February 22, 2024

Gas Turbine Upgrades for Performance Enhancement Market Poised to Reach US$25.3 Billion by 2029 with a CAGR of 5.8%

The global gas turbine upgrades for performance enhancement market is witnessing substantial growth, with estimated revenues exceeding US$17 billion in 2022. It is expected to continue growing at a robust CAGR of 5.8% and is projected to reach a valuation of approximately US$25.3 billion by the end of 2029.

Key Insights from the Report:

  • Growing Demand for Gas Turbines in Power Generation: The increasing demand for power generation, combined cycle power plant upgrades, aging fleet upgrades, and stringent CO2 regulations are driving the growth of the gas turbine upgrades for performance enhancement market.
  • Strong Growth in Combined Cycle Gas Turbines: Combined cycle gas turbines (CCGT) dominate the market, with comprehensive upgrades being the most lucrative segment.

Market Overview:

The global gas turbine upgrades for performance enhancement market is experiencing significant expansion, driven by the need for enhanced power generation efficiency and compliance with environmental regulations.

Key Drivers:

  • Growing Demand for Power Generation: The need for electricity is increasing due to urbanization and industrialization, leading to a rise in gas turbine installations and upgrades in power generation facilities.
  • Stringent CO2 Regulations: Environmental regulations promoting cleaner energy sources are encouraging gas turbine upgrades to reduce emissions and improve efficiency.

Challenges:

  • High Upgrade Costs: Comprehensive upgrades, while effective, can be costly, posing a challenge to end-users.
  • Lack of Awareness: Some regions lack awareness about the benefits of gas turbine upgrades, hindering market growth.

Key Market Segments:

  • Turbine Cycle: Combined cycle gas turbines (CCGT) dominate the market, offering higher thermal efficiency compared to simple cycle gas turbines.
  • Upgrades Type: Comprehensive upgrades, which involve replacing multiple parts and components, lead the market due to their performance-centric nature.
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Geographical Insights:

  • Asia Pacific Dominance: Asia Pacific holds the largest market share, driven by increasing power generation demand and cost-effective gas turbine upgrades in China.
  • European Growth: Europe is witnessing growth due to power shortages and the reactivation of coal-fired power plants, driving demand for gas turbine upgrades and maintenance.

Key Market Players:

Major players in the global gas turbine upgrades for performance enhancement market include GE, Mitsubishi Heavy Industries, Siemens AG, Toshiba Corporation, ABB Ltd., and others, contributing to over 60% of the market.

Browse Gas Turbine Upgrades for Performance Enhancement Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2029 – [ 2023 UPDATE Available – Forecast 2023-2030*] (By Turbine Cycle Coverage,By Upgrade Type Coverage, By Geography, Leading Companies): https://www.fairfieldmarketresearch.com/report/gas-turbine-upgrades-for-performance-enhancement-market

 

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This press release first seen on Brilad