Global Industrial Gas Turbine Ignition System Market 2019–2023: Operational Efficiencies Associated with Industrial Gas Turbines to Boost Demand — Technavio
The industrial gas turbine ignition system market report has been added to Technavio’s catalog.
The global industrial gas turbine ignition system market is expected to grow at a CAGR of more than 8% over the forecast period.
The industrial gas turbine ignition systems are an integral part of industrial gas turbines. Industrial gas turbine systems help in achieving cost efficiency, which is prompting manufacturers of heavy industry vehicles to opt for these systems over other engines such as diesel engines and piston engines. The industrial gas turbine ignition system market is expected to grow at a significant rate, owing to the factors such as the low capital investment, and the growing power generation sector.
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The operational efficiencies associated with industrial gas turbines is one of the key factors driving the growth of the industrial gas turbine ignition system market. Gas turbines are more efficient, reliable, and fuel compatible than substitutes such as steam engine or piston engines. Combustors and the design of the burners in these turbines exhibit superior performance in terms of emission reduction, even with heavy load on the engines. Such features are making gas turbines the most efficient combustion system and subsequently, increasing their demand. This is contributing to the increase in adoption of industrial gas turbine ignition systems, which also facilitates low thermal conductivity.
The digitalization of gas turbine operations will be one of the key trends in the industrial gas turbine ignition system market during the forecast period. Digitalization of operations of heavy-duty industrial machinery, including industrial gas turbines, helps users to operate from far and remote locations. Digitalized operations also help in the identification of issues in heavy-duty industrial machinery well ahead of time, allowing users to eliminate or minimize downtime.
Regional Outlook
The market for industrial gas turbine ignition system market spans across five major regions: the Asia-Pacific, North America, Europe, South America and the Middle East and Africa. The industrial gas turbine ignition system market in Asia-Pacific is the fastest-growing market globally, with an incremental growth of approximately USD 417 million.
China and India are expected to emerge as major revenue contributors to the industrial gas turbine ignition system market in APAC. This is mainly attributed to the increasing consumption of energy due to the rising population, and government support to promote the use of gas and renewable energy. The market in these countries is also driven by the low cost of gas as a fuel, which is boosting the installation of new gas turbine power plants in these countries.
Competitive Outlook
Ansaldo Energia Spa has business operations under three segments, such as new units operation, service operation, and nuclear. The company is based across EMEA, Americas, and Asia. The company offers industrial gas turbine ignition system through its gas turbine product segment.
The company reported revenues of USD 1,342 million for FY2018. In June 2019, the company established a joint venture with REP Holdings to provide a full-cycle service offering for high-power industrial gas and steam turbines in Russia. The key offering from this vendor is the industrial gas turbine ignition system.
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