Research and Markets, who claim to be the world's largest market research store have conducted fresh research on the global gas turbine market, making projections for 2016 all the way up to 2020. The research has been published in a 106-page journal titled Global Gas Turbine Market 2016-2020. Gas turbine engineering will still be lucrative for the next 4 years due to the compound annual growth rate (CAGR) of gas turbines. The researchers foresee a CAGR of 3.49%.
The report portrays the market in a positive light due to the push for renewable energies occurring in the world today. The researchers think that governments will invest more money into the gas turbine market in an attempt to integrate renewable energy technologies and to cut emissions.
Anju Ajaykumar, a lead analyst at Technavio, talking about the report, said: "Worldwide, power generation is undergoing a transformation from centralized systems to integrated networks due to growing reliance on distributed power generation systems. Distributed power technologies are less than 100MW in size with the standard size being less than 50MW, which is the limit permitted by distribution systems at distribution voltages."
The research underlines which markets are directly affecting the rise in the need for gas turbines:
- Power generation 70.39%
- Mobility 17.18%
- Oil and gas 6.07%
- Others 6.35%
"Gas turbines are an essential part of distributed power technologies product portfolio along with diesel and gas reciprocating engines, solar panels, fuel cells, and small wind turbines. Thus, growth of distributed power systems will translate to an increased demand for gas turbines during the forecast period," Ajaykumar concluded.
Back in 2012, General Electrical debuted 60 Hz gas turbines named FlexEfficiency and since then have seen new orders flying in. Toshiba has recently asked GE's Power Services to retrofit steam turbines in their steel manufacturing facilities in South Korea. The power plant would recycle the steel facility's blast furnace gas and use that to fuel boilers to create steam. The method is an environmentally conscious method, the company says no harmful gases will enter the atmosphere. When launched, GE said their gas turbines would avoid up to 56,000 metric tons of carbon emissions per year.
Siemens - who also have a range of gas turbines - were contacted by Israel to install two natural-gas fired turbines in a power plant. They will be installing their SGT-800 industrial gas turbines which have a capacity of 70MW each. They will also be installing one in Malaysia.