Demand
for energy is growing at a rapid pace, leading to building up of additional
power plants world over. It is significant to note here that an increase in
population is one of the most important factors of growth in this demand. By
the year 2050, 2 billion more people will inhabit the earth. For the 9.7
billion people to live a quality life, energy would be required for a number of
purposes. This will lead to an increase in demand of turbine inlet cooling
systems, driving the market on to a high growth curve. This is particularly
true of hot climate regions where a drop in air density can lead to reduced
plant efficiency, paving way for monetary losses to owners of such power
plants.
From 2014
to 2022, as per Transparency Market Research, global turbine inlet
cooling systems market will grow at a rate of 6%,
compounded annually. This will pave way for the market to reach a higher
valuation of USD 13.1 billion by the end of the forecast period. It is
significant to note here that more and more power plants are now joining in the
quest to follow international standard, gathering attention of international
bodies like the United Nations. This is a prominent factor of growth in the
market. Investments in the energy sector are also contributing positively to
the growth.
Move to
renewable resources need a mention here. Depleting reserves of conventional
fuel and its negative impact caused by its use on the environment are leading
to increasing demand for renewable energy, leading to growth in the global
turbine inlet cooling systems market. It is quite pertinent to note here that
across power plants, installation is seeing an increase of gas turbines. Hourly
electric demand values dictate demand for cooling systems.
North
America to Capitalize upon Shale Gas Boom, Driving Demand for Turbine Inlet
Cooling Systems Market
One of the
largest markets in the world for turbine inlet cooling systems is that of North
America owing to a high number of installations marking the market landscape. A
lot of these are being noted in the coastal regions, of United States of
America in particular – California and Texas. Shale gas exploration and
extraction is also paving way for significant growth in the regional market.
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On the
other hand, impressive growth will be charted over the forecast period by the
Asia Pacific (APAC) region in the global turbine inlet cooling systems market.
Owing to shortage in terms of power generation and availability, opportunities
ready to be tapped into will emerge. This will keep the market players hooked
to the regional landscape. There is a massive increase in demand for power
expected due to growing industrialization as well.
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The Fragmented Vendor Landscape to
Witness Varied Growth Strategies over the Forecast Period
A large
number of prominent players operate the global turbine inlet cooling systems
market. Some of the well known players that are directing efforts towards
improving market share aggressively, thereby driving the market forward are
American Moistening Company Inc., Caldwell Energy Company Inc., Cat Pumps Inc.,
Humifrio S.L., Mee Industries Inc., Score Energy Limited, Siemens AG, UTC
Technologies Company, Camfil AB, and Baltec IES Pty. Ltd.
In the
endeavor to stay ahead of the competitors, players are dabbling with a number
of growth strategies. The mix is usually of organic and inorganic strategies.
These include mergers, acquisitions, collaborations, and partnerships.
Synergistic alliances often lead to better grasp at the market share and allow
for an impressive combination of resources. Product improvement is also an
important way forward to ensure growth and this makes technological advancement
and innovation the key factors of growth.
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