Dublin, March 20, 2023 (GLOBE NEWSWIRE) -- The "Gas Turbine Upgrades for Performance Enhancement Market - Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)" report has been added to ResearchAndMarkets.com's offering.
The report indicates a promising growth outlook for the market between 2022 and 2029 with an estimated 5.8% growth through 2029 end, the market is expected to attain a valuation of more than US$25 Bn.
The report projects that the global valuation of gas turbine upgrades for the performance enhancement market will be around US$17 Bn by the end of 2022 and will foster on the back of rising investments in outdated gas turbines, as well as the increasing role of governments.
Growing need to boost the performance of existing, aging gas turbines by upgrading them is predominantly driving the growth of global gas turbine upgrades for the performance enhancement market.
Stringent regulations about carbon emissions and energy conservation will play a vital role in the market build-up, says the report. In addition, an increasing number of combined cycle power plants seeking improved performance and efficiency further elevate the growth prospects of gas turbine upgrades for the performance enhancement market.
Demand for Comprehensive Upgrades Maximum, Combined Cycle Gas Turbines Continues to Spearhead
As the thermal efficiency of combined gas turbines has been proven to be around 35-40% higher than that of simple gas turbines, combined gas turbine upgrades are likely to remain the top-performing segment in the market.
The analysis of the market presented in the report Market analysis based on the turbine cycle shows that combined cycle gas turbine currently holds a market value share of over 65% and will remain dominant in the market throughout the period of assessment. In terms of the type of upgrades, comprehensive gas turbine upgrades will continue to surge ahead, followed by inlet air fogging.
The report also highlights the other key segments as well, i.e., compressor coating, and hot section coating. Demand for comprehensive gas turbine upgrades is expected to account for a market share of nearly 34% throughout the stipulated period.
Asia Pacific Spearheads in Gas Turbine Upgrades for Performance Enhancement Market
Asia Pacific is projected to spearhead global market for gas turbine upgrades for performance enhancement through the end of 2025.
While the report attributes this lead to the presence of a strong user base of gas turbine upgrade solutions across the region, it will most likely continue to account for a market share of around 32%.
China will be at the forefront with the strongest presence of both the small- and large-scale vendors involved on gas turbine upgrade solutions and services. Chinese market is also expected to generate notable demand for comprehensive turbine upgrades.
Key Highlights into Global Gas Turbine Upgrades for Performance Enhancement Market
- Increasing investments in outdated gas turbines will push the role of government-imposed regulations regarding carbon emissions
- Comprehensive upgrades of both the existing and outdated gas turbines will bring in the maximum revenue to market
- In 2021, comprehensive gas turbine upgrades accounted for more than a third of the total market valuation
- Capturing more than 32% market share, Asia Pacific will continue to surge ahead in the market through 2029
Market Players
- 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
Key Topics Covered:
1. Executive Summary
1.1. Global Gas Turbine Upgrades for Performance Enhancement Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. Covid-19 Impact
2.5.1. Supply Chain
2.5.2. Raw Materials Impact Analysis
3. Price Trends Analysis
3.1. Key Highlights
4. Global Gas Turbine Upgrades for Performance Enhancement Market Outlook, 2018-2029
4.1. Global Gas Turbine Upgrades for Performance Enhancement Market Outlook, by Turbine Cycle, Value (US$ Mn), 2018-2029
4.1.1. Key Highlights
4.1.1.1. Simple Cycle
4.1.1.2. Combined Cycle
4.1.2. BPS Analysis/Market Attractiveness/Comparison Matrix Analysis, by Turbine Cycle
4.2. Global Gas Turbine Upgrades for Performance Enhancement Market Outlook, by Upgrade Type, Value (US$ Mn), 2018-2029
4.2.1. Key Highlights
4.2.1.1. Comprehensive Upgrades
4.2.1.2. Hot Section Coating
4.2.1.3. Compressor Coating
4.2.1.4. Inlet Air Fogging
4.2.1.5. Others
4.2.2. BPS Analysis/Market Attractiveness/Comparison Matrix Analysis, by Upgrade Type
4.3. Global Gas Turbine Upgrades for Performance Enhancement Market Outlook, by Region, Value (US$ Mn), 2018-2029
4.3.1. Key Highlights
4.3.1.1. North America
4.3.1.2. Europe
4.3.1.3. Asia Pacific
4.3.1.4. Rest of the World (RoW)
4.3.2. BPS Analysis/Market Attractiveness Analysis, by Region
For more information about this report visit https://www.researchandmarkets.com/r/7r0jk
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