The demand within the global turbine inlet cooling system market is rising on account of advancements in industrial manufacturing. The growing requirement for electric and mechanical energy in the industrial sector has opened new avenues for market growth. Gas turbines are a plush source of energy across several manufacturing units, and this factor has given a thrust to market growth.
Hydroelectric power plants are a robust source of energy for multiple industries. Investments made towards development of viable hydroelectric plants has emerged as a key driver of market demand.
Efficient running of turbines is an important standpoint for industrial units. Unhindered functioning of turbines can help in minimizing costs of repair, overhaul, and discrepancies. Furthermore, the operational efficiency of turbines also relies on the presence of a errorless system for energy generation. Therefore, the global turbine inlet cooling system market is poised to tread along a lucrative growth track in the years to follow. Power plants have a legal requirement to perform annual testing of equipment, and this factor necessitates the need for inlet cooling systems. The performance of gas turbines plays a definitive role in enhancing industrial performance.
Several companies and industrial units have observed an increase in output with the induction of turbine inlet cooling system. Most industrial units, in their quest for achieving preordained KPIs, have performed extensive overhauls in their technological setup. The energy sector has internalised turbines as a robust source of electricity generation.
Transparency Market Research (TMR) finds that the global turbine inlet cooling system market would grow at a CAGR of 6% over the period between 2014 and 2022. Besides, that total value of the global turbine inlet cooling system market is projected to touch US$13.1 bn by 2022. The presence of a large energy industry has emerged as a key driver of market demand.
START Lab Pioneers New Turbine Development Technology
The Steady Thermal Aero Research Turbine (START) Lab has earned an investment worth $6 million for the development of an experimental turbine for energy improvements. The laboratory has received the investment from National Energy Technology Lab (DOE-NETL). As gas turbines become an important component of the energy landscape, the need to develop efficient systems has become indispensable. Furthermore, the presence of a stellar industry for energy management has also fetched key investments for research labs. This factor is slated to improve the growth prospects of the global turbine inlet cooling system market.
Use of Turbine-Generated Energy as Back-up in Power Plants and Hospitals
As the industrial landscape undergoes key developments, the need for improved turbine systems has increased. Several units such as power plants and hospitals use electricity generated by gas turbines as a secondary source of power. Hence, the global turbine inlet cooling system market is expected to expand at a stellar pace in the years to follow.
Moreover, the presence of gas turbines in commercial zones has reduced the reliance of multinational companies on central grids that can run defunct. It is safe to expected that the global turbine inlet cooling systems market would ride along a lucrative growth path in the following years.
Some of the prominent vendors with a historic presence in the turbine inlet cooling system market are Caldwell Energy Company Inc., Humifrio S.L., Baltec IES Pty. Ltd., Cat Pumps Inc., Mee Industries Inc., Siemens AG, and Score Energy Limited.