Gas Engines Market: Increase in the use of Distributed Power Generation Systems

According to the new market research report "Gas Engines Market by Fuel Type (Natural Gas, Special Gas), Application (Power Generation, Cogeneration, Mechanical Drive), Power Output (0.5–1 MW, 1–2 MW, 2–5 MW, 5–15 MW, & Above 15 MW), End-User Industry, and Region - Global Forecast to 2027", published by MarketsandMarkets™, the Gas Engines Market size will grow to USD 5.8 billion by 2027 from USD 4.8 billion in 2022, at a CAGR of 4.1% during the forecast period.

Rising demand for clean and efficient power generation technology, increase in the use of distributed power generation systems, and stricter emission regulations are the driving factors for the Gas Engines Market, globally. Global energy consumption has increased significantly in the past decade. This rise can be attributed to the growing economies of Asia Pacific. Furthermore, natural gas is often seen as a transition fuel to meet energy demands as economies shift to renewables and other clean energy solutions. Natural gas-fired power plants are cheap and easier to build. These power plants emit a negligible amount of carbon monoxide (CO), carbon dioxide (CO2), sulfur oxide (SO), and nitrogen oxide (NO) compared to oil and coal-fired power plants. Gas-fired power plants are economical and emit lesser carbons than coal-fired power plants. Coal-fired power plants’ emissions also cause smog and reduce visibility. Thus, most coal-fired power plants will be replaced by gas-fired power plants which utilize gas engines, leading to the growth of the Gas Engines Market.

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The utilities segment is expected to be the largest in the Gas Engines Market

The largest share of the Gas Engines Market in 2021 was held by the utilities segment. The power produced by utilities can power local facilities or exported to local electricity grids. Utilities deploy gas engines to meet the peak load requirement and provide emergency backup solutions to prevent blackout in case of a malfunction of the main power plant. The application of cogeneration or combined heat and power (CHP) technology also helps increase the overall efficiency of the power plants. The increasing demand for power, thus, is expected to create favourable circumstances for the growth of the Gas Engines Market during the forecast period.

Asia Pacific likely to emerge as the largest Gas Engines Market

The Asia Pacific region, as a whole, is experiencing rapid development and growth fueled by the growth of major economies such as China, India, Indonesia, Thailand, Vietnam, and other economies. The major end users for gas engines in the APAC include utilities, oil & gas, manufacturing, marine, and sewage treatment industries. The demand for power generation is witnessing an upward trend with the rising population and economic growth in China and India. The region is moving toward clean energy on a large scale to efficiently meet the growing energy needs. The continued growth in Asia Pacific in almost all the major industrial sectors and the resulting demand for efficient and clean power generation technologies, and the replacement of aging power generation infrastructure and conversion of coal-based power plants to gas based ones will drive the growth for gas engines in the region.

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The Gas Engines Market is dominated by a few major players that have a wide regional presence. The leading players in the Gas Engines Market are Caterpillar (US), Wärtsilä (Finland), Rolls-Royce Holdings (UK), Volkswagen (MAN Energy Solutions) (Germany), Siemens Energy (Germany), INNIO (Austria), Cummins (US), Mitsubishi Heavy Industries, Ltd. (Japan), Kawasaki Heavy Industries, Ltd. (Japan), Ningbo C.S.I Power & Machinery Group Co., Ltd. (China), IHI Power Systems (Japan), JFE Engineering Corporation (Japan), Liebherr (Germany), Hyundai Heavy Industries Co., Ltd. (South Kore), Jinan Lvneng Power Machinery Equipment Co., Ltd. (China), R Schmitt Enertec (Germany), CNPC Jichai Power Complex (China), Fairbanks Morse (US), Googol Engine Tech (US), Baudouin (France), and others.

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.

Electrical Digital Twin Market: Increase in efficiency and optimization of operations of power sector

According to the new market research report "Electrical Digital Twin Market by Twin Type (Gas & Steam Power Plant, Wind Farm, Digital Grid, Others), Usage Type (Product, Process, System), Deployment Type (Cloud, On-Premises), End User, Application, and Geography - Global Forecast to 2026", published by MarketsandMarkets™, The Electrical Digital Twin Market size will grow to  USD 1.3 billion by 2026 from USD 0.8 billion in 2021, at a CAGR of 12.2% during the forecast period.

The integration of variable renewable energy with the grid and increasing decentralization of distributed energy resources using electrical digital twins are the driving factors for the Electrical Digital Twin Market, globally. Utilities and grid infrastructure operators across regions are increasingly looking toward digital technologies, including electrical digital twins, to help streamline the integration of the growing share of renewable energy technologies into their operational mix. The emergence of Energy 4.0 and the increasing adoption of advanced technologies for implementation of digital twin applications creates ample opportunities for growth of the market.

