Gas Turbine Market: Size, Dynamics, Regional Insights and Market Segment Analysis

Gas Turbine Market was valued at USD 18.9 Billion in 2021, and it is expected to reach USD 25.08 Billion by 2029, exhibiting a CAGR of 3.6 % during the forecast period (2022-2029) A Gas Turbine is a type of internal combustion engine that transfers chemical energy in the form of rotational power into mechanical energy. This mechanical energy may be employed to drive a variety of industrial activities. A Gas Turbine has several advantages, including great dependability, low operating costs, and high power density. The Gas Turbine may also be powered by clean and renewable energy, lowering carbon emissions. Gas Turbine used in cogeneration or Combined Heat and Power (CHP) processes improve plant efficiency by using exhaust gases to create steam, which may then be utilised for a variety of applications without the usage of extra fuel. Because of these advantages, as well as others such as higher efficiency, severe carbon emission laws, and cost savings provided by the use of these turbines, Gas Turbine demand is likely to rise further in the coming years. Since its origin, Gas Turbine technology has continually improved and continues to evolve. Smaller Gas Turbine and more powerful and efficient engines are being actively developed. Computer-based design (particularly computational fluid dynamics and finite element analysis) and the development of new materials are assisting in these advancements. These advancements enable greater compression ratios and turbine intake temperatures, more efficient combustion, and improved engine component cooling. Through a better knowledge of the complicated viscous flow and heat transfer phenomena involved, computational fluid dynamics (CFD) has contributed to significant advances in the performance and efficiency of Gas Turbine engine components. As a result, CFD is one of the most important computational methods used in the design and development of Gas Turbine engines. These technical advancements boost global demand for Gas Turbine.

Research Methodology

The research report highly depends on both primary and secondary data sources. The research process involves the investigation of various factors affecting the industry, such as government policy, market environment, competitive landscape, historical data, current market trends, technological innovation, upcoming technologies, and technical progress in related industries, as well as market risks, opportunities, market barriers, and challenges. All conceivable elements influencing the markets included in this research study have been considered, examined in depth, validated through primary research, and evaluated to provide the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalised, and the impact of inflation, economic downturns, regulatory & policy changes, and other variables is factored into the market forecast. This data is combined and added with detailed inputs and analysis, and presented in the report. Extensive primary research was conducted to acquire information and verify and confirm the crucial numbers arrived at after comprehensive market engineering and calculations for market statistics; market size estimations; market forecasts; market breakdown; and data triangulation. Bottom-up technique is widely employed in the whole market engineering process, along with multiple data triangulation methodologies, to perform market estimation and forecasting for the overall market segments and sub-segments covered in this research. Gas Turbine Market To know about the Research Methodology :- Request Free Sample Report

