London, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Growing need for gas turbine upgrades to boost power and improve the heat rate is likely to primarily drive the growth of global gas turbine upgrades for performance enhancement market. The expansion of the market has been analysed for the forecast in a newly released report of Fairfield Market Research. The report anticipates the market valuation of US$17 Bn (2022) to witness healthy growth through the end of 2029, reaching over US$25.3 Bn. Increasing demand for power generation continues to establish a strong base, whereas the growing demand for upgrading the performance of ageing fleet to meet the stringent industrial regulation regarding CO2 emissions will further fuel the growth of gas turbine upgrades for performance enhancement market. With an increasing number of combined cycle power plants seeking better performance and efficient, the market for gas turbine upgrades for performance enhancement will remain on an uptrend. Increasing expenditure on improving the residential, commercial, and industrial infrastructure in tandem with the various energy conservation initiatives will complement market expansion, says the report.
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Key Research Insights
- Gas turbine upgrades for performance enhancement market is poised for around 4.9% growth during 2021 – 2025
- Comprehensive upgrades accounted for nearly 34% market share in 2021, followed by air inlet fogging
- Asia Pacific is likely to retain the lead in global market with over 32% value share, Europe all set for a momentous growth outlook
Insights into Segmental Analysis
The report has segmented the market into simple and combined based on the turbine cycle. Research suggests that a combined cycle power plant simultaneously uses both a gas and a steam turbine for up to 52% more electricity generation from the same fuel when compared with a traditional simple cycle power plant. Among these, combined cycle gas turbine recorded a dominant market value share of over 65% in 2021. An increasing number of end users of gas turbines realize the advantage of upgrading their existing simple cycle gas turbine to its combined cycle counterpart with an intent to achieve superior thermal efficient, and greater power output, the gas turbine upgrades for performance enhancement market will continue to be on an uptrend. Growing demand for the key benefit of combined cycle gas turbines, i.e., amplified thermal efficiency will keep the market afloat, the report states. Moreover, based on the type of upgrades, the report will witness continued dominance of comprehensive upgrades. Beating compressor coating, hot section coating, and inlet air fogging in terms of end user preferences, the report expects comprehensive gas turbine upgrades to surge ahead throughout the period of assessment.
Key Report Highlights
- Thermal efficiency of combined gas turbines is nearly 35-40% higher than that of their simple gas turbine counterpart
- The report identifies comprehensive upgrades of exiting and outdated gas turbines as a highly profitable segment of the market
- Investments in outdated gas turbines are likely to spur with a growing role of government-imposed regulations regarding carbon emissions
Insights into Regional Analysis
Although the report projects Asia Pacific as the globally leading region for gas turbine upgrades for performance enhancement, it also highlights Europe as a high growth potential market. The former maintains a dominant market share of around 32%, whereas the latter is expected to experience momentous growth during the period of projection. China leads the pack in Asia Pacific with an influx of opportunities for comprehensive turbine upgrades and the nation will remain in the bandwagon with a large number of vendors providing small- and large-scale upgrades and services. On the other side, the recent Russia-Ukraine unrest has been a massive game changer for Europe’s gas turbine upgrades for performance enhancement market, says the report.
Gas Turbine Upgrades for Performance Enhancement Market Competition
Mitsubishi Heavy Industries, Ltd., GE, Siemens AG, ABB Ltd., Toshiba Corporation, Dresser-Rand, Stellar Energy, Centrax Ltd., ENRGISTX, and Mee Industries Inc. constitute some of the leaders in global gas turbine upgrades for performance enhancement market. The report considers some of the most prominent players for detailed strategic profiling and analysis to reveal the most significant competition insights.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2021 | |
| Forecast Year | 2022 – 2029 | |
| Market Size in 2022 | US$17 Bn | |
| Estimated Market Size in 2029 | US$25.3 Bn | |
| CAGR | 4.9% | |
| Key Players | GE, Mitsubishi Heavy Industries, Ltd., Siemens AG, Toshiba Corporation, ABB Ltd., Dresser-Rand, Centrax Ltd., Stellar Energy, ENRGISTX, Mee Industries Inc. | |
Market Segmentation
Turbine Cycle Coverage
- Simple Cycle
- Combined Cycle
Upgrade Type Coverage
- Comprehensive Upgrades
- Hot Section Coating
- Compressor Coating
- Inlet Air Fogging
- Others
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
Leading Companies
- GE
- Mitsubishi Heavy Industries, Ltd.
- Siemens AG
- Toshiba Corporation
- ABB Ltd.
- Dresser-Rand
- Centrax Ltd.
- Stellar Energy
- ENRGISTX
- Mee Industries Inc.
- B&B-AGEMA GmbH
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Turbine Cycle-wise Analysis
- Upgrade Type-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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