Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSIn December 2019, Mee Industries subsidiary Meefog Systems published a research paper clearly the misconception that inlet air fogging is not suitable for very humid climates. However, this paper shows that power boosts of 10% or more can be achieved, even in very humid climates.
In April 2019, Meefog Systems struck a deal with ENI Oil, an Italian oil and gas company, to help them improve their turbine performance during hot summer months by using their turbine inlet cooling technology.
Introduction to Turbine Inlet Cooling
Turbine inlet cooling (TIC) is a combination of techniques and technologies which are used to cool down the temperature of intake air in the gas turbines. The combustion turbine produces less output with hot air, turbine inlet cooling provides a solution for overheating issue. The impact of cooling in the turbine inlet air can be seen in the form of power output augmentation and the improvement in the energy efficiency of the system. This technology is very crucial and useful in hot climate areas. Peak demand time usually coincides with the summer season and it is important to improve output and efficiency at that time.
Market Size and Forecast
The number of new gas turbines is increasing globally owing to the increasing demand for power and energy. Cooling plays an important part in reducing turbine inlet temperature and therefore help improve output efficiency. In the absence of a cooling system, power plants bear the power losses. Companies install turbine inlet cooling systems to avoid such uneconomical practices. Owing to these factors, the turbine inlet cooling market is growing over the past few years and it is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is further segmented by industry, component, technology and region.
The global turbine inlet cooling market is segmented by component into chillers, inlet coils, pump, cooling tower, thermal energy storage (TES) tank, and air-cooled heat exchanger. Chillers segment led the market share owing to their cost-efficiency and the ability to reduce the temperature in inlet air than most of the other available technologies. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of industry catered, market is sub-segmented into thermal power, cogeneration unit, oil, gas, and petrochemical, offshore operations, electric distribution, gas turbine inlet air cooling, renewable energy, and biogas plant. Thermal power segment holds a significant market share owing to the growing demand for electricity and currently, thermal power is the major source of electricity production worldwide. However, renewable energy segment is expected to show notable growth over the forecast period owing to the shifting focus developed nations on renewable source of energy from non-renewable sources.
Growth Drivers
Need for Efficient Energy Generation to Boost Market Growth
The demand for energy is growing rapidly and a lot of companies are adopting turbine inlet cooling technologies to improve their power output along with the energy efficiency of the system. The usage of turbine inlet cooling not only improves the efficiency of the system but it also helps in reducing the emission of greenhouse gases such as NO2 and CO2.
Cost Optimization Motive to Trigger Turbine Inlet Cooling Market Growth
With competition in the energy sector getting stiff, more and more companies are adopting technologies that can optimize their cost and improve their profit margins. Turbine inlet cooling technology helps in cost reduction by improving efficiency and output augmentation.
Increasing Number of Gas-Fired Power Plants to Boost Demand for Turbine Inlet Cooling Techniques
Energy companies all around the world are looking for options that may lead to lesser emission of greenhouse gases. Greenhouse gases lead to problems such as global warming. In this effort to the fight against global warming gas-fired power plants serve as an alternative which helps in the reduction of greenhouse gases by up to 50%. Increasing demand for gas-fired power plants increases the requirement for gas turbine cooling systems as well which in turn may boost the market growth.
Restraints
Economic Slowdown Across the Globe to Hamper Growth
Even though the turbine inlet cooling technologies are cost-effective but companies are looking for a cut in capital investment owing to the expected global slowdown after the coronavirus pandemic. Thereby, a lag in the growth of market is expected.
Increasing Pressure of Environmentalists Against Thermal Power Plants to Restrain Market Growth
There has been a huge environmental pressure against the thermal power plants for a long time. Thermal power plants affect the land, air, water, and various other social impacts. Companies and governments are now looking beyond thermal power plants for power generation and this can impact the growth of the turbine inlet cooling market.
Market Segmentation
Our in-depth analysis of the global turbine inlet cooling market includes the following segments:
By Technology
By Component
By Industry Catered
By Region
On the basis of regional analysis, the global turbine inlet cooling market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The market is expected to grow at a substantial pace. North American region is the market leader and is expected to show significant CAGR over the forecast period owing to its large number of power production plants and increasing demand for power and electricity in the region. Asia-Pacific region is expected to gain a significant market share over the forecast period to the back of the necessity of cooling during the summer season. The presence of the two largest developing nations India and China along with the region undergoing rapid industrialization and urbanization will help it in holding the market share. Latin America and Middle East regions are also expected to show significant growth owing to heat during summers.
The turbine inlet cooling market is further classified on the basis of region as follows:
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