Turbine Inlet Cooling System Market Size & Share, by Technology (Inlet Fogging, Chiller System, Evaporative Cooling, Mechanical Chillers, Fogging System, Wet Compression, Hybrid System, Absorption Cooling); Component (Chillers, Inlet Coils, Pump, Cooling Tower, Thermal Energy Storage Tank, Air Cooled Heat Exchanger); End-Use (Power Generation, Oil & Gas, Chemical, Petrochemical, Food Processing) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 889
  • Published Date: May 07, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Turbine Inlet Cooling System Market size is predicted to reach USD 10 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of turbine inlet cooling system was USD 5 Billion. The rising global temperature and the growing need for electricity are contributing factors to the market revenue growth.

The need for reliable and efficient power production system led to the development of turbine inlet cooling system, which boost the power output of gas turbines by improving their efficiency. Global final power consumption in 2019 was 22 848 TWh, up 1.7% from 2018. The final power consumption in OECD countries decreased by 1.1% to 9 672 TWh in 2019, whereas non-OECD countries saw a 3.8% growth in final electricity consumption to 13 176 TWh in 2018.

In addition to these, turbine inlet cooling system are highly sought after in order to mitigate the detrimental impact of elevated temperatures on Gas Turbine performance. High temperatures may reduce the power production of gas turbines and raise maintenance costs. By reducing the temperature of the air entering the engine, turbine inlet cooling system can assist gas turbines produce more power. As a result, efficiency increases and emissions and fuel consumption are decreased.


Turbine Inlet Cooling System Market
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Turbine Inlet Cooling System Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing demand to reduce carbon emission - Reducing carbon emissions is driving the increase in the turbine inlet cooling system market revenue. Turbine inlet cooling system are used to increase the efficiency of gas turbines, which lowers carbon emissions. This is achieved by reducing the amount of fuel used to generate a given amount of power.

    A reduction in gasoline use leads to a corresponding decrease in carbon emissions for nations that are committed to reducing their carbon footprint. In 2022, industry and fossil fuels contributed 37.15 billion metric tons (GtCOâ‚‚) of carbon dioxide emissions into the atmosphere. Emissions are expected to increase by 1.1 % in 2023, which would set a new record of 37.65 GtCO2. Since 1990, global CO2 emissions have risen by approximately 60%.
  • Increasing demand from a range of end-use sectors for turbine inlet cooling system - The increasing need for turbine inlet cooling system across a range of end-use industries, such as power generation, oil & gas, and industrial processes, is the cause of the market revenue growth. Turbine inlet cooling system are used in power plants to improve the reliability and efficiency of the power-generating process.

    In the oil & gas sector, turbine inlet cooling system are used to increase the efficiency of gas turbines that process and compress gas. Air separation, ammonia production, and LNG processing are just a few of the industrial processes that benefit from the use of turbine inlet cooling system.

    It is anticipated that current expenditures on improved LNG infrastructure will drive higher demand for raw materials in the upcoming years. From 2021 onward, demand is anticipated to grow more annually, with the Middle East predicted to become an LNG user. An estimated 450 million metric tons will be needed overall, with 326 million tons coming from Asia Pacific markets.
  • Development of innovative technology - Another reason propelling the turbine inlet cooling system market revenue growth is the development of innovative technologies that improve the efficiency of turbine inlet cooling system. Innovative materials like Phase Change Materials (PCM) and innovative cooling techniques like Direct Evaporative Cooling (DEC) and Indirect Evaporative Cooling (IEC) are improving the efficiency of turbine inlet cooling system.

Challenges

  • Availability of alternative technologies - The accessibility of substitute power production technologies, like energy markets and combined cycle power plants. These substitute technologies may draw funding away from turbine inlet cooling system while providing competitive options for effective power generation. 
  • Among these are the substantial up-front costs associated with putting turbine inlet cooling technology into practice, which may discourage certain operators of power plants from using these solutions.
  • The environment can have an impact on cooling system' efficacy, which makes them less applicable in some areas of the world.

Turbine Inlet Cooling System Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

5%

Base Year Market Size (2023)

USD 5 Billion

Forecast Year Market Size (2036)

USD 10 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Turbine Inlet Cooling System Segmentation

Technology (Inlet Fogging, Chiller System, Evaporative Cooling, Mechanical Chillers, Fogging System, Wet Compression, Hybrid System, Absorption Cooling)

In turbine inlet cooling system market, inlet fogging segment is likely to capture around 30% share by the end of 2036. The segment growth can be accredited to the efficiency of the gas turbine by decreasing the air temperature and increasing the air mass flow rate. This technology is also affordable, easy to use, and safe for the environment. By dispersing fog droplets over the inlet air, inlet fogging devices raise the air density. It is among the evaporative cooling methods that are most frequently utilized.

