Industrial Gas Turbine Ignition System Market – Snapshot
Industrial gas turbines are engines using primary fuels for continuous combustion in the industrial space. This technology plays a vital role these days in reducing CO2 emissions across the globe. Accordingly, gas turbine installations especially in the power generation sector are expected to be a driving factor for CO2 emission reduction. These gas turbines are ignited using an ignition system which is supplied by a large number of industry players in the value chain. The shelf life of these industrial gas turbine ignition systems are accounted in terms of number of hours or number of sparks generated. Since their inception in the industrial space in the late 18th century, industrial gas turbines have found diverse applications. The market dynamics of the industrial gas turbine system market is directly dependent on the industrial gas turbine industry across the globe.
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One of the key driving factors of the industrial gas turbine ignition system market is the increasing adoption of gas-fired power generation. Gas-fired power plants are increasingly adopted across the globe due to the low capital investment, shorter duration of construction, and added advantage in operations. Some of the biggest natural gas power plants are located in Japan, Russia, and Taiwan. Industries across the globe are seeking lower carbon footprints when it comes to power generation. Natural gas among is increasingly adopted in power generation owing to its relatively clean-burning characteristics. Global LNG production is increasing and the transportation is spread across the globe due to developed transportation infrastructure. This factor is therefore expected to drive the sales of industrial gas turbine ignition systems on a large scale. Another driving is the increasing demand for electricity across diverse applications. Annually, there has been a yearly growth of about 3% in the demand for electricity for diverse applications. According to the International Energy Agency, this rise is contributed by two main countries: China and India, accounting for almost 70% share. This increase in demand especially from emerging economies is expected to make them top leaders in terms of economic development. Another factor responsible for the rising electricity demand is the increasing population, as adequate electricity has to be supplied to the people. On the other hand, the market is challenged by the continuous price war among players. Countries such as China, supplying cheap components to the global ignition systems market always creates a challenging environment for players who adhere to quality and product standards. Thus, a tussle is witnessed between quality and price. China’s low cost manufacturing strategy facilitated by low cost labor is expected to create challenging situations to the domestic as well as the international market. Besides, this market can avail opportunity from the technological aspect such as micro power technologies. Several studies are underway in the field of micro power technologies to improve on substantial energy efficiency and emissions improvement in diverse industry verticals. Industries of the future are expected to look forward to technologies to save energy and reduce waste. Industrial electric power generation includes micro turbines, fuel cells, fuel cell/gas turbine hybrid systems, and reciprocating engines.
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According to TMR analysis, the global industrial gas turbine ignition system market is expected to reach market value of around US$ 1640 Mn by the end of 2024,at a CAGR of about 9.6%,during the forecast period 2018-2026. At the component level, the spark plugs segment is expected to expand at the highest growth rate of about 9.3% across the globe. The market size of industrial gas turbine ignition system catering to the heavy duty gas turbines market stood at 330 thousand units in 2017.Power generation application held more than 58% share in the year 2017 in terms of market value derived from the sale of industrial gas turbine ignition systems. The Asia Pacific region is expected to continue its dominance in the industrial gas turbine ignition system market over the forecast period.
Some of the key players profiled in the industrial gas turbine ignition system market are Woodward, Inc., Unison, LLC, Champion Aerospace, Inc., Knite, Inc., Hatraco Technische Handelsonderneming B.V., Chentronics, LLC, Federal-Mogul LLC, Tesi Group, Meggitt PLC and Hoerbiger Holding.
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