Gas Turbine Market – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027

Gas Turbine: Definition/Overview

The gas turbine is a high-performance, high-power heat engine that uses and high-temperature gas, internal continuous rotary combustion, and air as a medium to drive the turbomachine to continuously work. The gas turbine is a complex and advanced set of power machinery equipment, typical high-tech intensive products, representing the comprehensive level of development of multi-engineering fields, and multi-theoretical disciplines. The development of a gas turbine industry integrating new materials and new technologies is one of the important indicators of the world’s scientific, high-tech, and technological strength and has a very prominent strategic position.

Global Gas Turbine Market: Regional Overview

  • The Asia Pacific holds the maximum share in the gas turbine market globally, followed by North America and Europe.

  • Asia-Pacific is home to some of the largest importer and largest consumer countries of natural gas in the world. The world’s top four liquefied natural gas importers Japan, China, India, and South Korea are all located in the Asia-Pacific region. This region is still primarily dependent on coal and oil to meet its energy needs. However, due to growing concerns over air pollution, the power generation industry is shifting toward increasing the use of natural gas. The growing use of natural gas is anticipated to boost the gas turbine market in the region, during the forecast period.

  • North America is the second-largest market for gas turbines across the globe. Key manufacturers in the U.S. such as General Electric, Caterpillar, Capstone Turbine Corporation specialize in manufacturing gas turbines.

  • The Asia Pacific gas turbine market is projected to expand at the highest CAGR during the forecast period. There is a huge increase in the demand for electricity in the region. However, utilities are facing challenges such as adhering to federal carbon policies and meeting energy efficiency targets. Factors such as fast economic growth, industrialization, and urbanization are propelling the demand for electric power in various countries such as India, China, Japan, etc. in the region. This has led to the development of new power plants, especially gas-fired ones.

Global Gas Turbine Market: Trends

  • Key players in the gas turbine markets are manufacturing mobile gas turbines that can be installed in less time and can begin operation immediately. For example, Siemens has introduced 44 MW mobile gas turbines that can be installed in areas that lack suitable infrastructure in less than 2 weeks and can immediately begin electricity generation.

  • Gas turbine technology is rapidly advancing in efficiency and reliability. The latest high-efficiency gas turbines are flexible enough to partner perfectly with renewables and are also more economical. The power generation industry is rapidly adopting advanced highly efficient gas turbine technology. In order to address the challenges faced by the electricity market, manufacturers are providing more efficient gas turbines solutions to the power generation industry. For example, General electric’s manufactures 9HA gas turbines to construct power generation facilities that achieve the highest levels of output and efficiency.

Global Gas Turbine Market: Market Drivers, Opportunities, and Restraints

  • Globally, utility companies are replacing coal-fired power plants with natural gas. High efficiency, low emission gas turbines play a crucial role in this transition. Increasing demand for gas-fired power generation is a major factor anticipated to boost the global gas turbine market. Additionally, increasing scrutiny of fossil fuel carbon emission, the boom in domestic natural gas production, and historically low prices are boosting natural gas use, which in turn is projected to drive the gas turbine market in the region.

  • However, Significant monetary, supply and technical challenges to fulfill the short-term growing demand for electricity are propelling plans by governments to generate cheap electricity, utilizing existing power generation infrastructure and indigenous resources. Furthermore, the existing infrastructure in most of the countries in the region are heavily dependent on coal, and a perspective shift toward rapidly increasing gas power would require substantial investments.

Global Gas Turbine Market: Key Segments

The global gas turbine market has been segmented based on type, output range, fuel type, application, and region.

  • Type

    • In terms of type, the global gas turbine market has been classified into aero-derivative and heavy-duty gas turbines.

  • Output Range

    • Based on type, the global gas turbine market has been segmented into 1 to 40 MW, 40 MW to 120 MW, and 120 MW and above.

  • Fuel Type

    • In terms of fuel type, the market has been bifurcated into diesel fuel, heavy fuel, dual fuel, and natural gas.

  • Application

    • The market has been bifurcated into power generation, mechanical drive, and others based on application.

  • Region

    • Based on region, the market is classified into North America (U.S, Mexico, and Rest of North America), Europe (Germany, Russia, and Rest of Europe), Asia Pacific (China, Japan, Indonesia and Rest of Asia Pacific), Middle East & Africa (GCC, North Africa, and Rest of the Middle East & Africa), and South America (Brazil, and Rest of South America)

Global Gas Turbine Market: Competition Landscape

  • Rivalry among gas turbine manufacturers is expected to increase during the forecast period due to technologically advanced types offered by leading manufacturers.

  • Key companies profiled in the gas turbine research report include General Electric, Siemens, Mitsubishi Hitachi Power Systems, Ltd, Ansaldo Energia, Kawasaki Heavy Industries, Ltd, Capstone Turbine Corporation, MAN Energy Solutions, OPRA Turbines, Caterpillar, and Centrax Gas Turbines.

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