Turbine Inlet Cooling System Market size is predicted to reach USD 10 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of turbine inlet cooling system was USD 5 Billion. The rising global temperature and the growing need for electricity are contributing factors to the market revenue growth.
The need for reliable and efficient power production system led to the development of turbine inlet cooling system, which boost the power output of gas turbines by improving their efficiency. Global final power consumption in 2019 was 22 848 TWh, up 1.7% from 2018. The final power consumption in OECD countries decreased by 1.1% to 9 672 TWh in 2019, whereas non-OECD countries saw a 3.8% growth in final electricity consumption to 13 176 TWh in 2018.
In addition to these, turbine inlet cooling system are highly sought after in order to mitigate the detrimental impact of elevated temperatures on Gas Turbine performance. High temperatures may reduce the power production of gas turbines and raise maintenance costs. By reducing the temperature of the air entering the engine, turbine inlet cooling system can assist gas turbines produce more power. As a result, efficiency increases and emissions and fuel consumption are decreased.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5% |
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Base Year Market Size (2023) |
USD 5 Billion |
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Forecast Year Market Size (2036) |
USD 10 Billion |
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Regional Scope |
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Technology (Inlet Fogging, Chiller System, Evaporative Cooling, Mechanical Chillers, Fogging System, Wet Compression, Hybrid System, Absorption Cooling)
In turbine inlet cooling system market, inlet fogging segment is likely to capture around 30% share by the end of 2036. The segment growth can be accredited to the efficiency of the gas turbine by decreasing the air temperature and increasing the air mass flow rate. This technology is also affordable, easy to use, and safe for the environment. By dispersing fog droplets over the inlet air, inlet fogging devices raise the air density. It is among the evaporative cooling methods that are most frequently utilized.
The advantages of this technology include low operating and maintenance costs and approval from all major turbine manufacturers. The need for fogging system at the inlet. It is predicted that using turbine inlet cooling technology will increase plant efficiency by up to 10%. It has been shown that installing turbine inlet cooling system is more cost-effective than adding more turbines. Turbine inlet cooling system are therefore becoming the preferred option for many power plant owners and operators. As a result, the market will propel in the near future.
End-Use (Power Generation, Oil & Gas, Chemical, Petrochemical, Food Processing)
In turbine inlet cooling system market, the power generation segment is predicted to hold over 28% revenue share by the end of 2036. The growing need for electricity globally, especially in emerging countries, has forced power production companies to focus on boosting the output and efficiency of gas turbines. One workable way to accomplish this is using turbine inlet cooling. Turbine inlet cooling system can also help power plants cut greenhouse gas emissions and meet environmental regulations.
Our in-depth analysis of the market includes the following segments:
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Technology |
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Component |
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Application |
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End-Use |
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North America Market Statistics
By the end of 2036, North America region is projected to account for more than 32% turbine inlet cooling system market share. The market growth in the region is also expected on account of well-established industrial sector, and the power generation industry is growing rapidly. Turbine inlet cooling devices can be used to boost the efficiency and production of gas turbines, especially during the hot summer months when demand is high. This region's growing requirement for consistent and effective power generation is driving up demand for market.
Moreover, in North America, the necessity for efficient power generation in nations like the US and Canada, coupled with strict pollution regulations, is what drives the need for gas turbines. As a result, in the next years, there will be a greater need for turbine inlet cooling system due to the growing usage of gas turbines. In 2021, 81% of North America's electricity was produced in the United States. About 20% of all electricity generated in the US in 2021 came from renewable energy sources, with the electric power industry accounting for roughly 59% of all renewable energy consumption in the US.
APAC Market Analysis
By the end of 2036, Asia Pacific region in turbine inlet cooling system market is set to hold over 28% revenue share. The region is experiencing tremendous economic growth as a result of large investments made in electricity generation and infrastructure development by nations like China and India. The region's turbine inlet cooling system market is growing as a result of the accessibility of low-cost labor and the friendly policies of the local government, which are also attracting a lot of investors.
Author Credits: Dhruv Bhatia
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