Menu ×

ENERGY & POWER

Gas Turbine Market Segmentation by Capacity (Less than 30 MW, 30-120 MW, 120-200 MW, and Above 200 MW); by Type (Open Cycle, and Combined Cycle); by End-User Industry (Energy & Power, Oil & Gas, Aviation, and Others) – Global Demand Analysis & Opportunity Outlook 2030

  • Text Size:

Extensive insights into the Growth of Gas Turbine Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

Read More

IN THE NEWS

·   June, 2021: Mitsubishi Power Ltd. announced its deal for JAC gas turbines for the Marlim Azul Project in Brazil which begins operation in January 2023.

Global Gas Turbine Market Highlights over 2022-2030

The global gas turbine market is estimated to garner significant revenue by growing at a ~5% CAGR over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the growing demand for electricity amongst the rising population, along with the rapid adoption of natural gas to produce electricity. Initially, major power plants were thermal, which means they were coal-based. However, this situation is changing on account of growing awareness regarding pollution and depleting fossil fuels, which is expected to increase the adoption of natural gas-based power plants, which use gas turbines to generate electricity. Moreover, the increasing demand for power in the commercial and industrial sector is also estimated to fuel the demand for natural gas-based electricity. Increasing consumption of natural gas amongst various sectors, including, power sector is estimated to further boost the market growth. According to the report by the IEA, the global natural gas consumption increased by 3.2% from 2020 to 2021.

Gas Turbine Market

The global gas turbine market is segmented by capacity into less than 30 MW, 30-120 MW, 120-200 MW, and above 200 MW, out of which, the above 200 MW segment is anticipated to hold the largest share in the market during the forecast period owing to its high usage in power plants for electricity generation. On the basis of end-user industry, the market is segmented into energy & power, oil & gas, aviation, and others, out of which the energy & power segment is anticipated to garner the largest share over the forecast period on the back of increasing shift of power generation from coal to oil and gas in various developed countries. The aviation gas turbine segment, on the other hand, is expected to hold a significant market share, backed by the increasing aircraft shipments worldwide, and the rising demand for air travel amongst passengers. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global Gas Turbine Market Regional Synopsis

Regionally, the global gas turbine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period on the back of increasing adoption of natural gas as a source of electricity, backed by presence of oil wells in the countries, such as, Canada, and United States. Moreover, the government initiatives to reduce carbon emission is further anticipated to boost the market growth. According to the U.S. Energy Information Administration, in 2020, the power sector consumed about 38% of total U.S. natural gas, while the total consumption was 30.48 trillion cubic ton.

The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period owing to the increasing need for power backed by rapid industrial development, urbanization and increasing population in the region. Moreover, depleting coal resources and slow adoption of renewable resources for electricity generation in developing countries is also estimated to fuel the market growth.

Global Gas Turbine Market

The global gas turbine market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global gas turbine market includes the following segments:

By Capacity

  • Less than 30 MW
  • 30-100 MW
  • 100-200 MW
  • Above 200 MW

By Type

  • Open Cycle
  • Combined Cycle

By End-User Industry

  • Energy & Power
  • Oil & Gas
  • Aviation
  • Others

Growth Drivers

  • Increasing Shift of Power Sector from Coal to Natural Gas
  • Rising Demand for Electricity

Challenges

  • Adoption of Renewable Resources

Top Featured Companies Dominating the Market

The global gas turbine market is primarily dominated by General Electric Company, Siemens AG, Kawasaki Heavy Industries, Ltd., Ansaldo Energia, and Mitsubishi Power, Ltd., who collectively fulfill around 60% of the demand for gas turbines. However, few small-scale market players, such as, MAN Energy Solutions, are flourishing currently and are estimated to witness substantial growth in the coming years.

FREQUENTLY ASKED QUESTIONS


Related Reports


Disclaimer | Privacy Policy | Terms & Conditions

Copyright © 2021 Research Nester. All Rights Reserved