Gas Turbine Market Dynamics
The rising demand for energy, the surge in shale gas exploration, and the growing investment in the energy and power sector by the government are some of the major factors driving the gas turbine market growth. The U.S. market is expected to witness significant growth because of the increasing government support for power generation technologies with an aim to reduce carbon dioxide emissions. According to the Energy Information Administration, natural gas was the largest source of electricity production in the U.S. for the year 2019, capturing 38% share in the U.S. power production.
Gas turbines play a crucial role in decreasing greenhouse gas emissions. They are very proficient in reducing carbon emissions compared to other combustion-based energy generation technologies. Thus, there has been a notable switch from coal-based power production to gas-based. Gas-based power generation is economical to install and more reliable than other renewables.
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In addition, the gas turbine market report asserts that other factors, such as rapid urbanization, increasing emphasis on research and development, investment in energy infrastructure, and industrialization, are contributing to the growth of the market. The influence of the coronavirus has been unprecedented, with a negative demand shock on the industrial gas turbine market. The strict lockdown enforced across the nation has caused a disturbance in the supply chain, resulting in the unavailability of resources. Volatility in the prices of natural gas and the growing share of renewables in electricity will pose a challenge for the market growth.
Key players operating in the Gas Turbine Market include GENERAL ELECTRIC, MAN Energy Solutions, Siemens Energy, Mitsubishi Power, Ltd., Bharat Heavy Electricals Limited, Ansaldo Energia, Kawasaki Heavy Industries, Ltd., Solar Turbines Incorporated, OPRA Turbines, and Centrax Gas Turbines.
Key Developments:
In 2019, Siemens Energy and State Power Investment Corporation Limited sanctioned a Strategic Partnership Framework Agreement (SPFA) for the development of heavy-duty gas turbines.
Capacity Segment Analysis
The 100 to gas turbine market share. Also, the growing demand for this type of gas turbine, primarily by the power & utility companies to develop large-scale gas-based power plants in order to meet the rising energy demand from several sectors, has bolstered the global gas turbine market growth.
Technology Segment Analysis
The combined cycle is predicted to expand at a faster rate over the forecast period. Combined Cycles need lower fuel to produce the required energy and are highly effective. The technology has a huge ability to enhance the overall functioning of the plant. A reduction in gas prices and favorable government policies regarding the usage of clean fuels for electricity generation will bolster the market growth.
Regional Analysis
Asia Pacific region is predicted to emerge as the largest regional market over the forecast period. The market is dominated by China, followed by Japan, Thailand, and Indonesia. Rapidly accelerating urban population and accelerating population will strengthen the market growth. Siemens and State Power Investment Corporation (SPIC) of China joined forces to help the Chinese government to design and produce heavy-duty gas turbines independently. As per the gas turbine market outlook accessibility of cost-efficient raw materials and labor has captivated the leading players to expand their business operations, further bolstering the market growth.
Gas Turbine Market Segmentation:
Gas Turbine Market by Technology
• Open cycle
• Combined Cycle
Gas Turbine Market by End-Use
• Power & Utility
• Industrial
Gas Turbine Market by Capacity
• 50 to
• 100 to
• 150 to
• 250 to
• Others
Gas Turbine Market by Region:
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• North America
o United States of America
o Canada
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
Our Other Gas Turbine Market Reports:
Saudi Arabia Gas Turbines Market by Technology (Open Cycle and Combined Cycles), By Design (Heavy Duty and Aeroderivative), By Application (Power Oil & Gas and Others), By Capacity (
Egypt Gas Turbines Market by Technology (Open Cycle and Combined Cycle), By Application (Power Generation, Oil & Gas, and Other Industrial Applications), By Design Type (Heavy Duty (Frame) Type and Aeroderivative Type), By Rated Capacity (Above 300 MW, 120 – 300 MW, 40 – 120 MW, and Less Than 40 MW) – Opportunities & Forecast, 2020-2027
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