The market for turbine inlet cooling systems, is expected to be worth US$ 4.57 billion in 2022, is anticipated to increase at a CAGR of 4.3% to US$ 6.91 billion by 2032.
| Report Attribute | Details |
|---|---|
| Turbine Inlet Cooling System Market Value (2022) | US$ 4.57 Billion |
| Turbine Inlet Cooling System Market Anticipated Value (2032) | US$ 6.91 Billion |
| Turbine Inlet Cooling System Market Growth Rate (2022 to 2032) | 4.3% CAGR |
The expansion of power-producing plants is largely dependent on the rising demand for energy and power. Turbine intake cooling systems have improved technologically, making them more accessible and suitable for combustion turbines. This is sure to propel the market growth for turbines during the forecast period.
By bringing the air temperature down, turbine intake cooling systems play a crucial role in raising the power efficiency of power plants. Due to this important use, turbine inlet cooling system is anticipated to experience tremendous expansion in the upcoming years as there are more and more power generation facilities.
Increasing demand for power and energy across the globe has led to an increase in number of new gas turbines globally. This increasing installation rate is expected to directly impact the demand for turbine inlet cooling systems. Cooling, in case of the turbines, plays a very important role as lowering the temperature by even a few degrees can improve power output substantially.
For power generation plants located in regions having hot & arid, hot & humid climate and seasonal heat, implementing the perfect cooling system is must in order to prevent unnecessary power losses and thus drop in overall power generation plant efficiency.
In absence of a proper cooling system, power plants may need to install an additional turbine to bear the power losses. To avoid such uneconomical practices power plants usually incorporate turbine inlet cooling systems.
The turbine cooling system market is expected to be profitable market as it provides cost-effective power augmentation. The global turbine inlet cooling system market is segmented on the basis of technology and regions.
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The development of new power plants is being accelerated by rising energy demand, which has a significant impact on the worldwide gas turbine market. The market for gas turbine inlet cooling systems is anticipated to be significantly impacted by growth in gas turbine orders, particularly in regions with hot climates. Reduced plant efficiency caused by a decrease in inlet air density in hotter climates leads to power shortages and financial losses for plant owners. Systems for cooling the air entering a turbine boost power output. Increased air mass and output result from cooling the incoming air.
High temperatures and periods of peak demand (caused by air conditioning and refrigeration) increase the need for turbine intake cooling systems. These systems are now more effective and compatible with the turbine’s design because of technological advancements and improvements made by the manufacturers of turbine inlet cooling systems. Turbine intake cooling solutions have received the endorsement of numerous turbine manufacturers.
Companies in the industry are compelled to concentrate on lowering energy losses and adopting turbine inlet cooling systems due to the rising demand and social issues like energy conservation. Additionally, the requirement for a turbine inlet cooling system is enhanced by the growing use of gas-fired power plants. Additionally, the market for turbine inlet cooling systems may be constrained by cost.
Focusing on the use of clean energy is likely to influence the power production industry in the coming years due to the increased demand for electricity. During the projected period, it is anticipated that technology related to gas-fired power plants, hydropower turbines, and wind-powered turbines will advance significantly. The decreasing cost of wind turbines and the many steps taken by national and international agencies to expand the use of renewable sources in order to stabilize the production of carbon throughout the world are the market drivers for turbines. However, it is anticipated that the global phase-out of coal-fired power facilities will restrain the industry.
The decrease in coal-based power plants is a result of growing environmental protection concerns and an emphasis on the production of renewable energy. The trend toward gas-fired power plants is changing as a result of the decline in coal-based power plants. Gas turbines are expected to have strong demand in the next year's thanks to the growing number of gas-fired power facilities.
Additionally, the market for turbine inlet cooling systems will experience increased demand as a result of power-enhancing applications driving up gas turbine demand. Growing support for distributed power generation facilities is another element contributing to the market growth for turbine inlet cooling systems.
Power generation is moving away from centralized systems toward integrated networks due to operational viability and maintenance ease. The demand for gas-fired turbines and prospective turbine intake cooling systems is increasing as a result of this development.
In addition to being utilized for power generation, wind turbines have a variety of additional uses, including sailing, farming, grinding, and more. Wind turbine technology has evolved from an emerging power source to a commercial electricity-generating technology in more than 80 nations in the past 20 years.
In 2018, there were 591 GW of wind power installations worldwide, up from 14.86 GW in 2006. Reduced costs as a result of better materials and design, as well as favorable government policies for wind power in major wind power countries like China, the United States, Denmark, Germany, the United Kingdom, and India, were the main factors driving the overall growth of the number of turbine installations made between 2006 and 2018.
Depleting fossil fuel reserves, falling wind power generating costs, rising environmental awareness, and assistance from several governments throughout the world through financial incentives all contribute to the wind turbine market's exponential expansion.
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The increasing demand for power and energy and social concerns such as conservation of energy drives players in the market to focus on reducing energy losses and implementing turbine inlet cooling systems.
Further the increased adoption of gas fired power plants increases the requirement for turbine inlet cooling system. However, cost factor and economic downturns globally may act as restraint for the turbine inlet cooling system market.
As of 2013, North America accounted for largest share in the global turbine inlet cooling system market, owing to presence of regions with large power generation facilities/infrastructure such as U.S., Canada, and Mexico.
Further, the increasing share of natural gas power production in the region is projected to boost the demand for turbine inlet cooling system. Following footsteps of North America, Europe is the next lucrative market for turbine inlet cooling systems with large number of gas turbine installation in the region.
Turbine inlet cooling systems becomes primarily important for the regions with high heat during summers, therefore both Asia Pacific and Middle East & Africa are expected to contribute significantly to the growth of global turbine inlet cooling system market.
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The key players identified in the turbine inlet cooling system market are:
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Turbine Inlet Cooling System Market
