Analysis of Potential Impact of COVID-19 on Hybrid Electric Gas Turbine Market Evoluation | Strategic Industry Evolutionary Analysis and Revenue Growth Analysis by Forecasts To 2027

TMR

4 years ago

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.

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.

Key Developments

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.

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.

General Electric is a leading player operating in the global hybrid electric gas turbine market