The market was severely impacted due to the COVID-19 since the prime consumers of the market, such as the oil & gas industry and power generation industry, also witnessed a decline in the market activities.
New York, July 20, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Turbine Air Filtration Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06106022/?utm_source=GNW
Factors such as the adoption of natural gas-fired power plants, due to increasing focus on clean power generation, are expected to experience robust growth in the coming years, and this, in turn, is expected to drive the turbine air filtration market due to its vast application in the power sector. However, The rising adoption of renewable energy, such as solar and wind energy, is likely to hinder the market growth during the study period.
- The power generation segment is expected to be the largest segment for the turbine air filter market, with gas turbine power generation has evolved to be one of the most viable and environmentally-friendly methods of power production.
- The governments of China, India, and other developing economies have been preferring low-polluting gas-based power stations. This, in turn, is expected to create opportunities for the regional turbine air filtration systems market in the near future.
- North America is expected to register the highest growth rate for the turbine air filtration systems market, with the majority of the demand coming from the countries such as the United States and Canada.
Key Market Trends
Power Generation Segment to Dominate the Market
- Owing to its clean nature, natural gas is quickly becoming very popular fuel for electricity. Natural gas-fired electricity is expected to account for 80% of all further electricity generation capacity, by 2035.
- Furthermore, some of the factors driving the demand for gas turbine are - multiple fuel capabilities (renewable and synthesis fuels, short construction lead time, and modular construction), low power generation operational cost, low installed cost, reduced emissions, and very high efficiency. Hence, the booming gas turbine industry is expected to boost the demand for the air filtration systems during the forecast period.
- Gas turbines are commonly used in gas-fired power plants. As of 2019, more than 23% of the global power generation came from natural gas. Natural gas is one of the growing sources of power generation as it is in line with the global goals of reducing greenhouse gas emissions. According to International Energy Agency, power generation through natural gas (under sustainable development scenario) is expected to reach 7,043 TWh by 2030 from 6,124 GWh in 2018.
Asia-Pacific to Dominate the Market
- The factors driving the market in Asia-Pacific are - rapid industrialization and urbanization, rising demand for power from a large population, and low labor wages, resulting in a growing manufacturing sector. Additionally, the rapidly increasing construction activities in the region have contributed to a considerable increase in pollution levels.
- To act on these, the governments of China, India, and other developing economies have been preferring low-polluting gas-based stations and these moves are expected to boost the demand for the Asia-Pacific turbine air filtration systems market.
- Further, leading turbine air filtration manufacturers aligned their focus toward business expansions across China, one of the biggest manufacturing industries in the world.
- Asian countries, such as India, in a bid to increase the utilization of gas-fired powered plants in December 2019, announced that it is working on a new plan to revive the gas-based power generation in the country. The plan is to bundle natural gas-based power generation (electricity rate of ~INR 4/unit) with the electricity generated from solar (~INR 2.95/Unit) and thus reduce the financial burden on the power generation companies and increase profitability. The implementation is likely to propel the demand for turbine air filtration systems during the forecast period.
The turbine air filtration market is moderately fragmented. Some of the key players are Graver Technologies LLC, Camfil AB, MANN+ HUMMEL GmbH, Donaldson Company Inc., and Nordic Air Filtration A/S.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p06106022/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001