28 Sep 2016 12:09:53
Global turbine inlet cooling systems market is projected to expand at a CAGR of 6% to reach US$13.17 bn by 2022.
With a few players exhibiting stronghold, the global turbine inlet cooling systems market has a fairly consolidated vendor landscape. Due to the prevailing monopolistic scenario, the degree of competition has remained relatively lower. However, the market is forecast to witness a spurt in growth in the forthcoming years, consequent to which competition among smaller players for increasing their market share is likely to intensify.
The global turbine inlet cooling systems market stood at US$7.8 bn in 2013. The market is projected to expand at a CAGR of 6% to reach US$13.17 bn by the end of 2022. By volume share, North America led the global turbineIn terms of units installed the mechanical chilling segment dominated the market with a share of over 62.85% in 2013.
Interpret a Competitive outlook Analysis Report with free PDF Brochure : http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=5426
According to Transparency Market Research (TMR), occupying the leading share in the market, Mee Industries Inc. emerged as the dominant player in 2013. Other prominent players in the market are TAS Energy Inc., Stellar Energy, Caldwell Energy Inc., and Camfil. These companies together held a share of over 43% in the global market.
Benefits Provided by Turbine Inlet Cooling Systems to Spur their Installation across Industries
Deploying turbine inlet cooling systems holds promise to offer both economic and environmental benefits to power plant owners, which is a key factor supporting the strong growth of the market over the years. “Installing wet compression, chilling, and fogging systems enables optimal capacity utilization of gas turbines, which is encouraging the adoption of turbine inlet cooling systems across industries,” said a lead TMR analyst.
Furthermore, the market is considerably gaining from the increasing adoption of gas-fired power plants. Easy availability and the minimal impact on environment are the key factors encouraging the adoption of natural gas-fired power plants. Moreover, these plants are faster to set-up and have a compact to design, which is fuel their demand across the world.
Demand for Minimizing Power Outages to Drive Installation of Intel Cooling Systems across Industries
The increasing demand for minimizing power outages during peak loads will augment the market’s growth during the forecast period. The persistent increment in peak power demands and the declining turbine performance, especially during summers is the key reason behind power shortages. This subsequently leads to increased power outages, especially during the summer season. Hence the gas-fired power plants operators are considering various options for increasing their power output.
“Installing inlet cooling systems can ensure un-interrupted power supply, which could provide economic benefits to the plant owners,” observed the TMR report’s author. This in turn is projected to fuel demand for turbine inlet cooling systems during the forecast period.
Technological Shortcomings Present in Turbine Inlet Cooling Systems Could Negatively Influence their Demand
Despite witnessing positive growth, the existing shortcomings in the inlet cooling technologies are inhibiting the market’s trajectory to an extent. Several power plant owners often shift towards more effective solutions as the effectiveness of fogging systems reduces with the increasing humidity. This could decelerate the gains witnessed by the market. Moreover, both inlet fogging and wet compression technologies are unsuitable for application when dry bulb temperature falls below 100 Celsius. These factors cumulatively influence the decision of plant owners to look for effective cooling solutions in turbine, thus negatively impacting the overall market.
Market Sees Opportunities in Decentralization of Power Generation
Nevertheless, decentralization of power generation is expected to provide the market with ample opportunities to gain from in the forthcoming years. Earlier power generation followed a highly centralized model, with government utility as the major generator of electricity. However, the advent of innovative products has helped in decentralizing power generation across the world. This is creating significant opportunities for the market’s growth in the forthcoming years.
The information provided in the review is based on a report, titled “Turbine Inlet Cooling Systems Market by Technology (Inlet Fogging Systems, Mechanical Chillers, and Wet Compression Systems) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2022” published by TMR.
The report segments the global turbine inlet cooling systems market as:
Turbine Inlet Cooling Systems Market: Technology Analysis
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Transparency Market Research
USA - Canada Toll Free: 866-552-3453
Clicking a category below will direct you to a list of related information
Market Research Community
Related Items From Everyone
Businesses around the globe have been urged to double the speed of CO2 reduction, following the...
26 Aug 2009
The Southern Hydrogen & Fuel Cell Coalition will administer a Flywheel Seeded Demonstration...
Car manufacturer Toyota is to add solar panels to some of its vehicles to power their smaller...
08 Jul 2008
The Green Building Council (GBC) has released a document that is attempting to redefine what...
14 May 2008