Because of urbanization, as well as the global environmental concerns over the environmental impacts and costs of coal-fired power, the world’s industrial gas turbine market should rise annually and reach $10.23 billion by 2026, according to the summary of a new report by Fortune Business Insights.
The gas turbine sector–led by companies such as Siemens, Mitsubishi Hitachi Power Systems (MHPS), Rolls-Royce, Ansaldo Energia and Kawasaki Heavy Industries, among others–is expected to grow at an annual rate of approximately 1.4 percent over the next seven years, the summary indicates.
Quoting a report by UNESCO, Fortune Business Insights estimates by nearly two-thirds of the world’s 8.1 billion will be living in cities. Asia-Pacific and Latin America will have the highest number of megacities (or those having populations over 10 million).
“Rampant urbanization is expected to put greater pressure on resources and emit more harmful gases through home appliances and coal-fired power plants in these regions,” the report summary reads. “This will significantly swell the global industrial gas turbine market size.”
The current global industrial gas turbine market last year was estimated at more than $9 billion. The sector is expected to also grow as a result of concerns of greenhouse gas emissions, with the International Energy Agency’s report finding that coal-fired power plants are contributing nearly a third of global carbon dioxide emissions.
New gas-fired plants emit less than half of the CO2 that coal-fired power stations do, according to reports. Utilities such as New Orleans-based Entergy Corp. are replacing older plants with new gas-fired combined-cycle plants such as the St. Charles station which started operations this summer.
Of the companies highlighted in the Fortune Business Insights report, MHPS, Siemens, GE, Ansaldo Energia, Solar Turbines and PW Power Systems will be presenting and/or exhibiting at POWERGEN International. Another company which is reportedly entering the large gas turbine manufacturing space, South Korea-based Doosan Heavy Industries, also is exhibiting at POWERGEN, which is happening Nov. 19-21 in New Orleans.
(Rod Walton is content director for Power Engineering and POWERGEN International. He can be reached at 918-831-9177 and email@example.com).