Turbine Inlet Cooling System Industry - Regional Synopsis
North America Market Statistics
North America industry is poised to hold largest revenue share of 32% by 2037. 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 2037, 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.
