Hybrid Electric Gas Turbine Market: Introduction
- A gas turbine is an engine that is employed to transform liquid fuels or natural gas into mechanical energy. This mechanical energy then drives a generator and thus, it produces electric energy. A gas turbine, also known as a combustion turbine, is the key component of a power plant. Gas turbines are employed to produce electricity.
- A hybrid electric gas turbine makes use of a battery energy storage system, hybrid controls, and a turbine, which provides operating reserves without burning fuel, resulting in the reduction of greenhouse gas (GHG) emissions
- In case of hybrid electric gas turbines, the gas turbine is hybridized by using an electric gas turbine (EGT) modification kit
- The hybrid electric gas turbine technology is an optimal method to reliably integrate renewable energy in an electricity grid. This would enable significant reduction in greenhouse gas (GHG) emissions and would also provide avenues for further adoption of the technology in cold environments.
Key Drivers of Global Hybrid Electric Gas Turbine Market
- Significant reduction in greenhouse gas (GHG) emissions is anticipated to boost the global hybrid electric gas turbine market during the forecast period. Hybrid electric gas turbines release lower amount of emissions as compared to other combustion-based power generation applications. Increasing government regulations and implementation of numerous initiatives to address the issue of climate change by reducing greenhouse gas (GHG) emissions are expected to drive the global hybrid electric gas turbine market in the next few years.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF sample of this report
- On February 26, 2020, GENERAL ELECTRIC successfully completed the first, battery-energy-storage-assisted black start of a GE 7F.03 gas turbine at the 150-MW simple cycle unit at Entergy Louisiana’s Perryville Power Station. This was the first time that the company achieved black start of a heavy-duty gas turbine by using energy storage.
Europe to Hold a Major Share of Global Hybrid Electric Gas Turbine Market
- Based on region, the global hybrid electric gas turbine market can be segmented into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Europe dominated the global hybrid electric gas turbine market in 2018. Government regulations in the region have led strict emission norms. The region is highly focusing on renewable sources of energy.
- North America held a considerable share of the global hybrid electric gas turbine market in 2018. In the U.S., oil and gas exploration activities are carried out on a large scale, which is anticipated to boost the demand for hybrid electric gas turbines in the region from 2019 to 2027.
- Middle East & Africa and Asia Pacific are likely to be highly attractive regions of the global hybrid electric gas turbine market from 2019 to 2027. Increasing demand for renewable energy sources to reduce the level of carbon emissions, especially in the oil & gas sector, is anticipated to boost the demand for hybrid electric gas turbines in these regions in the near future.
- Latin America is estimated to hold a low share of the global market during the forecast period. The market in the region is anticipated to expand at a sluggish pace during the forecast period.
Expanding operations in future? To get the perfect launch ask for a custom report
Key Players Operating in Global Hybrid Electric Gas Turbine Market:
General Electric is a leading player operating in the global hybrid electric gas turbine market
Global Hybrid Electric Gas Turbine Market: Research Scope
Global Hybrid Electric Gas Turbine Market, by Application
- Power Generation
- Oil & Gas
Global Hybrid Electric Gas Turbine Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.