Gas Turbine Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Gas Turbine Market grew at a CAGR of 3.9% between 2017-2021 and is estimated to be US$ 19,874.6Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 3.5% and is expected to reach a valuation of US$ 28,035.1Mn by 2032 end.
A gas turbine is an engine that uses air and fuel to heat a mixture to a very high temperature to turn turbine blades and produce mechanical energy. Additionally, mechanical energy propels a generator, which generates electrical power.
The global market is expanding due to the energy sector’s quick technological development and a shift in emphasis toward distributed power production technologies. Due to increased government support for power production technologies that reduce carbon dioxide (CO2) emissions globally, this market is expected to grow quickly during the forecast period.
RISING DEMAND FOR ELECTRICITY IS DRIVING THE GLOBAL MARKET
The demand for electricity has increased due to growing industrialization and the use of electrical appliances in emerging nations. The energy generation from utilities rose from 13, 03,493 GWh in 2017–2018 to 13, 71,779 GWh in 2018–2019, registering an annual growth of around 6.20%, according to the Ministry of Statistics and Program Implementation Government of India.
As a result, the development of natural gas power plants is anticipated to be prompted by the high emission standards implemented by industrialized countries and the rising electricity demand. Natural gas emits less carbon dioxide.
SHIFTING FOCUS TOWARD RENEWABLE ENERGY
As reported by BP in its Statistical Review of World Energy for June 2017, the total worldwide natural gas reserves are estimated to be 186.6 trillion cubic meters, or enough to meet the demand for 55 years. The reserve-to-production ratio would sharply fall if the US began exporting natural gas to international markets.
Although coal production and consumption are much higher in the rapidly expanding economies of Asia Pacific, the supply of natural gas in the world today is only enough to last for about half as long as coal. Clean energy comes from solar and wind power plants. Fossil-fired power plants are anticipated to be impacted by investments in renewable energy. As a result, the gas turbines are challenged by the limited natural gas reserves.
INCREASED TREND OF DISTRIBUTED POWER GENERATION
Previously, electricity was distributed by low-voltage DC-based small power plants. Electric supply and mechanical tasks can be accomplished via distributed generating (providing torque to move objects). Gas turbines have an advantage over other distributed generation technologies for meeting onsite and backup power needs due to their higher efficiency and dependable generation capacity. Consequently, the market for gas turbines is presented with a significant opportunity through the growth of distributed power generation.
Market Segments Covered in Report
By Design Type:
By Backing Material:
By Rated Capacity:
By Region and Country:
Why is the power generation segment expected to lead the market during the forecast period?
The gas turbine market is anticipated to be led by the power generation segment. Gas turbine power plants are frequently used as medium-sized peak load plants that operate sporadically during brief periods of high demand for electricity from an electric grid. Additionally, they serve as cogeneration units for district heating systems and industrial facilities with high heat loads.
Why does above 300MW is expected to grow at a faster rate during the forecast period?
This segment’s gas turbine market is anticipated to be driven by a higher power and lower emissions. It is called a combined cycle when many cycles produce energy. The fact that the exhaust is used for other operational purposes results in lower overall emissions.
Why does the aero-derivative segment is expected to grow at a faster rate?
The aero-derivative segment is anticipated to expand more quickly over the projected period. Aerospace engines or aviation gas turbines are the design inspiration for aero-derivative gas turbines. Aeroderivative gas turbines weigh less, are simpler to install, and start up more quickly than heavy-duty gas turbines.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Several large companies that control a disproportionate amount of the industry share have consolidated the market. To strengthen their position in the market, industry participants engage in various strategic initiatives, including partnerships, mergers and acquisitions, joint ventures, and new product introductions.
The key developments in the Global Gas Turbine Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Design Type, Backing Material, Technology, Rated Capacity, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 3.5%.
Rising demand for electricity is driving the global market.
Major global Gas Turbine Market players are General Electric, Siemens Energy, Mitsubishi Power, Ltd., Kawasaki Heavy Industries, Ltd., Ansaldo Energia, Solar Turbines Incorporated
Fossil-fired power plants are anticipated to be impacted by investments in renewable energy. As a result, the gas turbines are challenged by the limited natural gas reserves.
Asia Pacific Region is expected to account for the largest market revenue share in the Global Gas Turbine market.
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