Asia Pacific dominated the gas turbine upgrades for performance enhancement market with a share of more than 32% and is expected to follow the trend during the forecast period.
Albany, NY -- (SBWIRE) -- 10/16/2017 -- The new research report, "Gas Turbine Upgrade for Performance Enhancement Market- Global Industry Analysis, Size, Share, growth, Trends and Forecast 2017-2025," that has been added in the database of Market Research Reports Search Engine (MRRSE), examines the global gas turbine upgrade for performance enhancement market for the projected period of 8-years. According to this research report, global market is likely to expand at a healthy CAGR of 6% during the projected period. This market is expected to be valued US$ 13.9 Bn in 2017 and is likely to show the further growth by reaching US$ 22.3 Bn by the end of 2025. According to this research report, there are various types of fuels such as natural gas, fuel oil and synthetic fuel that are necessary to run the gas turbine smoothly. Turbine, compressor and combustion chamber are the three important elements include in gas turbines. The necessity of development has emerged in existing gas turbine market due to constant growth in gas sectors and power generations and rise in renewable energy sources.
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Global Gas Turbine Upgrade for Performance Enhancement Market- Segmental Analysis and Forecast
The market is segmented into upgrade type and turbine type. Upgrade type segment is consist of Inlet Air Fogging which is further sub-segmented into inlet chilling, evaporative cooling, fogging and others. The others segments are, comprehensive upgrade, compressor coating, hot section coating and others. In 2016, comprehensive upgrade segment captured 33% revenue share in the global market for gas turbine upgrade for performance enhancement market.
Turbine type segment includes, combined cycle and simple cycle. Due to better efficacy and widespread usage, the combined cycle segment grabbed largest market share.
Global Gas Turbine Upgrade for Performance Enhancement Market- Regional Analysis and Forecast
This market is segmented into five regions such as Latin America, Europe, North America, MEA and APAC. With more than 32 % market share, Asia Pacific region dominated the market for gas turbine upgrade for performance enhancement in 2016. The region is likely to witness the similar trends in the years to come. APAC is likely to expand at a robust compound annual growth rate of 6.1% throughout the forecasted period.
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Global Gas Turbine Upgrade for Performance Enhancement Market- key Vendors
Key players in this market are expected to get an advantage by forming strategic alliances with global players that are functioning in the global market for gas turbine upgrades for performance enhancement market. The promising and prominent players in this market are Stellar Energy, MITSUBISHI HEAVY INDUSTRIES, LTD., Mee Industries Inc., General Electric, and Siemens AG, ENRGISTX.
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