A gas turbine is an internal combustion engine that converts natural gas or other liquid fuels into mechanical energy. The energy produced is then used to drive a generator that in turn produces electrical energy. As most coal-fired power plants are being replaced by natural gas-based gas turbine power plants, the gas turbine market is experiencing steady growth across the globe.
Analysts at Technavio predict that the global gas turbine market will grow at a CAGR of 3.49% (in terms of revenue) between 2015 and 2020.
Major benefits of gas turbines
#1. Lower operational cost
Lower operational cost is one of the primary reasons why gas turbines have gained so much popularity. When compared with other low-carbon emission alternatives like nuclear and renewable energy, the cost involved in the initial operation of gas turbines is quite low. Therefore, along with being cost-effective, gas turbines are also one of the best options for cleaner power generation.
#2. Efficient and durable
With stringent carbon emission regulations, volatility in fuel costs, as well as emphasis on high performance at low costs, gas turbines have emerged as the most viable option. Not only are they cheap, gas turbines are also durable and efficient with less operational failure and downtime. In fact, gas turbines manufacturers have created highly durable turbines that require less frequency of service.
#3. Facilitates distributed power generation
Power generation systems in most parts of the world are moving towards distributed power generation. Distributed power technology is quite flexible and can operate both in standalone and as part of an integrated system. It is also a better option when compared with solar panels, hydro-power, fuel cells, and small wind turbines.
#4. Environmentally-friendly
Yet another major benefit of gas turbine power plants is the fact that they are environmentally-friendly. Not only do they run on natural gas, but unlike internal combustion engines (ICE), they produce less exhaust gas pollution. In fact, gas turbines use the excess air for combustion purposes. Along with natural gas, gas turbine power plants make use of digester gas, synthetically produced gases like diesel fuels, and landfill gas.
#5. High operational speed and low lubrication cost
Unlike other engines, gas turbines do not require high levels of lubricating oil. This automatically brings down the cost of operation. Also, as they have a higher operational speed, gas turbines assist in quicker power/energy generation. Gas turbines help lower operational costs and provide better service in less time.
Some of the key vendors in the global gas turbine market include Ansaldo Energia, GE, and Siemens.
