Gas Turbine Market: Increased Trend of Distributed Power Generation Offer Lucrative Opportunities

 According to the new market research report "Gas Turbine Market by Technology (Open Cycle and Combined Cycle), Design Type (Heavy Duty and Aeroderivative), End User (Power Generation, Oil & Gas), Rated Capacity (1–40 MW, 40–120 MW, 120–300 MW, Above 300 MW) and Region - Global Forecast to 2026", published by MarketsandMarkets™, The global Gas Turbine Market is projected to reach USD 22.5 billion by 2026. The Gas Turbine Market was valued at USD 18.9 Billion in 2021 and is projected to reach USD 22.5 Billion by 2026, at a CAGR of 3.6% during the forecast period, owing to an increase in demand for gas turbines in power generation.

The power generation segment is expected to lead the gas turbine market 

The increase in electricity demand is expected to drive the power generation market for the gas turbines market. In the industrial sector, gas turbines deliver a consistent power supply to the production floor. Gas turbines are preferred in small and medium industries, as their initial installation cost is less than that of steam and diesel power plants.

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Combined cycle segment is expected to grow at a faster rate during the forecast period

The combined cycle segment is expected to account for the largest share market during 2021 to 2026, driven by more power and low emission. In a combined cycle, the air is compressed in the compressor and heated in a heating chamber. The amount of the gas remains the same as an external source heats the air. In these plants, the waste heat from the gas turbine is used to make steam for producing additional electricity using a steam turbine.

Asia Pacific market accounted for the largest share in 2020 in the gas turbine market

In 2020, the Asia Pacific market accounted for the largest share of the global gas turbines market by region. Rapid economic growth, industrialization, and strict norms for carbon dioxide emission are expected to drive the Asia Pacific gas turbines market. Also, the gas turbines market is expected to grow in countries such as China and India due to infrastructural expansions, ongoing power generation projects, and technological innovations.

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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 Gas Turbine Market.

Some of the key players are Kawasaki Heavy Industries, Ltd. (Japan), Siemens Energy (Germany), Capstone Green Energy Corporation (US), General Electric (US), Ansaldo Energia (Italy), Mitsubishi Heavy Industries, Ltd. (Japan), United Engine Corporation (Russia), Rolls-Royce plc (England), Harbin Electric Machinery Company Limited  (China), OPRA Turbines (Netherlands), Solar Turbines Incorporated (US), Bharat Heavy Electricals Limited (India), Centrax Gas Turbine (England), MTU Aero Engines AG (Germany), IHI Corporation (Japan), Wartsila (Finland), Doosan Heavy Industries & Construction (South Korea), MAPNA Group (Iran), Vericor Power Systems (US), Zorya Mashproekt (Ukraine), MAN Energy Solutions (Germany). These players have adopted product launches, contracts, partnerships, agreements, collaborations, Memorandum of Understanding (MoU), and joint ventures as their growth strategies.

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).

Gas Turbines Market Detail Analysis focusing on Key Players like GE, Siemens, MHPS and Ansaldo etc.

According to the new market research report "Gas Turbines Market by Technology (Open Cycle and Combined Cycle), Rating Capacity (Less than 40 MW, 40-120 MW, 120-300 MW, and Above 300 MW), Design Type (Heavy Duty and Aeroderivative), Application (Power and Oil & Gas), and Region - Global Forecast to 2022", published by MarketsandMarkets™, The gas turbines market is expected to reach USD 19.6 billion by 2020, at a CAGR of 3.9% during the forecast period. Increasing demand for electric power worldwide and subsequent investments in creating new generating capacity is driving the gas turbines market across the world. 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 two regions. Meanwhile, the demand for gas turbines in the Middle East & Africa, Latin America, and Asia-Pacific would be influenced by the upcoming new gas-fired power plants as well as the upgrade of old existing thermal power plants.

The combined cycle power plants segment was the largest market and is estimated to account more than two-thirds of the total market. Combined cycle power plants are similar to open cycle power plants, except, in combined cycle plants, the waste heat from gas turbines is used to make steam to produce additional electricity using steam turbines. The initial costs for installation and the investments required till the commissioning of combined cycle power plants are high. Combined cycle power plants help lower the total emissions since the exhaust is utilized for other operations.

The report segments the gas turbines market, on the basis of application, into power generation, oil & gas, and other industrial applications. The power generation segment is expected to grow at the fastest rate during the forecast period. An increase is expected in the demand for combined cycle power plants as they offer low carbon dioxide emissions and higher efficiencies. 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. Other industrial applications use gas turbines to run compressors or mechanical drives, which help in various industrial processes.

Asia-Pacific: The largest market for gas turbines

The Asia-Pacific region is currently the largest market for gas turbines, followed by Europe and North America. Japan accounted for a majority share in Asia-Pacific in 2014, while China is projected to grow at the highest CAGR from 2015 to 2020. The slowdown in the nuclear power industry due to the Fukushima incident and continuing replacement of nuclear & aging coal plants with gas-fired ones would continue to drive the Japanese gas turbines market. In developing countries such as China and India, factors such as strong growth in demand for electricity fueled by high levels of urbanization, industrialization, & infrastructural developments and subsequent investments in developing new large-gas fired combined cycle power generation, apart from other power plants, would spur the demand for gas turbines.

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Some of the key players operating in the gas turbines market include General Electric Company (U.S.), Siemens AG (Germany), Mitsubishi Hitachi Power Systems, Ltd. (Japan), and Alstom S.A. (France) among others.