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
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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.
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The global gas turbine market is further classified on the basis of region as follows:
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.
Our in-depth analysis of the global gas turbine market includes the following segments:
By Capacity
By Type
By End-User Industry
Growth Drivers
Challenges
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increasing government initiatives to reduce carbon emissions, and adoption of natural gas for electricity generation are the major factors driving the market growth.
Ans: The market is anticipated to attain ~5% CAGR over the forecast period, i.e., 2022-2030.
Ans: Adoption of renewable energy is one of the factors estimated to hamper the market growth.
Ans: The market in North America is estimated to garner the largest market share owing to the large number of oil and gas reserves in the region, along with increasing adoption of natural gas in power sector.
Ans: The major players in the market General Electric Company, Siemens AG, Kawasaki Heavy Industries, Ltd., Ansaldo Energia, and Mitsubishi Power, Ltd. and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by capacity, type, end-user industry, and by region.
Ans: The power & energy segment is anticipated to hold largest market share over the forecast period on the back of rapid shift of power generation from coal to natural gas.
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