The Industrial gas turbines are engines using primary fuels for continuous combustion in the industrial space which plays a vital role these days in reducing CO2 emissions across the globe. This gas turbine installation especially in the power generation sector is expected to be the main factor for CO2 emission reduction. These gas turbines are ignited using an ignition system which is supplied by a large number of industry players.
The Global Industrial Gas Turbine Ignition System Market was 2.74 Billion USD in 2018 and is estimated to reach 4.89 Billion USD by 2025 at a CAGR of 8.63%during the forecast period.
Growth by Region
The Asia Pacific region is expected to have the largest share of Global Industrial Gas Turbine Ignition System Market in the forecast period followed by North America and Europe regions.
Drivers vs. Constraints
The increasing adoption of gas-fired power generation, growing Global LNG production and the transportation across the globe due to developed transportation infrastructure, the increasing demand for electricity across diverse applications are the reasons for the growth of Global Industrial Gas Turbine Ignition System Market.
Industry Structure and Updates
In March 2018 Ecuador’s national oil company, Petroecuador, selected Siemens AG for procurement of an 8 MW SGT-300 gas turbine for power generation, to be used in the company’s Shushufindi refinery.