Market Overview
A report by DataM Intelligence estimates the Global Gas Turbine market to grow at a high CAGR Of 4.7% during the forecast period 2024- 2031. The market is expected to grow because it becomes important in different industries like Power Generation, Oil & Gas, Aerospace, Marine. The competitive rivalry intensifies with Bechtel Corporation, Siemens Ag., General Electric Co., and others operating in the market.
A gas turbine is an internal combustion engine in which expanding gases from the combustion chamber drive the blades of the turbine. Gas turbines are primarily used for power generation, oil & gas industry, and to power aircraft, ships, etc. The economics of power generation by gas turbines are proving to be more attractive, due to low capital cost, and high reliability and flexibility in operation
Market Summary
| Metrics | Details |
| Market CAGR | 4.7% |
| Segments Covered | By Design Type, By Technology, By Capacity, By Application, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Market Drivers
- The availability of low-cost natural gas and high technological advancements in the past few years which have resulted in the design & development of highly efficient gas turbine units are the primary factors driving the market growth.
- The stringent emission norms in many countries are also responsible for a shift towards gas-based power generation, which in turn is driving the market for gas turbines.
- Also, the need for clean power-generating assets and altering aging power stations in the developed regions is further boosting the demand.
- The increasing demand for renewable energy sources like wind and solar is posing a significant challenge to the growth of gas-based power generation. It can hinder market growth during the forecast period.
Gas Turbine Market Segmentation Analysis
- The Global Gas Turbine Market Report segments the market by design type, technology, capacity, and application. Based on the kind of design, the market can be segmented into Heavy-Duty gas turbines, industrial gas turbines, and aero-derivative gas turbines.
- The technology segment includes the Open Cycle and Combined Cycle. Further, by capacity, the market can be classified as Less than 40 MW, 40- 120 MW, 120- 300 MW, and Above 300 MW. Also, by application, the market consists of Power Generation, Oil & Gas, Aerospace, Marine, and others.
- Power generation was the largest segment in 2017 and is also estimated to dominate during the forecast period. It is because of the widespread use of gas turbines for power generation.
- Gas turbines are being used extensively in power plants both in the utility and power sectors because of their tremendous energy-producing capacity, inherent flexibility, compactness, high performance, operational availability, and multiple fuel capability.
- Also, the growing demand for energy coupled with the positive outlook of consumers as well as governments towards integrating sustainable energy infrastructure is fostering the market for gas turbines for power generation.
- The increasing demand for Power Generation gas turbines will also bolster the market for combined cycle gas turbines as they offer high efficiencies with low carbon dioxide emissions.
Market Geographical Share
- The report segments the market by geographic region which includes North America, South America, Europe, Asia-Pacific, and Others.
- Asia-Pacific accounted for the largest market share in 2017 and will be the most lucrative region during the forecast period.
- The APAC region's gas turbine market is mainly driven by the increasing demand from developing countries like China, India, and Southeast Asia. China and India will be the fastest-growing regions in APAC in the coming years.
- The market growth in these countries is bolstered by the high electricity demand fuelled by high levels of urbanization, industrialization, and infrastructural developments.
- The high investments in developing new large gas-fired combined cycle power generation will also spur the demand for gas turbines in the region.
- Also, the market growth in China is significantly supported by government plans for large-scale renewable gas utilization.
- In 2017, China added 4.8 GW of new capacity. In the 13th Five-Year Plan (FYP), the Chinese government has prioritized the promotion of low-carbon fuel sources and clean energy technologies to support economic growth and development. The curtailment of coal and the need for system flexibility is expected to increase the demand for gas turbines in the nearby future.
- In mature economies like Japan and Australia, the increasing levels of gas turbine deployment are driven by the need to alter existing power generation models by shifting away from nuclear and coal.
Company and Competitive Landscape
The Global Gas Turbine market report profiles the following companies: General Electric, Siemens, MHPS, Harbin Electric, Kawasaki Heavy Industries, Ansaldo Energia, Solar Turbines, BHEL, MAN Diesel, and Centrax. General Electric, Siemens, and MHPS are the top players in the market, holding the majority of the market share.
