By Editors of Power Engineering
A new study by Zion Market Research indicates the gas turbines market should grow from $16 billion in 2015 to $20.5 billion in 2021, with an annual growth rate of four percent.
The study indicated that the major driving forces in the market are improved efficiency and durability of turbines, stricter carbon emissions regulations across the globe and lower power generation costs.
However, extended start-up time, decreased efficiency at idle speed and low sensitivity to modification in power demand are factors that could slow growth.
Zion Market Research indicated heavy-duty turbines with capacities of one megawatt or above lead the market in 2015 due to continued gas-fired plant development.
The Asia Pacific region held the dominant share in the overall gas turbines market across the globe in 2015, particularly due to high electricity demand in China. The study estimated China alone consumed more than 20 percent of the world’s electricity in 2015.