forms of energy, with low levels of CO2 emission.
The gas turbine electrical power generation market can be segmented based on types of turbine used for electrical power generation, types based on power generating fuel, applications, and region. Based on turbines type, the gas turbine electrical power generation market can be bifurcated into open cycle gas turbine and closed cycle gas turbine. Open cycle gas turbine is a type of gas turbine electrical power generation in which air is drawn in the compressor from the atmosphere to generate power. Closed cycle gas turbine is a type gas turbine electrical power generation that compresses air from the surroundings. This air is heated by using the heat exchanger (air heater) for power generation. Based on types by the fuel for power generation, gas turbine electrical power generation can be segmented as oil, gas, kerosene, diesel, and others. Gas turbine electrical power generation are used in various industries based upon the requirement for electricity in oil & gas, aeronautical, locomotive, and defense industries.
Demand for gas turbine electrical power generation are due to its turbines which are clustered together where fuel to run them are abundantly available. Such power plants are usually employed for providing electricity grid relief and power supply during peak consumption hours. However, these plants are also now being utilized for supplying base loads due to technological advancements. Quick startup time of these plants also provides opportunities for using them as backup generation during emergencies. One of main advantages of using gas turbine electrical power generation is the ability of gas turbines to be functional on and off in less time and supply of power during peak.
Major restrains of using gas turbine electrical power generation requires special attention for the cooling of the blades of turbines, which operates in high temperature and pressure. High frequency noise is also a cause of concern while using gas turbine electrical power generators. High cost of production of gas turbine electrical power generators needs to be decreased through the adoption of new and emerging technologies.
In terms of geography, countries such as China, India, Japan, and Singapore are leading the gas turbine electrical power generation market in Asia Pacific due to the increase in demand for electricity and power generation for the purpose of developing smart cities in these countries. North America is the emerging market for gas turbine electrical power generation due to the newly discovered oil & gas fields and to develop infrastructure. The gas turbine electrical power generation market in Europe, particularly in countries such as the U.K., Germany, and France, has been expanding significantly due to rapid industrialization. Key players operating in the gas turbine electrical power generation market include Siemens AG, Doosan Heavy Industries, General Electric, Rolls Royce, and Mitsubishi Power Systems Europe Ltd.
Companies in the Gas Turbine Electrical Power Generation Market have increasingly shifted gears with wide application of digital technology across the continuum, from raw material sourcing to manufacturing to generation of final output, to warehousing to final distribution operations. Among the various affects, the market is witnessing new growth economics due to thinning of line between specialty and commodity businesses that are associated with the larger ecosystem. At the same time, new growth parameters are being vigorously being debated as industry stakeholders put greater emphasis on the circular economy processes.
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