Rising need for electricity to fulfill unmet demand across the globe is primarily driving the market growth. Provision of subsidiaries by governments to companies using gas turbine equipment is further fueling the market growth. Owing to high energy generating capacity, gas turbines are extensively used in oil & gas, aerospace, power generation and various end-use industries. Moreover, rising investment on R&D for new efficient technologies for power generation is again pushing the market growth. Availability of low cost natural gas coupled with stringent regulation by government of carbon emission is boosting the market demand.
The latest report by Value Market Research expects the Global Gas Turbine Market accounted for USD 18 billion and is expected to grow at USD 24 billion CAGR slightly over 4% from the year 2017 to 2024.
HEAVY-DUTY TURBINES DOMINATED THE TYPE SEGMENT
In 2017, heavy-duty turbines led the segment owing to wide adoption in simple cycle plants for better performance and flexible operation. Heavy-duty turbines are reliable turbine with relatively large size, lower pressure ratio and higher airflow has widened its application in hydrodynamic bearing.
BY CAPACITY, 120 TO 300 MW EMERGED AS THE LEADING SEGMENT
120 to 300 MW led the capacity segment in 2017 owing to ideal electricity generation capacity range for manufacturing, complex processing and end-use industries is driving the segment market. Extensively use of 120 MW in combine cycle gas turbine plant and combined heat and power plant is further fueling the segment growth.
EUROPE AND ASIA PACIFIC TOGETHER LED THE REGIONAL MARKET
Geographically, Europe and Asia Pacific together dominated the regional market by accounting over 2/3rd of the total market share in 2017. Growing population, rising investment for electricity generation, and robust industrialization in emerging countries such as China, Japan, and India is fueling the Asia Pacific market. A shift in preference for gas based energy generation over traditional system is driving the European market growth.
KEY PLAYERS OF THE MARKET
Major players are investing on repowering gas turbines to boost its performance. For instance, GE Launched the First 6B Repowering Gas Turbine Solution. Some of the prominent players of the industry are Ansaldo, BHEL, Centrax, GE, Harbin Electric, Kawasaki Heavy Industries, MAN Diesel, MHPS, OPRA, Siemens, Solar Turbines, Vericor Power and Zorya.
As per this study the Global Gas Turbine Market was valued USD 29.73 BN (by revenue) in 2021 and is anticipated to reach USD 39.91 BN by 2028 with a CAGR of 4.3%.
Gas turbine is the continuous combustion engine that uses a mixture of pressurized gas as a source of energy to generate electricity. Basically, the potential energy of the pressured and compressed gas is converted into kinetic energy by the turbine blades. Gas turbines are mostly used in power generation, transportation, and other industrial processes.
Objectives of the Study:
- Define and measure the global gas turbine market
- Revenue forecast of the global gas turbine market and its various sub-segments with respect to main geographies
- Analyze and identify major market trends along with the factors driving or inhibiting the market growth
- Study the company profiles of the major market players with their market share
- Analyze competitive developments
Market Dynamics
The gas turbine market is majorly driven on account of a rise in electricity demand from the manufacturing and industrial sector. Use of gas turbines in oil and gas, aerospace, driving tanks and other application areas owing to high-energy generating capacity is further contributing significantly to market growth. Stringent norms imposed for emission of carbon coupled with favorable subsidiaries and policies offered by the government of various countries are further pushing the market growth. However, the use of renewable energy sources for electricity generation is assumed to impact the market growth negatively.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of gas turbine.
Market Segmentation
The broad gas turbine market has been sub-grouped into technology, application, design and rated capacity. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Technology
- Open Cycle
- Combined Cycle
By Application
- Power Generation
- Oil & Gas
- Other Industrial Applications
By Design
- Heavy Duty Type
- Aeroderivative Type
By Rated Capacity
- Above 300MV
- 120-300MV
- 40-120MV
- Less Than 40MV
Regional Analysis
Furthermore, the report comprises of the geographical segmentation, which mainly focuses on current and forecast demand for gas turbine in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Gas Turbine Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the gas turbine market include Ansaldo, BHEL, Centrax, GE, Harbin Electric, Kawasaki Heavy Industries, MAN Diesel, MHPS, OPRA, Siemens, Solar Turbines, Vericor Power and Zorya. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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