NEWTOWN, CONN., Nov. 24, 2014 (GLOBE NEWSWIRE) -- Based on data derived from its Platinum 2.0 Forecast System®, I &M intelligence provider Forecast International says that the gas turbine power generation market has entered a period of sustained growth that should continue well into the next decade. The firm projects that manufacturers will build 18,800 gas turbine engines for power generation in the 2014-2028 period. The value of this production is $341.7 billion (in 2014 U.S. dollars).
Forecast International's Platinum 2.0, an industry-leading system that projects aerospace and defense production out 15 years, shows that gas turbine production will gradually rise from 1,082 units in 2014, topping out at 1,360 units in 2024 before leveling off in the outyears.
Nearly 60 percent of the turbines produced in the coming decade will be of an output below 50 megawatts, corresponding to the needs of developing countries and to distributed generation and peaking power requirements, according to the company's "The Market for Gas Turbine Electrical Power Generation" report. The report indicates that these simple-cycle units are also likely to find use by renewable energy power plants, helping them keep their generating profile level. Larger-output gas turbine machines will typically be installed in combined-cycle service for power generation, industrial cogeneration, or combined heat and power applications.
During the same period, manufacturers are expected to produce over 6,800 mechanical drive gas turbines, to be employed largely for gas compression and oil pumping on pipeline systems worldwide. Pipeline systems for distributing these energy sources are rapidly expanding, particularly in the United States, which is moving into the top spot as a producer of these critical resources. While most of these gas turbines will be relatively smaller, with lower HP ratings, nevertheless, their combined production will be valued at over $42.5 billion in current dollars.
Forecast International representatives will be on hand to discuss these and other industry developments at POWER-GEN International December 9-11 in Orlando, Florida (Booth #1373). FI will have on hand its I &M Database, which has been extensively updated and expanded. Attendees will have the opportunity to try the database's new portal, a user-friendly interface that allows a host of custom data runs. Also on display will be FI's Industrial & Marine Turbine Forecast (Gas & Steam) product, featuring reports and 10-year production forecasts for all major I &M machines. FI will also be demonstrating its Platinum 2.0 Forecast System at the show.
Forecast International, Inc. (www.forecastinternational.com) is a leading provider of Market Intelligence and Analysis in the areas of aerospace, defense, power systems and military electronics. Based in Newtown, Conn., USA, Forecast International specializes in long-range industry forecasts and market assessments used by strategic planners, marketing professionals, military organizations, and governments worldwide. Forecast International's resources and extensive base of experience can be readily adapted and efficiently focused to fulfill a broad spectrum of civil and military Consulting and Special Research requirements. To arrange an interview with Forecast International's editors, please contact Ray Peterson, Vice President, Research & Editorial Services (203) 426-0800, email@example.com. Questions regarding sales or consulting may be directed to firstname.lastname@example.org or email@example.com.
CONTACT: Will Alibrandi, Power Systems Aerospace Analyst Phone: (203) 426-0800 Website: www.forecastinternational.com E-mail: firstname.lastname@example.org Forecast International, Inc. 22 Commerce Rd. Newtown, CT 06470 USA
Source:Forecast International, Inc.