Turbine Drip Oil Market, By Product Type (Mineral Oil-based Turbine Drip Oil, Synthetic Turbine Drip Oil, Bio-based Turbine Drip Oil), By Application (Steam Turbines, Gas Turbines, Hydro Turbines), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Aug 2024

Code : CMI7274

Pages :125

Formats :

Excel and PDF

Industry : Energy

Market Concentration and Competitive Landscape

Turbine Drip Oil Market Concentration By Players

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Increasing number of gas turbines

Gas turbines are used in power generation, marine propulsion, oil & gas industries, and other mechanical drive applications. Several countries worldwide are boosting investments in power projects based on gas turbine technology to diversify their energy mix and add new generation capacities. Thus, there has been huge demand for electricity and industrial output across developing nations that need efficient power plants. Due to their flexible, reliable operation and ability to utilize different fuels, there has been increase in adoption of gas turbine based combined cycle plants and auxiliary power units. Furthermore, their relatively smaller land footprint makes them suitable for locations with space constraints.

The marine sector has also witnessed strong demand for gas turbine installations mainly to propel large container vessels, cruise ships, ferries, and navy frigates. LNG carriers are another niche segment where gas turbines play a crucial role. With increasing global seaborne trade volumes and expansion of ports/terminals, more cargo and passenger ships need to be commissioned. Offshore oil/gas platforms also depend on gas turbines for power generation and mechanical drives in drilling/pumping duties. The active E&P activities taking place especially in deepwater fields across various geographies boosts turbine usage in floating production, storage and offloading (FPSO) vessels.

Due to rising deployments across major end-use industries that value their reliability, efficiency, and flexibility, original equipment manufacturers are manufacturing huge number of gas turbines. This upsurge is driving parallel requirement for turbine drip oil, which forms a critical part of the lubrication system preventing corrosion, reducing oxidation of moving components and extending the life of expensive turbine rotors. As new projects come online and existing facilities expand operations, there will be increase in consumption of turbine drip oil.

Key Players Insights