Frost & Sullivan: Rise in Natural Gas Availability to Help Gas Turbines Edge Ahead of Steam Turbines
Jul 31, 2014 UncategorizedComments Off on Frost & Sullivan: Rise in Natural Gas Availability to Help Gas Turbines Edge Ahead of Steam Turbines
LONDON, July 31, 2014 /PRNewswire/ — The global gas turbine market has been on the upswing due to the rising replacement of ageing coal plants with modern gas-fired power stations as well as the growing availability and usage of natural gas in power generation. Market participants are also feeling optimistic due to the expansion of the global oil and gas industry, and the need for more flexible generating assets, owing to greater renewable energy generation.
Similarly, the global steam turbine market is experiencing a surge in demand due to the large coal-fired capacity additions in emerging markets such as China and India. Furthermore, the increase in the number of combined-cycle gas turbines (CCGT) plants, expansion of nuclear power, and upgrading of coal plants with supercritical and ultra-supercritical technology have all opened up the market for steam turbines.
New analysis from Frost & Sullivan, Global Gas and Steam Turbine Markets, finds that the market earned revenues of $32.51 billion in 2013 and estimates this to reach $43.49 billion in 2020.
“Although the current profitability of gas-fired generation is low in regions such as Europe, gas turbines will be the technology of choice for future capacity additions,” said