Gas Turbine Market

Gas Turbine Market was valued at USD 20.1 billion in 2022 and is forecast to touch USD 25.7 billion in 2030, and the market is expected to grow at a CAGR 3.1%.

Overview of the Global Gas Turbine Market Report

A gas turbine is a type of continuous and internal combustion engine which produces an electric current. It converts natural gas or any liquid fuel into machinal energy. For the generation of electricity, the gas turbines heat both air and fuel at very high temperatures, thus helping the turbine blade to spin.

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Market Dynamic

Key Drivers and Emerging Trends

Some of the major drivers that are contributing to the growth of the global gas turbine market size include the growing government support for power generation technologies with an aim to decrease carbon dioxide emission. The U.S. Department of Energy has introduced clean energy research, development, demonstration, & deployment (RDD&D) to bring progress in the U.S. climate and energy goals. As per the Energy Information Administration, natural gas is one of the biggest sources for electricity generation in the U.S. for the year 2019, amounting to 38% share in the U.S. power generation. Additionally, shift from coal-based power generation towards gas-based power generation is one of the emerging gas turbine market trends that is surging the demand.

The gas turbine provides benefits which include reduced operational costs, higher power density, and has lower emission. They are highly efficient comparatively to other combustion-based power generation technologies. The International Energy Agency’s Global Energy and CO2 Status Report of 2018 illustrates that the coal-fired power generating plants is one of the biggest contributors to the emission in 2018, which has increased by 2.9% from 2017. As per the gas turbine market forecast, the growing population and the rising emphasis on infrastructural development at the global level have led to an increase in the demand for electricity. This will further drive the growth of the gas turbine market share in terms of revenue.

Restraints in the Global Gas Turbines Market

The gas turbine market outlook predicts that the increasing share of renewables in the electricity mix will hamper industry growth. In addition to this, the lack of suitable gas infrastructure in Asian countries further has a negative impact on the market growth.

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Capacity – Segment Analysis

Based on capacity, 100 to <150 MW is expected to dominate the market over the forecast period. The strong demand for this type of gas turbines, especially by the power & utility companies to set up large-scale gas-based power plants in order to meet the increasing power demand from several sectors, is a key driver that is surging the growth of the market. Additionally, the shift towards gas-based power generation from coal-based methods is further driving the growth of the market.

Technology – Segment Analysis

Based on the technology, the combined cycle is expected to grow at a faster CAGR over the forecast period. This is attributed to the technology’s ability to improve the overall efficiency of the plant. Furthermore, these turbines consumes less fuel for the production of energy. The strong demand for large capacity gas-based power plants will have a positive impact on the growth of the global gas turbine market.

End-Use – Segment Analysis

Based on the end-use, the power & utility is predicted to lead the market during the forecast period. One of the biggest factors that is responsible for the growth is the strong demand for large-scale power plants to meet the growing baseload power demand. The accelerating demand from the industrial and commercial sectors around the world is opening new doors for the segment’s growth.

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Regional – Segment Analysis:

On the basis of regional coverage, Asia-Pacific is expected to grow at a faster CAGR during the forecast period. China is one of the leading contributor in this regional market growth during the forecast period. in 2018, Siemens and State Power Investment Corporation (SPIC) of China joined hands to support the Chinese government to design and manufacture heavy-duty gas turbines independently. Thus, the increasing demand for gas turbines in China is a major factor that is driving the market growth. India’s power sector is dominated by coal-based generation. As per the IBEF, the Indian government is planning to achieve 227 GW capacity in renewable energy by the end of 20202. Moreover, the country’s government has identified the potential of renewable energy and gas-based generation for decarbonizing the economy and meeting the aims as per the Paris Agreement. Therefore, the rising share of gas based generation is supporting the demand for gas turbines in India.

Top Market Players

Some of the leading players operating in the market include GENERAL ELECTRIC, Siemens Energy, Mitsubishi Power, Ltd., Kawasaki Heavy Industries, Ltd., Bharat Heavy Electricals Limited, Ansaldo Energia, Solar Turbines Incorporated, OPRA Turbines, MAN Energy Solutions, and Centrax Gas Turbines. 

Key Developments:

• • In 2019, Siemens Energy and State Power Investment Corporation Limited signed a Strategic Partnership Framework Agreement (SPFA) for the development of heavy-duty gas turbines.

Segments Covered in the Report:

The global gas turbine market has been segmented on the basis of technology, end-use, capacity, and regions. Based on technology, the market is segmented into open cycle and combined cycle. Based on End-Use, the market is segmented into power & utility and industrial. Based on capacity, the market is segmented into 50 to <100 MW, 100 to <150 MW, 150 to <250 MW, 250 to <500 MW, and Others. 

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Key questions answered in this research report:

• • At what pace is the global gas turbine market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global gas turbine market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global gas turbine market?
  • Which technology generated maximum revenues in 2021 and identify the most promising technology during the forecast period?
  • What are the various end-use areas of the global gas turbine market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Gas Turbine Market by Technology

• • Open cycle
  • Combined Cycle

Global Gas Turbine Market by End-Use

• • Power & Utility
  • Industrial

Global Gas Turbine Market by Capacity

• • 50 to <100 MW
  • 100 to <150 MW
  • 150 to <250 MW
  • 250 to <500 MW
  • Others

Global Gas Turbine Market by Region

• • North America Gas Turbine Market (Option 1: As a part of the free 25% customization)

    • By Technology
    • By End-Use
    • By Capacity
    • US Market All-Up
    • Canada Market All-Up

  • Europe Gas Turbine Market (Option 2: As a part of the free 25% customization)

    • By Technology
    • By End-Use
    • By Capacity
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Gas Turbine Market (Option 3: As a part of the free 25% customization)

    • By Technology
    • By End-Use
    • By Capacity
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Gas Turbine Market (Option 4: As a part of the free 25% customization)

    • By Technology
    • By End-Use
    • By Capacity
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Global Gas Turbine (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • GENERAL ELECTRIC
  • Siemens Energy
  • Mitsubishi Power, Ltd.
  • Kawasaki Heavy Industries, Ltd.
  • Bharat Heavy Electricals Limited
  • Ansaldo Energia
  • Solar Turbines Incorporated
  • OPRA Turbines
  • MAN Energy Solutions
  • Centrax Gas Turbines