Research Nester released a report titled “Turbine Inlet Cooling Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global turbine inlet cooling market in terms of market segmentation by industry, component, technology and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Turbine Inlet Cooling (TIC) system consists of techniques and technologies that are used to cool down the temperature of intake air in the gas turbines. The global turbine inlet cooling market is anticipated to record a significant CAGR over the forecast period of 2020-2028.
The regions that experience hot climate have shown an inclination towards the gas turbines which in turn has played a key role in garnering more revenue within the market. Additionally, increment in the global demand for power and electricity has given rise to the trend of setting up new power plants and these plants require turbine inlet cooling systems for output augmentation. Thereby, these advancements in the energy sector can be considered as a launch pad for the growth of the global turbine inlet cooling market.
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Moreover, on the basis of the component, the market is bifurcated into chillers, inlet coils, pump, cooling tower, thermal energy storage (TES) tank, and air-cooled heat exchanger. Owing to the cost optimization and improved output efficiency provided by chiller, it has been adopted by many big players. Additionally, mechanical chiller i.e. a type of chiller, is one of the most effective inlet cooling technology. Banking on the increasing demand for these products, the market is expected to grow over the forecast period.
Geographically, the global turbine inlet cooling market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, the market in North America is predicted to hold the leading share in the market on account of presence of large number of power plants and increasing demand for electricity in the region. Moreover, Asia-Pacific region is expected to grow notably in upcoming years owing to the necessity of cooling during summer season in which climate becomes too hot.
Increasing Demand for Energy in Hot Climate Regions to Boost the Market Growth
The demand for energy is growing rapidly in the hot climate regions such as South Asia, Middle-East, Africa and Latin America. There is a necessity of cooling in turbines to improve output and efficiency. A lot of companies are adopting turbine inlet cooling technologies to improve their power output along with the energy efficiency of the system. However, threat of global slowdown might hamper the growth of the turbine inlet cooling market as the demand for energy may also go down with the economic slowdown.
This report also provides the existing competitive scenario of some of the key players of the global turbine inlet cooling market which includes company profiling of Baltec IES Pty. Ltd., American Moistening Company, Araner, Caldwell Energy Company Inc., Cat Pumps Inc., Siemens AG (ETR: SIE), Stellar Energy, Turbine Air Systems, Mee Industries Inc., and Score Energy Limited. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global turbine inlet cooling market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”
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