Gas Turbine Market Size To Expand at a Notable CAGR Of 6.80% During 2022 - 2030

Pune, India, January 2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Gas Turbine Market.

Market Scenario

The global gas turbine market is predicted to demonstrate 6.80% CAGR during the forecast period (2022-2030) owing to the augmenting need for reliable electric supply, asserts Market Research Future (MRFR). Also referred to as a combustion turbine, a gas turbine is a kind of internal combustion engine consisting of an upstream rotating compressor. It is further coupled to a downstream turbine along with a combustion chamber which is referred to as a combustor. Gas turbines are available in different capacities for several applications.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Gas Turbine Market Research Report

Drivers and Constraints Impacting the Market

The gas turbine market is estimated to expand at a robust pace during the assessment period owing to several growth factors. With the increasing need for reliable electric supply and investment in producing generating capacity, the global market for gas turbine is considered to flourish during the assessment period. Gas turbines are extensively accepted globally as they possess very power-to-weight ratio as compared to the reciprocating engines. With the augmenting demand for uninterrupted power supply in developing economies such as India and China coupled with the support for transition towards low carbon economies are anticipated to influence the market growth to a great extent. Additionally, accelerating concern regarding the environment, discoveries of new gas field, rising need for efficient power generation, strict emission norms, and carbon taxing mechanisms are some of the factors likely to enhance the competitiveness of gas utilization for generating power, thereby influencing the market growth to a large extent.

On the flip side, continuous distress over the supply of stable natural gas coupled with the fluctuation of in international trade of natural gas is some of the major concerns considered to dampen the market growth during the appraisal period. Moreover, with the proliferation of renewables, low coal prices, and high adoption of coal in order to meet the intermediate need for power, the market is presumed to experience a slowdown.

Global Gas Turbine Market: Segmental Analysis

The global gas turbine market has been segmented on the basis of product type, capacity, technology, and application.

By mode of product type, the global gas turbine market has been segmented into aero-derivative and heavy duty. Among these, the aero-derivative gas turbine market is likely to experience a significant growth rate, subjected to the availability of highly flexible and mobile technologies in order to serve a large tandem of applications. Utility generation, marine propulsion, mobile power, district heating, mobile power, and grid stability are some of the primary applications considered to fuel the segment. Heavy duty gas turbine market has also gained a significant penetration in the recent industrial regime due to their economical cost structure and high capacity operations.

By mode of capacity, the global gas turbine market has been segmented into less than 70MW, 70-300 MW, and more than 300 MW.

By mode of technology, the global gas turbine market has been segmented into combined cycle and open cycle. Among these, the open cycle technology has gained a significant prominence due to several parameters. Lightweight, operational versatility, lower warm up time, compact size, less dependency on cooling water, and quick start are some of the factors fueling the market growth.

By mode of application, the global gas turbine market has been segmented into oil & gas, power generation, marine, aviation, and industrial. Among these, the power generation segment is estimated to expand at a significant rate owing to the increasing demand for energy and positive regulatory coupled with the consumer outlook towards integration of sustainable energy infrastructure.

Regional Insights

Geographically, the global gas turbine market span across regions namely, Asia Pacific, Europe, North America, and the Rest-of-the-World.

Among all the regions, the Asia-Pacific region is considered to be the leading market for gas turbines across the globe. The growth is credited to the rapid urbanization and industrialization, coupled with the fast economic growth in economies such as China and India. China is likely to gain prominence in this region due to the development of a large-scale gas-fired power generating stations. In 2017, Siemens had fetched a gas turbine order from CAPCO in order to power a 550 MW combined cycle generating unit.

The North American region is presumed to occupy a significant market share during the assessment period owing to the augmenting growth in shale gas production in the U.S. The U.S. shale revolution is likely to progress, and its effects are considered to amplify with the increasing LNG supplies.

Industry Updates

February 2018: Siemens had recently agreed to manufacture, engineer, and commission a 41-MW SGT-750 gas turbine. The turbine drives two DATUM compressors which operate in a tandem arrangement in the Barents Sea for Statoil’s Johan Castberg FPSO.

Competitive Dashboard

The prominent players operating the global gas turbine market are General Electric (U.S.), Vericor Power Systems. (Georgia), Mitsubishi Heavy Industries Ltd. (Japan), Siemens AG (Germany), Bharat Heavy Electricals Limited. (India), Kawasaki Heavy Industries Ltd. (Japan), Harbin Electric Company Limited. (China), Solar Turbines Incorporated. (U.S.A), Alstom S.A (France), Rolls-Royce Holdings Plc. (U.K), MAN Diesel & Turbo. (Germany), and Ansaldo Energia (Italy).