Gas Turbine Market Dynamics

Gas Turbine Market Manufacturers Investing in R&D: Global demand for efficient turbines is driving Gas Turbine manufacturers to spend extensively in the development of high-efficiency Gas Turbine. One example of a Gas Turbine with improved efficiency levels is GENERAL ELECTRIC's 9HA/7HA series CCGT created by the Power and Water division. As a result of the increased emphasis of Gas Turbine manufacturers on supplying technologically sophisticated and sturdy products, the global Gas Turbine Market is expected to grow at a CAGR of more than 3% during the forecast period. To remain competitive in this rapidly expanding industry, leading Gas Turbine manufacturers are continually developing and integrating sophisticated technologies into their products, such as Gas Turbine combined cycle (GTCC) and integrated coal gasification combined cycle (IGCC). This will help them provide environmentally friendly and high-efficiency Gas Turbine. For example, in 2003, MHI commercialised a Gas Turbine based on IGCC technology with NOx levels less than 25ppm at base load with steady combustion. Many of the world's major Gas Turbine manufacturers also provide devices that can be tailored to meet the needs of the client and can run on numerous fuels. All of these elements are expected to be important drivers of the global Gas Turbine industry's growth in the next years. Gas Turbine Market Growing Aviation Industry and Increasing Consumption of Electricity: Global demand for power is rising, and governments are focusing their efforts on reducing the usage of fossil fuels, which are increasing global emissions. Several governments are replacing coal-fired steam plants and combined-cycle power plants with such turbines. The principal fuel for these turbines is natural gas. Gas-powered electricity emits less greenhouse emissions. The aviation business is quickly developing across the world, offering a great opportunity for this market. Emerging economies are concentrating their efforts on upgrading the aviation industry. Rising aviation investment is predicted to generate a potential opportunity for this industry. Rising Electricity Demand Across the World: Electricity demand is expanding globally as a result of increased urbanisation and infrastructure development. Industrialization is spreading in underdeveloped countries. Many nations have begun smart building and smart city programmes, which have increased power demand. To meet the rising demand for energy, both the public and private sectors are boosting power plant capacity, either by building new facilities or expanding existing ones. These turbines are often used in such projects since they are both efficient and environmentally friendly. Governments have also imposed tough pollution standards, prompting firms to switch to gas-powered turbines on a significant scale. As a result, this aspect is likely to fuel market expansion in the future years. Nuclear and Coal Driven Turbines Replacement by Gas: Coal-fired power facilities release significant volumes of hazardous gases. The discharge of such gases significantly adds to warmth. Nuclear-powered turbines also emit enormous volumes of hazardous gases, which have long-term negative consequences on the environment. Several governments intend to minimise greenhouse gas emissions and replace nuclear and coal-powered turbines with gas-powered turbines. These turbines often produce less hazardous gases than coal power stations. In 2019, approximately 2,044 GW of coal-fired power plants were operational around the world. By 2021, China will have around 1,082 coal-fired power plants in operation, which will significantly contribute to increased air pollution. Junliangcheng Power Plant installed around 650 MW of gas-driven turbine power plant in February 2021, which is a milestone toward the transition from coal to gas. Growing Trend of Distributed Power Generation: A Previously, small power plants with low voltage DC-based power distribution were employed to distribute energy. Distributed producing can assist both electricity and mechanical tasks. Because Gas Turbine are more efficient and have a more reliable production capacity than other distributed generation technologies for backup power and onsite generation, there is a growth in distributed power generation, which provides a significant potential for Gas Turbine industries. Gas Turbine Market Shifting Focus towards Renewable Energy: According to BP's statistical review of world energy in June 2017, total global natural gas reserves are 186.6 trillion cubic metres, which is insufficient to last for 55 years at current consumption rates. However, if the United States begins exporting natural gas to other markets, the reserve to production ratio will decrease. At present production rates, global natural gas supplies are barely enough to last half as long as coal. Increased investment in renewable energy is expected to have an impact on fossil-fired power plants, posing a threat to the Gas Turbine industries. Volatility in Natural Gas Price: Natural gas prices are impacted by interruptions in natural gas supply. Geopolitical tension is a disruptive element that creates uncertainty about gas supplies or demand. This may result in increased volatility in gas prices. The cost of gas in the United States has dropped dramatically as a result of shale gas extraction, while the value remains relatively high elsewhere in the globe. The majority of the nations in the Middle East area have large natural gas reserves. Because of political and cultural difficulties, it is a highly volatile region. Furthermore, because to the Covid-19 epidemic, demand for natural gas has reduced dramatically in recent months. As a result, gas prices have fallen, which has a detrimental influence on market growth.

Gas Turbine Market Segment Analysis

Based on Type, the Gas Turbine Market is segmented into Heavy Duty and Aeroderivative. The heavy duty category dominates the market because to its cheap cost structure, large capacity operations, and low pressure, resulting in maximum power. Because of its small turbine dimensions and cheap investment cost, delivering optimum cycle efficiency contributes to the increasing demand for heavy duty Gas Turbine. The continued technology advances of efficiency, dependability, and flexibility are expected to help drive the commercial environment. During the forecast period, the aeroderivative segment is expected to increase at an 8.1% CAGR. It is built around aircraft engines, often known as aviation Gas Turbine. It is easier to install, starts up faster, and weighs less than a large duty engine. Based on Technology, the Gas Turbine Market is segmented into open cycle and combined cycle. The combined cycle technology has the highest revenue (78%), and it is expected to maintain its dominance. They use less fuel to achieve the desired energy output while also lowering transmission and distribution losses. Because of its great efficiency and ease of use, combined cycle turbines have efficiencies ranging from 60 to 80%. Aside from this growing demand, the technology is supported by strict coal plant regulations, low gas prices, and the incorporation of renewable energy power. Because it can start and stop fast, the combined cycle power plant complements solar and wind power and provides a variety in renewable energy generation. The expansion is mostly owing to efficient waste heat usage, closeness to the environment, and operational efficiency. Based on Application, the Gas Turbine Market is segmented into power generation, oil & gas, marine, Aerospace, process plants and others. During the forecast period, the power utility sector is likely to dominate the global market. The replacement of traditional steam and coal-fired turbines is gaining popularity in many power generating units. When compared to typical power plants, they deliver excellent efficiency in electricity generation. As gas exploration grows more active, there are several gas fueled turbine plants that primarily use natural gas as fuel. According to the Energy Information Administration (EIA), coal accounts for more than 40% of the country's power while natural gas accounts for about 25%. More than 49 GW of coal-fired power plants had been retired by the end of 2019, 14GW of boilers had been converted to natural gas, and 15GW had been replaced with natural gas combined cycle power plants. Gas Turbine Market Because of the rapid expansion in the usage of turbines from this industry, the aviation segment is expected to develop considerably during the forecast period. The aviation market is growing rapidly over the world as a result of feasible and high-speed needs. The oil and gas industry is expected to rise during the forecast period due to the fast increase in global demand and consumption of oil and gas. Based on Power Rating, the market is segmented into below 40 MW, 40-120 MW, 120-300 MW, and above 300 MW. The turbines with power ratings of 120-300 MW are expected to dominate the market and are commonly selected for power generation. The increase is attributed to expanding urbanisation, which is increasing product demand and increasing power use. The transition from coal to gas-fired power facilities is largely driving demand. Furthermore, the lower size turbines aid in maintenance and operation, which is a key driving element.

