Gas Turbine Upgrades for Performance Enhancement Market - Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Growing need to boost the performance of existing, aging gas turbines by upgrading them is predominantly driving the growth of global gas turbine upgrades for the performance enhancement market. The publisher indicates a promising growth outlook for the market between 2022 and 2029. At an estimated 5.8% growth through 2029 end, the market is expected to attain a valuation of more than US$25 Bn. The report projects that the global valuation of gas turbine upgrades for the performance enhancement market will be around US$17 Bn by the end of 2022 and will foster on the back of rising investments in outdated gas turbines, as well as the increasing role of governments. Stringent regulations about carbon emissions and energy conservation will play a vital role in the market build-up, says the report. In addition, an increasing number of combined cycle power plants seeking improved performance and efficiency further elevate the growth prospects of gas turbine upgrades for the performance enhancement market.  

Key Highlights into Global Gas Turbine Upgrades for Performance Enhancement Market

• Increasing investments in outdated gas turbines will push the role of government-imposed regulations regarding carbon emissions
• Comprehensive upgrades of both the existing and outdated gas turbines will bring in the maximum revenue to market
• In 2021, comprehensive gas turbine upgrades accounted for more than a third of the total market valuation
• Capturing more than 32% market share, Asia Pacific will continue to surge ahead in the market through 2029

Demand for Comprehensive Upgrades Maximum, Combined Cycle Gas Turbines Continues to Spearhead

As the thermal efficiency of combined gas turbines has been proven to be around 35-40% higher than that of simple gas turbines, combined gas turbine upgrades are likely to remain the top-performing segment in the market. The analysis of the market presented in the report Market analysis based on the turbine cycle shows that combined cycle gas turbine currently holds a market value share of over 65% and will remain dominant in the market throughout the period of assessment. In terms of the type of upgrades, comprehensive gas turbine upgrades will continue to surge ahead, followed by inlet air fogging. The report also highlights the other key segments as well, i.e., compressor coating, and hot section coating. Demand for comprehensive gas turbine upgrades is expected to account for a market share of nearly 34% throughout the stipulated period.  

Asia Pacific Spearheads in Gas Turbine Upgrades for Performance Enhancement Market

Asia Pacific is projected to spearhead global market for gas turbine upgrades for performance enhancement through the end of 2025. While the report attributes this lead to the presence of a strong user base of gas turbine upgrade solutions across the region, it will most likely continue to account for a market share of around 32%. China will be at the forefront with the strongest presence of both the small- and large-scale vendors involved on gas turbine upgrade solutions and services. Chinese market is also expected to generate notable demand for comprehensive turbine upgrades.  

Gas Turbine Upgrades for Performance Enhancement Market Players

GE, Mitsubishi Heavy Industries, Ltd., Siemens AG, ABB Ltd., Toshiba Corporation, Dresser-Rand, Stellar Energy, Mee Industries Inc., Centrax Ltd., ENRGISTX.