Middle East Gas Turbine Market Size to exceed annual installation of 4 GW by 2024
Oct 9, 2019
Middle East Gas Turbine Market size in 2017 was valued over USD 900 million and is projected to exceed an annual installation of 4 GW by 2024
India - October 9, 2019 /MarketersMedia/ —
According to the Graphical Research new growth forecast report titled “Middle East Gas Turbine Market analysis based on Capacity, Product, Technology, Application, Industry Analysis Report, Country Analysis Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024”, estimated to exceed annual deployment of 4 GW by 2024. Middle East Gas Turbine Market was over USD 900 million in 2017 and is anticipated to exceed annual deployment of 4 GW by 2024. Strengthening government measures toward renewable energy integration along with restructuring of trade policies and investment flow will stimulate the Middle East gas turbine market growth. Refurbishment and retrofitting across the key power markets in line with technological enhancements across the materials, combustion, cooling and aerodynamics industries will further drive the industry landscape.
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Rising energy demand from manufacturing plants coupled with paradigm shift toward the integration of effective energy mix will drive the gas turbine market size. The industry growth is further attributed to the implementation of effective energy utilization policies toward the expansion of combined cycle power plants.
Ongoing installation of co-generation units to withstand energy consumption in commercial, small industrial and isolated transmission & distribution networks will propel the gas turbine market. In addition, ongoing expansion of effective re-generation units to withstand minimal heat requirements will further boost the industry landscape.
Operational efficiency, lower overall operational cost, effective environmental proximity, and effective waste heat utilization are the key factors justifying the product demand. In addition, growing industrial headway along with increasing demand for energy & stability in gas prices will further develop a positive scenario for the gas turbine market.
Increasing deployment of gas turbines across process industries by replacement of coal by gas in a host of small-scale industrial applications will further enhance the growth prospects of Middle East gas turbine market. In addition, government reforms to curtail emissions along with stalling of gas prices in the current industrial regime will further pose immense potential for gas turbine deployment.
Middle East gas turbine market will witness robust growth on account of government funding and extensive R&D reforms toward installation of efficient combined cycle generation units. For instance, in 2015, European Investment Bank granted a loan of USD 600 million to the Government of Egypt for the establishment of Damanhour Power Station of 1,800 MW capacity.
Shifting trends toward energy-efficient technologies coupled with increasing focus toward replacement of inefficient coal fired power plants will drive the Middle East gas turbine market. Increasing efforts for power capacity augmentation to meet the constantly increasing power demand will further provide a thrust to the industry dynamics. As per OPEC 2016, Saudi Arabia depends on oil exports for about 85% of its annual revenues and is expected to replace oil power plants by gas fired generating stations in the country.
Notable participants across the gas turbine market in Middle East include Centrax, Siemens AG, Wartsila, General Electric, MAPNA, Toshiba, Capstone Turbine, Solar Turbines, Score Group and Ansaldo Energia.
Browse key industry insights along with Table of Content @ https://www.graphicalresearch.com/industry-insights/1031/middle-east-gas-turbine-market
Segments We Covered:
Middle East Gas Turbine Market Statistics, By Capacity
500 kW to 1 MW
> 1 MW to 30 MW
> 30 MW to 70 MW
> 70 MW to 200 MW
> 200 MW
Middle East Gas Turbine Market Trends, By Product
Aero-derivative
Heavy duty
Middle East Gas Turbine Market Analysis, By Technology
Open cycle
Combined cycle
Middle East Gas Turbine Market growth, By Application
Power plants
Oil & gas
Process plants
Aviation
Marine
Others
Related Reports:
Europe Heat Exchanger Market : https://www.openpr.com/news/1837461/strong-industry-trends-in-europe-heat-exchanger-market-from-2019
North America Busbar Trunking System Market : https://www.openpr.com/news/1837466/report-north-america-busbar-trunking-system-market-on-growth
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
Contact Info:
Name: Parikhit B.
Email: Send Email
Organization: Graphical Research
Website: https://www.graphicalresearch.com/industry-insights/1031/middle-east-gas-turbine-market
Source: MarketersMedia
Release ID: 88926668
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