Gas Turbine Market Regional Insights

In 2021, the Asia Pacific region held the largest market share (41%). During the forecast period, it is expected to grow at the fastest CAGR of xx%. The region dominated by China, Japan, Indonesia, Thailand, and India is expected to grow at the fastest rate during the forecast period. Rapid urbanisation and the growth of a middle class are driving the Asia Pacific region's regional need for power. The presence of developing economies like India and China, as well as low-cost raw materials and labour, are enticing international corporations to extend their operations in this region. Rapid industrialization and urbanisation have increased energy consumption, as well as the desire for sustainable energy solutions like renewable energy. This region is heavily reliant on coal for electricity generation and coal burning, both of which create pollution. This region's governments have taken many initiatives to reduce carbon emissions, which have increased owing to the deployment of these turbines in Japan, China, India, Australia, and South Korea. During the forecast period, Europe is expected to grow significantly at a CAGR of xx%. Because this area is working hard to minimise carbon emissions, several nations have opted to phase out coal and nuclear power plants from their energy mix. The emphasis is shifting toward gas-powered turbine systems, which run on natural gas and may be utilised as an alternative to coal. Natural gas contributes far less than coal. This is why it will fuel market growth in the European area. North America, dominated by the United States, Mexico, and Canada, is expected to develop at a rapid pace during the forecast period. The shale gas deposit and technical advancements in extraction and mining technologies, which are continually decreasing the operational cost of gas extraction in the region, are driving demand. Furthermore, large-scale gas-based power plant commissioning has occurred in the North American area. Because of technical advances in completion methods like as multistage hydraulic fracturing and drilling techniques such as horizontal wellbores, oil and gas firms have been able to create shale gas on a commercial scale. According to trends, the aforementioned technical developments, as well as commercial shale gas production, are expected to propel the regional market in the near future. Saudi Arabia is a significant end user of Gas Turbine in the Middle East and Africa area. As a result, the country now has a huge number of Gas Turbine suppliers, all of whom are vying for a larger market share. Major OEMs such as Siemens Energy, General Electric, and Mitsubishi Power, Ltd. supply Gas Turbine throughout the country.

Report Scope:

The Gas Turbine Market research report includes product categorization, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, and the most recent dynamic analysis, among other things. The study discusses the worldwide market's drivers, opportunities, and limitations. It discusses the influence of various drivers, trends, and constraints on market demand during the forecast period. The research also outlines market potential on a global scale. The research includes the production time, base distribution, technical characteristics, research and development trends, technology sources, and raw material sources of significant Gas Turbine Market firms in terms of production bases and technologies. The more precise research also contains the key application areas of market and consumption, significant regions and consumption, major producers, distributors, raw material suppliers, equipment providers, and their contact information, as well as an analysis of the industry chain relationship. This report's study also contains product specifications, manufacturing processes, cost structure, and data information organised by area, technology, and application.

Gas Turbine Market Scope: Inquiry Before Buying

Gas Turbine Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US$ 18.9 Bn.
Forecast Period 2022 to 2029 CAGR: 3.6% Market Size in 2029: US$ 25.08 Bn.
Segments Covered: by Type • Heavy Duty • Aeroderivative
by Application • Power generation • Oil & gas • Aerospace • Process plants • others
by Technology • Open cycle • Combined cycle
by Power Rating • Below 40 • 40-120 • 120-300 • Above 300

Gas Turbine Market by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Gas Turbine Market Key Players:

