NEWTOWN, Conn., Oct. 5, 2016 (GLOBE NEWSWIRE) -- With the Power-Gen International conference in Orlando just a few months away, Forecast International has issued its annual analysis, "The Market for Gas Turbine Electrical Power Generation."
Forecast International projects a world market for 5,480 electrical power generation gas turbine engines worth $105.3 billion over the next 10 years
"The utility and industrial power generation market will continue to provide a strong stimulus for the production of gas turbine machines, with much of that production going into cogeneration and combined heat and power (CHP), combined-cycle, and combined-cycle cogeneration facilities and systems," said Stuart Slade, power systems analyst at FI and author of the analysis.
For the near term, the generation market should be dominated by mid- to large-scale cogeneration facilities in the industrialized nations, notably Japan and countries in Europe and Asia. Traditional non-users of cogenerated power, in particular the oil and gas industry, have begun to accept the concept for a variety of applications, including enhanced oil recovery, platform electric power, and refinery electric power generation combined with process systems.
"Higher up the scale, the current need for new baseload capacity additions, as well as for increases in individual power plant capacity, will increase worldwide demand for gas turbine-based power plants using the latest technology. This will focus investment on the largest and most expensive category of industrial gas turbines – those with the highest outputs," said Slade. "They can be expected to be procured heavily in areas such as China, North Korea, Vietnam, Indonesia, Thailand, Brazil, and the Middle East."
"The Iraq rebuilding efforts, for example, saw a surge in the market for quickly built generation," said Slade. "Deregulation within the power generation business and the changing mix of independent power producers (IPPs), small power producers (SPPs), and merchant power producers (MPPs) have also driven the gas turbine market in a positive direction."
While machines of 50 MW or larger will only rack up about 30 percent of total unit volume, they will be responsible for almost 80 percent of the expenditure on gas turbines, according to the analysis.
About Forecast International
Forecast International, Inc. 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.
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Source:Forecast International, Inc.