Global Industrial Gas Turbines Market 2017-2021

Overview of the global industrial gas turbines market

According to Technavio’s market research report, the global industrial gas turbines market will grow at a CAGR of more than 2% during the forecast period. One of the key drivers witnessed in the market is the compatibility of gas turbines with different fuels. Technological advancements in gas turbines ensure their flexibility with different gases and fuels such as low British thermal unit gases, synthetic gases, and liquid fuels. For instance, the aero-derivative gas turbine is a type of gas turbine that is designed to be fuel flexible. The production process of biodiesel from plants such as jatropha, palm, rapeseed, algae, or from animal fat by-products is known as transesterification. Manufacturers are also developing gas turbines that are compatible with these types of biodiesels, and this will positively impact the market during the estimated period. 

The growth in cogeneration is one of the key trends that will gain traction in the global industrial gas turbines market during the projected period. Cogeneration is the simultaneous production of electricity and heat. Industries such as food processing, chemicals, and metal manufacturing are increasingly using this technique because they lower GHG emissions. The future scope of cogeneration in these industries will have a direct influence on the growth of the market.

Competitive landscape and key vendors