Kawasaki heavy industries ltd • Siemens Energy • Mitsubishi Heavy Industries • Centrax Gas Turbine • Capstone Green Energy corporation • MAN Energy Solutions • General Electric • United Engine Corporation • Ansaldo Energia • Rolls-Royce plc • Electric Machinery • Harbin Electric Machinery Company Limited • Nanjing Turbine • MTU Aero Engines AG • Opra Turbine • IHI Corporation • Solar Turbine • Wartsila • Bharat Heavy Electricals Limited • Doosan Heavy Industries & Construction • Vericor Power System • MAPNA Group • Zorya Mashproekt Frequently Asked Questions: 1. Which segment are covered in the global gas turbine market? Ans. The segment covered in gas turbine market are based on type, application, technology and power rating. 2. What is the market size of gas turbine market by the year 2029? Ans. The market size of gas turbine market is anticipated to reach to US$ 25.08 Bn. 3. What is the forecast period for gas turbine market? Ans. The forecast period for the gas turbine market is 2022-2029. 4. What is the market size of gas turbine market in 2021? Ans. The market size of gas turbine in 2021 was valued at US$ 18.9 Bn. 5. Which region is expected to hold the highest share in gas turbine market? Ans. The Asia Pacific held the largest market share in gas turbine market.
1. Global Gas Turbine Size: Research Methodology 2. Global Gas Turbine Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Gas Turbine Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Gas Turbine Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global Gas Turbine Size Segmentation 4.1. Global Gas Turbine Size, by Type (2021-2029) • Heavy duty • Aeroderivative 4.2. Global Gas Turbine Size, by application (2021-2029) • Power generation • Oil & gas • Aerospace • Process plants • others 4.3. Global Gas Turbine Size, by technology (2021-2029) • Open cycle • Combined cycle 4.4. Global Gas Turbine Size, by power rating (2021-2029) • Below 40 • 40-120 • 120-300 • Above 300 5. North America Gas Turbine (2021-2029) 5.1. North America Gas Turbine Size, by Type (2021-2029) • Heavy duty • Aeroderivative 5.2. Global Gas Turbine Size, by application (2021-2029) • Power generation • Oil & gas • Aerospace • Process plants • others 5.3. Global Gas Turbine Size, by technology (2021-2029) • Open cycle • Combined cycle 5.4. Global Gas Turbine Size, by power rating (2021-2029) • Below 40 • 40-120 • 120-300 • Above 300 5.5. North America Gas Turbine, by Country (2021-2029) • United States • Canada • Mexico 6. European Gas Turbine (2021-2029) 6.1. European Gas Turbine, by type (2021-2029) 6.2. European Gas Turbine, by application (2021-2029) 6.3. European Gas Turbine, by technology (2021-2029) 6.4. European Gas Turbine, by power rating (2021-2029) 6.5. European Gas Turbine, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest of Europe 7. Asia Pacific Gas Turbine (2021-2029) 7.1. Asia Pacific Gas Turbine, by type (2021-2029) 7.2. Asia Pacific Gas Turbine, by application (2021-2029) 7.3. Asia Pacific Gas Turbine, by technology (2021-2029) 7.4. Asia Pacific Gas Turbine, by power rating (2021-2029) 7.5. Asia Pacific Gas Turbine, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest of APAC 8. The Middle East and Africa Gas Turbine (2021-2029) 8.1. The Middle East and Africa Gas Turbine, by type (2021-2029) 8.2. The Middle East and Africa Gas Turbine, by application (2021-2029) 8.3. The Middle East and Africa Gas Turbine, by technology (2021-2029) 8.4. The Middle East and Africa Gas Turbine, by power rating (2021-2029) 8.5. The Middle East and Africa Gas Turbine, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest of ME&A 9. Latin America Gas Turbine (2021-2029) 9.1. Latin America Gas Turbine, by type (2021-2029) 9.2. Latin America Gas Turbine, by application (2021-2029) 9.3. Latin America Gas Turbine, by technology (2021-2029) 9.4. Latin America Gas Turbine, by power rating (2021-2029) 9.5. Latin America Gas Turbine, by Country (2021-2029) • Brazil • Argentina • Rest of Latin America 10. Company Profile: Key players 10.1. Kawasaki heavy industries ltd. 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Siemens energy 10.3. Capstone green energy corporation 10.4. General electric 10.5. Ansaldo energia 10.6. Mitsubishi heavy industries 10.7. Electric machinery 10.8. Nanjing turbine 10.9. Opra turbine 10.10. Solar turbine 10.11. Bharat heavy electricals ltd 10.12. Rolls Royce 10.13. Vericor power system

About This Report

Report ID 122324
Category Engineering Equipment
Published Date Aug 2022
Updated Date
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