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Based on Technavio's market sizing methodology, the industrial gas turbine ignition market size is predicted to surge to USD 2.36 billion from 2021 to 2026 at a CAGR of 10.98%.
This industrial gas turbine ignition system market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The industrial gas turbine ignition system market report offers information on several market vendors, including Ansaldo Energia Spa, Champion Aerospace LLC, Chentronics LLC, General Electric Co., HOERBIGER Holding AG, Kawasaki Heavy Industries Ltd., MAN Energy Solutions SE, Meggitt Plc, Mitsubishi Heavy Industries Ltd., Siemens AG, Tenneco Inc., TESI GROUP spa, and Woodward Inc. among others.
This report further entails industrial gas turbine ignition system market segmentations, including:
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The operational efficiencies associated with industrial gas turbines is notably driving the industrial gas turbine ignition system market growth, although factors such as fluctuation in gasoline prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the industrial gas turbine ignition system industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Industrial Gas Turbine Ignition System Market Driver
The operational efficiencies associated with industrial gas turbines is one of the key drivers contributing to the industrial gas turbine ignition system market growth. In recent years, gas turbines have improved in terms of design and performance, becoming more durable and versatile and capable of processing a wide range of gas fuels. Moreover, they may be used in harsh conditions, and the individual components are simple to maintain. These features allow industrial gas turbines to run at high efficiency even when not fully loaded. Furthermore, gas turbine components are lighter compared to components of other turbines. Thus, the higher operational efficiencies of gas turbines over substitutes such as diesel turbines and steam turbines will drive the industrial gas turbine ignition systems market growth during the forecast period.
Key Industrial Gas Turbine Ignition System Market Trend
Development of hybrid energy systems for gas turbines is one of the key industrial gas turbine ignition system market trends supporting the market growth. Hybrid energy systems are highly suited for combined heat and power production or district heating as technological systems. The technology increases the efficiency of industrial gas turbines by allowing them to operate in a standby mode that does not require any fuel. It enables the system to respond more quickly to urgent grid needs, providing spinning reserves at low costs. Significantly, hybrid industrial gas turbines offer many benefits, such as providing dynamic capacity solutions with a fast start and stop and dynamic load management capabilities. Thus, the benefits of hybrid industrial gas turbine ignition systems, which enhance the efficiency of industrial gas turbine ignition systems, will positively influence the global industrial gas turbine ignition system market during the forecast period.
Key Industrial Gas Turbine Ignition System Market Challenge
Fluctuation in gasoline prices is one of the factors challenging the industrial gas turbine ignition system market growth. Primarily, gasoline prices are increasingly dependent on crude oil prices and the level of gasoline supply relative to the market demand. They are recording new heights every alternate day since the invasion of Russia in Ukraine in February 2022. On the other hand, gasoline prices increase with a decline in gasoline supply compared with its expected consumption. Any disruption in crude oil supplies or refinery operations can destabilize the prices further. These prices may fluctuate because of seasonal changes in demand as well. Thus, this can negatively impact the profitability of end-users and destabilize the demand for gas turbines among end-user industries and hamper the growth of the industrial gas turbine ignition system market in focus during the forecast period.
This industrial gas turbine ignition system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global industrial gas turbine ignition system market as a part of the global electrical components and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the industrial gas turbine ignition system market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the industrial gas turbine ignition system market encompasses successful business strategies deployed by the key vendors. The industrial gas turbine ignition system market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The industrial gas turbine ignition system market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the industrial gas turbine ignition system market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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31% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for industrial gas turbine ignition system market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Another key region offering significant growth opportunities to vendors is North America. The potential of the untapped market, primarily in emerging economies will facilitate the industrial gas turbine ignition system market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The industrial gas turbine ignition system market share growth by the power generation segment will be significant during the forecast period. Industrial gas turbines are a type of IC engine wherein the burning of an air-fuel blend generates hot gases that rotate a turbine to produce power. The production of hot gas during fuel combustion helps produce electricity. Gas turbines utilize a variety of fuels, including natural gas and synthetic fuels. As opposed to the fluctuating power generated in IC engines, in which combustion occurs intermittently, the combustion occurs continuously in gas turbines. This application of gas turbines in the power generation sector will drive the adoption of industrial gas turbine ignition systems during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the industrial gas turbine ignition system market size and actionable market insights on post COVID-19 impact on each segment.
Industrial Gas Turbine Ignition System Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.98% |
Market growth 2022-2026 |
$ 2.36 billion |
Market structure |
Fragmented |
YoY growth (%) |
9.29 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 31% |
Key consumer countries |
US, China, India, Germany, and Brazil |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Ansaldo Energia Spa, Champion Aerospace LLC, Chentronics LLC, General Electric Co., HOERBIGER Holding AG, Kawasaki Heavy Industries Ltd., MAN Energy Solutions SE, Meggitt Plc, Mitsubishi Heavy Industries Ltd., Siemens AG, Tenneco Inc., TESI GROUP spa, and Woodward Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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