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The utilities segment is expected to be the largest segment of the electrical digital twin market, by end user, during the forecast period.

The utilities segment held a larger share of the electrical digital twin market. Power utilities are rapidly investing in the deployment of electrical digital twins as they aid operators in achieving efficiency in terms of workforce optimization and enhance plant operations by reducing unplanned downtime. To clearly understand the impacts of distributed energy resources (DERs) on the grid, utilities need to streamline interconnection application processes and create digital network analysis models from the existing geographic information system (GIS) network data using electrical digital twins.

North America likely to emerge as the largest electrical digital twin market

In this report, the electrical digital twin market has been analyzed for six regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. The growth of the North American market is driven by the increasing investments for the deployment of advance digital technology to upgrade to aging power generation and distribution infrastructure. Furthermore, the increasing need to deliver clean, reliable energy, and a strong focus on renewable energy generation are among a few major factors driving investments in digital technologies such as electrical digital twin. The increased R&D in the field of cloud, big data analytics, IoT and IIoT and increasing demand for efficient and cost-effective technologies to improve assets performance and optimize business operations are also supporting the regional market growth. The governments in US and Canada have also made several policy reforms to accelerate the decarbonization of the power sector. Thus, North America dominated the Electrical Digital Twin Market during the forecasted period.

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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 General Electric (US), Siemens (Germany), ABB (Switzerland), Emerson (US), and AVEVA Group (UK). The leading players are adopting various strategies to increase their share in the electrical digital twin market.

Excitation Systems Market: Increasing Investments in Renewable Energy, especially Hydropower

 According to the new market research report "Excitation Systems Market by Type (Static and Brushless), Controller Type (Analog and Digital), Application (Synchronous Generators and Synchronous Motors), End User (Power Generation, Heavy Industries, and OEMs) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Excitation Systems Market is expected to grow from an estimated USD 2.7 billion in 2021 to USD 3.4 billion by 2026, at a CAGR of 4.4%. Key factors projected to drive the growth of the Excitation Systems Market are their ability to ensure long-term reliable operations and increasing demand for synchronous machines to ensure optimal reactive power flow in power distribution plants.

Increasing concerns related to global warming, carbon emissions, and rising pollution have motivated countries to move toward clean energy sources. Governments are implementing strategies to tackle these environmental issues. According to the IEA, renewables will overtake coal to become the largest source of electricity generation worldwide in 2025. By that time, renewables are expected to supply one-third of the world’s electricity. Hydropower will continue to supply almost half of the global renewable electricity. It is the largest source of renewable electricity worldwide, followed by wind and solar PV. Thus, these investments create opportunities for the  excitation systems market.

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Digital excitation systems is expected to be the fastest growing market segment for Excitation Systems Market

Digital excitation systems provide a significant improvement in generator performance by improving transient as well as dynamic stability. Easy conversion of analog to digital controls is another key factor that is expected to foster the demand for digital excitation systems during the forecast period. Digital excitation systems provide enhanced performance, and diagnostic capabilities in turbine generator excitation systems. Digital excitation systems are highly reliable too. New product launches with major focus on developing digital control systems is another factor which is anticipated to foster the demand for digital excitation systems during the forecast period.

Asia Pacific is expected to lead the Excitation Systems Market during the forecast period

In this report, the Excitation Systems Market has been analyzed with respect to 6 regions, namely, North America, Europe, Asia Pacific, South America, the Middle East, and Africa. The Asia Pacific region is expected to lead the Excitation Systems Market during the forecast period. Rapid industrialization and infrastructural developments in the region offer growth opportunities for the Excitation Systems Market in Asia Pacific. According to the World Bank, Asia Pacific is the fastest-growing region in the world, experiencing continued economic growth. In addition, regional governments in the Asia Pacific are promoting the use of energy-efficient equipment to save electricity. Synchronous motors are expected to play an important role in meeting energy efficiency targets as they are highly efficient in comparison to the induction motor. This factor is expected to drive the market for synchronous machines, thus supporting the growth of excitation systems in the region. Also, rapidly growing hydropower-based capacity additions are expected to support the demand for synchronous machines in the coming years.

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Some of the key players in Excitation Systems Market are ABB (Switzerland), Siemens Energy (Germany), General Electric (US), ANDRITZ Group (Austria), and Emerson (US). The leading players are adopting various strategies to increase their share in the excitation systems market. Contracts & agreements, and new product launches have been a widely adopted strategy by the major players in the Excitation Systems Market.

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).