Gas Turbines Market: Increasing Demand for Natural Gas-Fired Power Plants to Meet the Rising Demand for Electricity

 The global Gas Turbines Market is expected to grow from an estimated $17.51 billion in 2017 to $20.66 billion by 2022, at a CAGR of 3.36%, from 2017 to 2022. The shale gas boom in North America and decommissioning of nuclear plants in Europe are likely to boost the demand for gas turbines in these regions. The demand for gas turbines in the Middle East & Africa, Latin America, and Asia Pacific is expected to be influenced by the new gas-fired power plants and the upgrade of old existing thermal power plants in the regions.

The increasing demand for natural gas-fired power plants, rising demand for electricity, reduction in emissions of carbon dioxide, and availability of efficient power technology are driving the gas turbines market. Natural gas is the cleanliest source of fossil fuel used to support intermittent generation from renewable sources. Thus, an increase in the demand for natural gas power plants is expected as governments implement strict norms for the emission of carbon dioxide.

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The power generation application segment is expected to be the fastest growing segment during the forecast period. The demand for electricity is growing due urbanization and industrialization. Gas turbines are used in open cycle and combined cycle plants. Combined cycle power plants are more efficient than steam turbines as they generate more power. Gas turbines are used in utilities for base load standby power and peak load applications.

The power generated from combined cycle power plants have lower carbon dioxide emissions and governments are implementing stricter norms on such emissions. Thus, an increase in the demand for natural gas power plants will lead to the growth of the power generation segment. In the oil & gas application, gas turbines are used to pump natural gas through pipelines where a small part of the pumped gas serves as the fuel. Industrial gas turbines range from 1,000 to 50,000 HP, with a majority installed in the oil & gas industry.

Asia Pacific is currently the largest gas turbines market, followed by the European and North American markets. Japan accounted for a majority share of the market in Asia Pacific in 2016 while China is projected to grow at the highest CAGR from 2017 to 2022. In developing countries such as China and India, factors such as the growth in demand for electricity fuelled by high levels of urbanization, industrialization, and infrastructural developments and subsequent investments in developing new large gas-fired combined cycle power generation is expected to spur the demand for gas turbines. The figure below shows the market sizes for all the regions from 2017 and 2022.

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The leading players in the Gas Turbines Market include GE (US), Siemens (Germany), MHPS (Japan), and Ansaldo (Italy).

Power Plant Boiler Market to be $22.8 Billion by 2025

 

According to the new market research report "Power Plant Boiler Market by Type (Pulverized Coal Towers, CFB, Others), Capacity (<400 MW, 400–800 MW, ≥800 MW), Technology (Subcritical, Supercritical, Ultra-supercritical), Fuel Type (Coal, Gas, Oil), and Region- Global Forecast to 2025", published by MarketsandMarkets™, the global Power Plant Boiler Market size is expected to grow from an estimated USD 18.1 billion in 2020 to USD 22.8 billion by 2025, at a CAGR of 4.8%, during the forecast period. Market growth can be attributed to the increasing demand for electricity and the rising consumption of clean fossil fuel for power generation.

 

The pulverized coal towers segment is the largest contributor in the Power Plant Boiler Market.

In pulverized coal tower type boilers, coal is pulverized to a fine powder. The pulverized coal is blown into the boiler plant through a series of burner nozzles using combustion air. Most coal-fired power stations and many large industrial water-tube boilers use pulverized coal.  The growth of this segment is driven by advancements in supercritical and ultra-supercritical technologies to upgrade conventional and aging power plant boilers to improve efficiency.

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The <400 MW segment is expected to grow at the fastest rate.

Power plant boilers less than 400 MW are small-sized boilers in terms of capacity. These types of power plant boilers are used for reliable and stable base loads on a smaller scale. Increasing investments by companies to increase the efficiency of power are expected to continue to drive the growth of the <400-MW capacity segment in the Power Plant Boiler Market during the forecast period. For instance, General Electric (US) offers small ultra-supercritical units that are more efficient than subcritical technology.

