Turbines in the Oil & Gas Industry: Introduction:
The turbines in the oil & gas industry are used for power generation by coupling them with a compressor or pump. There are two types of turbines that are used in the oil & gas industry, namely gas turbines and steam turbines. Gas turbines are installed in natural gas plants, oil booster stations, gas compression stations, petrochemical plants, power generation plants, and cogeneration plants. Gas turbines provide more reliable, efficient, and environmentally friendly power generation with super low NOx emissions in mobile and stationary platforms. Impulse & reaction steam turbines are widely deployed in the oil & gas industry.
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The switchover from coal to gas due to environmental regulations in Europe and USA has driven the demand for gas turbines in the oil & gas industry. The Asian oil and gas industry is expected to drive the demand for turbines in the global oil & gas industry as drilling operations are being widely used. The emerging countries in Southeast Asia are expected to play a pivotal role in enhancing the offshore oil & gas projects, which is expected to drive the usage of turbines in the oil & gas industry.
The oil & gas business is growing widely in offshore applications and it is driven by new joint ventures and contracts in subsea operations. This is driving the usage of turbines in the oil & gas industry. In addition, the installation of new gas turbines aids in offshore applications such as the Floating, Production, Storage and Offloading (FPSO) of vessels. This is expected to substantially boost the adoption of turbines in the oil & gas industry.
Turbines in the Oil & Gas Industry: Market Dynamics:
At present, there is high demand for turbines in the oil & gas industry as the production and supply of gas is exceeding that of coal. Manufacturers of turbines in the oil & gas industry are creating advanced turbines to improve their ability to adapt to rugged oil field applications. An increase in oil operations is expected to boost the market for turbines in the oil & gas industry. Technological developments in remote monitoring and diagnostics has increased the scope for the deployment of the latest turbines in the oil & gas industry. As the operations are moving to remote locations and the offshore environment is harsh, the manufacturers of turbines in the oil & gas industry are providing products that can yield high output and power density. Challenges in offshore applications are expected to be among factors that will encourage the deployment and installation of turbines in the oil & gas industry. The usage of these turbines in the oil & gas industry with modern technology like Rolls Royce Aero Engine, especially in offshore projects, is likely to increase production capacity and reduce capital investments for end-users.
Mergers and Acquisitions (M&A) will be among key strategies adopted by major players, such as Siemens and GE, to enhance their market share. In addition, it will also help Original Equipment Manufacturers (OEMs) such as Rolls Royce to enhance their growth potential in the turbines in the oil & gas industry.
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Turbines in the Oil & Gas Industry: Market Segmentation:
The turbines in the oil & gas industry can be segmented into turbine types based on power output and operations.
On the basis of turbine type, the turbines in the oil & gas industry is segmented into:
- Gas turbines
- Steam turbines
On the basis of power output, the turbines in the oil & gas industry is segmented into:
- Less than 50 MW
- 50-150 MW
- 150-500 MW
- 500-1000 MW
- More than 1000 MW
On the basis of operation, the turbines in the oil & gas industry is segmented into:
Turbines in the Oil & Gas Industry: Regional Outlook:
North America is estimated to deploy advanced turbines with maximum efficiency across onshore and offshore operations owing to the growing demand for oil and gas production from deep-sea regions. This is expected to enhance the turbines in the oil & gas industry with new technologies. The US, Japan and European manufacturers are focusing on innovation and technologies for turbines in the oil & gas industry, which can enhance productivity and efficiency.
The number of manufacturers of turbines in the oil & gas industry is expected to increase in Asia-Pacific as the demand for oil & gas continues to rise due to urbanization, growing transportation and industrialisation. The economic and environmental advantages of using natural gas to provide power for oil and gas operations using turbines in the oil & gas industry is increasing and the key players in the market are expected to benefit from this growth. These factors are estimated to augment the growth of turbines in the oil & gas industry during the forecast period.
Turbines in the Oil & Gas Industry: Key Market Participants:
Some of the key market participants in the turbines in the oil & gas market are:
- General Electric
- Kawasaki Heavy Industries, Ltd.
- Siemens AG
- Triveni Turbines
- Mitsubishi Hitachi Power Systems, Ltd.
- Turbine Marine
- Vericor Power Systems (MTU Aero Engines)
- MAN Diesel & Turbo
- Atlas Copco AB
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, technology and applications.
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