PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555499
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555499
Industrial Gas Turbine Ignition System Market size was valued at USD 1,470 Million in 2023, expanding at a CAGR of 11.20% from 2024 to 2032.
Industrial gas turbines are a type of continuous internal combustion engine that utilizes primary fuels to generate mechanical energy from combustible sources such as natural gas or liquid fuels. This mechanical energy is transferred via a rotating shaft to drive an integrated generator, producing electrical energy. The ignition systems in industrial gas turbines must create a spark discharge significantly larger than that of automotive systems, often requiring sparks over 100 times more powerful than those needed for automobile engines. The key components of a gas turbine ignition system include the exciter, ignition lead, and ignitor plug. These systems may require multiple exciters, a set of ignition leads, and a set of ignitor plugs to achieve spark ignition. The service life of industrial gas turbine ignition systems is typically measured in operational hours.
Industrial Gas Turbine Ignition System Market- Market Dynamics
Increasing adoption of gas turbines in the power generation sector to propel market demand
The global industrial gas turbine ignition system market is driven by the increasing adoption of gas turbines in the power generation sector. This trend is driven by the cleaner and more environmentally friendly nature of natural gas compared to traditional fuels like coal. Governments and regulatory bodies are focusing on reducing greenhouse gas emissions, which is expected to further boost the use of natural gas. Gas-fired power plants are becoming more popular worldwide because they require lower capital investments. The growing population, urbanization, and industrial activities worldwide necessitate a rise in global electricity generation capacity, with emerging economies like India and China playing significant roles. According to the International Energy Agency (IEA), in 2018, upper-middle-income countries, including China and much of Southeast Asia and Latin America, accounted for nearly 45% of global power investment. Lower-income markets, including India, made up 17% of global power investment despite being home to 40% of the world's population. The increasing disposable income of consumers worldwide is supporting higher consumption of manufactured products, further driving demand for power and supporting growth in the global industrial gas turbine ignition system market.
Industrial Gas Turbine Ignition System Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 11.20% over the forecast period (2024-2032)
Based on Application segmentation, power generation was predicted to show maximum market share in the year 2023
Based on Component segmentation, spark plugs was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Industrial Gas Turbine Ignition System Market is segmented on the basis of Turbine Type, Application, Component, and Region.
The market is divided into two categories based on Application: Power generation and mechanical drive. The power generation segment is dominating in 2023 mainly driven by the increasing demand for efficient and reliable energy sources to meet growing global electricity needs. Gas turbines are crucial in power generation due to their high efficiency, low emissions, and ability to provide both base-load and peaking power. Technological advancements also enhance the performance of gas turbines, making them a preferred choice for electricity generation. As a result, the power generation sector continues to be the largest application segment in the market, outpacing the mechanical drive segment, which, while important, does not match the scale and growth of power generation applications.
The market is divided into three categories based on Component: exciters, igniters, and spark plugs. In 2023, spark plugs captured a significant share of the global market due to their crucial role in initiating combustion within gas turbines, which enhances engine efficiency and performance. The growing demand for gas turbines in electricity generation and the increased use of natural gas as a primary fuel have further driven the need for spark plugs. Additionally, their longer lifespan compared to other components means fewer replacements are required, which contributes to the segment's revenue growth.