Over the next twenty-five years, the world will become increasingly dependent on electricity produced from various sources to meet its energy needs, boosting the gas turbine market. The market is poised to grow steadily due to high efficiency and low emission gas turbine sets, ideal for the current and future power generation mix.
New analysis from Frost & Sullivan (energy.frost.com), Global Large Gas Turbine Market, finds that the market earned revenues of over $8.34 billion in 2008 and estimates this to reach $11.52 billion in 2015.
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"There is the rise in power demand, which is caused by economic development across the globe," notes Frost & Sullivan Research Analyst Rajalingam Chinnasamy. "This is a major long-term driver with a huge impact on the market's growth."
There are developments seen in the oil and gas sector by conventional power plants due to regulations on emissions. Hence, market participants are developing products that are environmentally friendly. The flexible nature of gas turbines in terms of operational ability and fuel employed compared to the markets of other forms of energy such as wind, tidal, nuclear, and coal for power generation also aids market growth. The market for large gas turbines is experiencing significant demand worldwide and is anticipated to continue growing over the long term. The projected compound annual growth rate (CAGR) for the large gas turbine market is about 4.7 percent.
The global large gas turbine market grew by 3.6 per cent in 2008 despite volatile natural gas and raw materials prices. To overcome volatile price variations of raw materials, manufacturers typically enter into contractual agreements with suppliers to ensure that the prices of raw materials fluctuate within a specified range of the contract period.
"The global economic meltdown and growth in the alternative fuels segment for power generation is challenging for the large gas turbine market," adds Chinnasamy. "Therefore, factors such as reduced response times to customer issues and rewarding customers for their exceptional operational quality will increase customer loyalty."
Global Large Gas Turbine Market is part of the Energy & Power Systems Growth Partnership Service program, which also includes research in the following markets: Central and Eastern European Steam and Gas Turbine Market, North American Large Gas Turbine Market, and Chinese Gas and Steam Turbine Markets. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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Global Large Gas Turbine Market / N302