Turbines in the Oil & Gas Industry: Global Industry Analysis (2013 - 2017) & Opportunity Assessment (2018 - 2028)
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.
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.
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:
On the basis of power output, the turbines in the oil & gas industry is segmented into:
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:
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.
The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.
TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.
TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.
5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
The reports offer answers to the top 7 questions that revolve around the growth of the market
Flat 10% discount on Single User License if you prebook this report
Flat 10% discount on Multiple User License if you prebook this report
Flat 10% discount on Corporate License if you prebook this report