Industry Forecast Continued from pg 21


2.1.3 Industrial Gas Turbine The predominant sector in this market subsegment is primarily driven by applications in energy generation.


The increasing demand for cleaner


energy has positioned Industrial Gas Turbines (IGT) as an ideal solution, offering enhanced efficiency and reduced emissions. These turbines serve as a reliable backup for renewable energy sources when they are either unavailable or insufficient to meet the demand.


In the year 2023, the Industrial


Gas Turbine subsegment experienced a steady growth of 3.23% compared to 2022.


Projections indicate significant


growth in the global industrial gas turbine market, particularly in Europe, once the incumbent war conflicts should be ended. Germany, Italy, and the United Kingdom are expected to contribute substantially to this growth, particularly after establishing LNG sources diversifying the gas supply origin.


The Asia-Pacific region is anticipated to dominate the global demand market.


The future trajectory of Industrial


Gas Turbines is closely tied to the utilization of hydrogen as a fuel, combined with natural gas in various gas/hydrogen mixtures resulting in reduced CO2 emissions. The growth rate in this market will depend on the ongoing development work focused on redesigning burners to accommodate hydrogen.


Currently, extensive


development efforts are underway in this field, with existing applications already operational. Whilst the various gas turbine OEMs, as well as utilities and


22 ❘ January 2024 ® Once again, there are robust


opportunities for Investment Casting (IC) manufacturers in the supply chain, catering to both new engines and spare parts in this dynamic industry.


2.2 Automotive In the initial three quarters of 2023,


European car production witnessed a substantial growth, registering a notable year-on-year increase of 13.8%. This surge was mainly attributed to the more


other users of gas turbines, are currently investigating the impact of firing H2 in their machines, attention is also being given to the impact of hydrogen firing on equipment complementary to gas turbines, notably heat recovery steam generators (HRSGs), to which a large proportion of the global gas turbine fleet is connected.


As technologies for producing


hydrogen using renewable electricity mature and achieve economies of scale, hydrogen is poised to become a pivotal element in the energy transition. This will further support the widespread adoption of Industrial Gas Turbines.


modest comparison baseline of 2022. Additionally, the gradual alleviation of supply chain challenges contributed to improved production volumes.


A noteworthy development emerged


as imports from China maintained their position as the primary source of new EU car imports in value terms, experiencing a remarkable growth of 58.1%. This established a substantial 17.2% market share in value terms.


Throughout 2023, battery-electric


cars displayed robust growth in EU car sales by power source, surging by 55% and currently holding a 14% market share. This share is expected to further increase to around 14.5% by the year's end. Hybrid-electric cars remained the second most preferred option, commanding a significant 25.2% market share. Despite a decline to 36%, petrol cars continued to lead the market.


In the Investment Casting (IC)


Automotive market segment, there was a modest increase of 1.03% compared to 2022, yet it remains -6.9% below pre- pandemic levels.


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