The supercritical technology segment is expected to be the largest contributor.

The supercritical segment held the largest share of the Power Plant Boiler Market in 2019. The focus on upgrading power infrastructure and the increased implementation of supercritical technology over subcritical are driving the growth of supercritical technology in the Power Plant Boiler Market. Furthermore, the efficiency of a supercritical boiler is higher because it consumes less fuel than a subcritical boiler to generate the same amount of heat energy.

The Asia Pacific is expected to be the fastest-growing market of Power Plant Boiler.

Asia Pacific is the fastest-growing market during the forecast period. The region has been segmented, by country, into China, Japan, India, and the Rest of Asia Pacific. Rapid industrialization and infrastructural developments taking place in the region offer growth opportunities for the Asia Pacific Power Plant Boiler Market. According to the Asian Development Bank (ADB), energy demand is projected to almost double in the Asia Pacific region by 2030. With the increasing demand for power, substantial investments have been made in developing as well as emerging countries to increase their power generation capabilities. Power generation investments are therefore expected to boost the demand for power plant boilers in the region. Countries such as China and India have an abundance of coal, making it a cost-effective fuel for power plant boilers. Thus, the market for power plant boilers is expected to grow at the highest rate during the forecast period.

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Some of the top players in the Power Plant Boiler Market include Babcock & Wilcox (US), Dongfang Electric Corporation (China), Doosan Heavy Industries & Construction (Korea), General Electric (US), and Mitsubishi Hitachi Power Systems (Japan).

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Electrical Digital Twin Market worth $1,642 Million by 2024 - Latest Report by MarketsandMarkets™

According to the new market research report "Electrical Digital Twin Market by Twin Type (Gas & Steam Power Plant, Wind Farm, Digital Grid, Hydropower Plant, and Der), Application, Deployment (Cloud/Hosted and On-Premises), End-user, Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Electrical Digital Twin Market is projected to reach USD 1,642 million by 2024 from an estimated USD 804 million in 2019, at a CAGR of 15.4%. This growth can be attributed to the improved accuracy and efficiency in power sector operations, streamlined integration of renewable energy technologies, and reduced unplanned downtime and maintenance cost.

The asset performance management is expected to hold the largest share of the Electrical Digital Twin Market, by application, during the forecast period.

The asset performance management segment is projected to be the largest market during the forecast period. This is mainly because the power utilities are constantly focusing on asset management to continuously monitor asset health, increase grid reliability, and help in maintenance optimization. With the help of digital twining, the power utilities can map physical assets to a digital platform that helps in creating a single source of data for all power generation or renewable assets.  

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The cloud segment is expected to be the fastest growing Electrical Digital Twin Market, by deployment, during the forecast period.

The cloud segment accounted for the highest CAGR during the forecast period. The growth of this segment can be attributed to the multiple benefits of cloud software installation such as easy accessibility, no upfront cost associated (instead regular payments are made which are an operating expense), maintenance of software or the hardware it resides on by cloud service providers, quick deployment, and lower energy consumption cost. All these factors are likely to increase the demand for cloud services in the Electrical Digital Twin Market during the forecast period.

North America: The leading Electrical Digital Twin Market.

In this report, the Electrical Digital Twin Market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. North America is estimated to dominate the global Electrical Digital Twin Market during the forecast period. In recent years, the development of software and automation solutions deployed across the power generation utilities have created a positive impact on the growth of digital twins. Moreover, the increased research & development (R&D) activities in the field of Internet of Things (IoT) and Industrial Internet of Things (IIoT) and increasing demand for efficient and cost-effective technologies for power utilities are the factors driving the market in this region.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Electrical Digital Twin Market. Some of the key players are Siemens (Germany), GE (US), ABB (Switzerland), Emerson (US), and AVEVA (UK). The leading players are adopting various strategies to increase their share in the Electrical Digital Twin Market.