The advantages of this technology include low operating and maintenance costs and approval from all major turbine manufacturers. The need for fogging system at the inlet. It is predicted that using turbine inlet cooling technology will increase plant efficiency by up to 10%.  It has been shown that installing turbine inlet cooling system is more cost-effective than adding more turbines. Turbine inlet cooling system are therefore becoming the preferred option for many power plant owners and operators. As a result, the market will propel in the near future.

End-Use (Power Generation, Oil & Gas, Chemical, Petrochemical, Food Processing)

In turbine inlet cooling system market, the power generation segment is predicted to hold over 28% revenue share by the end of 2036. The growing need for electricity globally, especially in emerging countries, has forced power production companies to focus on boosting the output and efficiency of gas turbines. One workable way to accomplish this is using turbine inlet cooling. Turbine inlet cooling system can also help power plants cut greenhouse gas emissions and meet environmental regulations.

Our in-depth analysis of the market includes the following segments:

            Technology

  • Inlet Fogging
  • Chiller System
  • Evaporative Cooling
  • Mechanical Chillers
  • Fogging System
  • Wet Compression
  • Hybrid System
  • Absorption Cooling

            Component

  • Chillers
  • Inlet Coils
  • Pump
  • Cooling Tower
  • Thermal Energy Storage Tank
  • Air Cooled Heat Exchanger

            Application

  • CT Plant
  • Industrial

            End-Use

  • Power Generation
  • Oil & Gas
  • Chemical
  • Petrochemical
  • Food Processing

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Turbine Inlet Cooling System Industry - Regional Synopsis

North America Market Statistics

By the end of 2036, North America region is projected to account for more than 32% turbine inlet cooling system market share. The market growth in the region is also expected on account of well-established industrial sector, and the power generation industry is growing rapidly. Turbine inlet cooling devices can be used to boost the efficiency and production of gas turbines, especially during the hot summer months when demand is high. This region's growing requirement for consistent and effective power generation is driving up demand for market.

Moreover, in North America, the necessity for efficient power generation in nations like the US and Canada, coupled with strict pollution regulations, is what drives the need for gas turbines. As a result, in the next years, there will be a greater need for turbine inlet cooling system due to the growing usage of gas turbines. In 2021, 81% of North America's electricity was produced in the United States. About 20% of all electricity generated in the US in 2021 came from renewable energy sources, with the electric power industry accounting for roughly 59% of all renewable energy consumption in the US.

APAC Market Analysis

By the end of 2036, Asia Pacific region in turbine inlet cooling system market is set to hold over 28% revenue share. The region is experiencing tremendous economic growth as a result of large investments made in electricity generation and infrastructure development by nations like China and India. The region's turbine inlet cooling system market is growing as a result of the accessibility of low-cost labor and the friendly policies of the local government, which are also attracting a lot of investors.

Research Nester
Turbine Inlet Cooling System Market Size
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Companies Dominating the Turbine Inlet Cooling System Landscape

top-features-companies
    • Siemens AG
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Johnson Controls
    • General Electric Company
    • Baltimore Aircoil Company, Inc.
    • Camfil
    • Munters AB
    • Parker Hannifin Corp
    • Caldwell Energy Company
    • American Moistening Company
    • Mee Industries, Inc.

In the News

  • Johnson Controls, the global leader for smart, healthy and sustainable buildings, is making residential energy efficiency more affordable and accessible for homeowners through robust financing options and rebates intended to maximize newly announced savings available through the Inflation Reduction Act. With higher-efficiency HVAC equipment from Johnson Controls, homeowners can reduce their heating and cooling costs by as much as 50% compared to low-efficiency system.  
  • Siemens completes Azores sustainable power project, creating a blueprint for other islands. Project on Terceira handed over to Portuguese energy company EDA – Electricidade dos Açores. Software from Siemens Xcelerator portfolio and 15 MW battery storage boost share of renewables, improve flexibility and resilience of power grid. Expected annual CO2 savings of more than 3,600 tons.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 889
  • Published Date: May 07, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2023, the industry size of turbine inlet cooling system was over USD 5 billion.

The market size for turbine inlet cooling system is projected to cross USD 10 billion by the end of 2036 expanding at a CAGR of 5% during the forecast period i.e., between 2024-2036.

The major players in the market are Johnson Controls International plc, General Electric Company, Baltimore Aircoil Company, Inc., Camfil AB, Munters AB, Parker Hannifin Corporation, Caldwell Energy Company, American Moistening Company, Inc., Mee Industries Inc., and others.

In terms of technology, the inlet fogging segment is anticipated to account for the largest market share of 30% during 2024-2036.

The North America turbine inlet cooling system sector is poised to hold the highest share of 32% by 2036.
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