HGTs will help to buffer intermittent renewables and
provide grid stability
BOULDER, Colo.,
July 2,
2024 /PRNewswire/ -- A new report from
Guidehouse Insights examines the landscape for
hydrogen-capable gas turbines (HGT) adoption over the next
decade.
The availability of dispatchable, low carbon power generation
technologies is an increasingly relevant feature of decarbonizing
electricity systems. Currently, many power grids rely on natural
gas generators to play a key flexibility role. According to a new
report from Guidehouse Insights, global HGT capacity additions are
expected to increase from 6,140 MW in 2024 to 16,234 MW in 2033,
with revenue from equipment sales rising from $3,252 million to $7,135
million over the same period.
"Efforts to reduce power sector fossil fuel consumption are
driving interest in gas turbines capable of operating using
hydrogen or hydrogen-natural gas blends as an alternative to
conventional gas-fired generation," says Jacques Moss, senior research analyst with
Guidehouse Insights. "While overall volumes of hydrogen available
to the power sector remain subject to high levels of uncertainty,
hydrogen-capable gas turbines are expected to account for an
increasingly meaningful share of power generation equipment sales
over the coming decade."
A portion of the existing gas turbine fleet already consumes
hydrogen-rich gas streams. However, deployments are generally
limited to smaller-scale equipment supplied with by-product gases
from petroleum refining or other industrial processes.
Major gas turbine manufacturers have announced plans to increase
blend capabilities across their product ranges and to commercialize
100% hydrogen gas turbines by the 2030s or earlier. These efforts
are being assisted by policy support for hydrogen power generation
in key markets such as the US, Germany, Japan, and South
Korea, according to the report.
The report, Hydrogen-Capable Gas Turbines, provides an
overview of the key technical, commercial, and policy factors that
are likely to affect adoption over the next 10 years. Analyses are
based on an analysis of planned hydrogen power generation capacity
and manufacturers' timelines for hydrogen technology adoption. An
executive summary of the report is available for free download on
the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the
dedicated market intelligence arm of Guidehouse, provides research,
data, and benchmarking services for today's rapidly changing and
highly regulated industries. Our insights are built on in-depth
analysis of global clean technology markets. The team's research
methodology combines supply-side industry analysis, end-user
primary research, and demand assessment, paired with a deep
examination of technology trends, to provide a comprehensive view
of emerging resilient infrastructure systems. Additional
information about Guidehouse Insights can be found at
www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global
provider of consulting services to the public sector and commercial
markets, with broad capabilities in management, technology, and
risk consulting. By combining our public and private sector
expertise, we help clients address their most complex challenges
and navigate significant regulatory pressures focusing on
transformational change, business resiliency, and technology-driven
innovation. Across a range of advisory, consulting, outsourcing,
and digital services, we create scalable, innovative solutions that
help our clients outwit complexity and position them for future
growth and success. The company has more than 16,000 professionals
in over 55 locations globally. Guidehouse is led by seasoned
professionals with proven and diverse expertise in traditional and
emerging technologies, markets, and agenda-setting issues driving
national and global economies. For more information, please visit
www.guidehouse.com.
* The information contained in this press release concerning
the report, Hydrogen-Capable Gas
Turbines, is a summary and reflects the current
expectations of Guidehouse Insights based on market data and trend
analysis. Market predictions and expectations are inherently
uncertain and actual results may differ materially from those
contained in this press release or the report. Please refer to the
full report for a complete understanding of the assumptions
underlying the report's conclusions and the methodologies used to
create the report. Neither Guidehouse Insights nor Guidehouse
undertakes any obligation to update any of the information
contained in this press release or the report.
For more information, contact:
Cecile Fradkin for Guidehouse Insights
+1.646.941.9139
cfradkin@scprgroup.com
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SOURCE Guidehouse Insights