Gas Turbine Market to Showcase Excellent Growth By 6.2% CAGR up to 2030 Industry Growth Scenario, Status and Forecast by MRFR
Research Reports
Jul 18, 2023
Market Analysis
Market Research Future (MRFR) presumes the global gas turbine market size to grow at a CAGR of 6.2% from 2023-2030 (forecast period).
Several Factors Contributing to Market Growth
Rapid industrialization, urbanization, and rapid economic expansion are the primary factors driving the market growth. The worldwide gas turbine market is expected to increase significantly in the future years as a result of tough emission standards for gas turbines and the shale gas production boom.
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According to the EIA estimate, the share of natural gas would rise from 34% to 39% from 2018 to 2050 due to increased drilling activity. Increased natural gas output leads to lower natural gas prices, which results in a higher share of power generated by natural gas, increasing the expansion of the gas turbines industry.
Key Players
- General Electric (U.S.)
- Siemens (Germany)
- Mitsubishi Heavy Industries Ltd. (Japan)
- Alstom S.A (France)
- Kawasaki Heavy Industries
- (Japan)
- Bharat Heavy Electricals Limited. (India)
- Ansaldo Energia, (Italy)
- Rolls-Royce Holdings plc. (U.K)
- Harbin Electric Company Limited. (China)
COVID-19 Impact on the Worldwide Market
The COVID-19 outbreak has had a significant impact on a variety of business sectors, including autos, semiconductor devices, electrical and electronic devices, food and beverages, and many more. The outbreak has also had a significant influence on the gas turbine market. To halt the spread of the virus, most governments ordered lockdowns, a shutdown of production businesses, and the closure of public areas such as restaurants, theatres, schools, colleges, and others.
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Most industries are shut down as a result of the lockdowns, resulting in a stop in production in major cities and economies. As a result, global demand for oil and gas has decreased. According to the US EIA report, worldwide petroleum and liquid fuels average consumption were 94.1 million barrels per day during the first month of 2020, a 5.8 million barrel decrease from the same period in 2019. Furthermore, as a result of the pandemic, power demand from industrial and commercial end-users is decreasing.
Market Segmentation
The global gas turbine market has been divided into capacity, technology, and application.
Based on capacity, the global gas turbine market has been divided into 200 MW and above 200 MW.
Based on technology, the global gas turbine market has been divided into open cycle and combined cycle.
Based on application, the global gas turbine market has been divided into power generation, industrial, and aviation.
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Gas Turbine Market Rising Trends
Increasing demand for natural gas: Natural gas is considered a cleaner alternative to coal and oil, leading to a rising demand for gas turbines. The push for reducing greenhouse gas emissions and the growing emphasis on clean energy sources were driving this trend.
Combined Cycle Gas Turbine (CCGT) plants: CCGT plants, which combine gas turbines with steam turbines, were gaining popularity. These plants provide higher overall efficiency by utilizing waste heat from the gas turbine to generate additional power through the steam turbine.
Growing focus on renewable energy integration: Gas turbines were being used in conjunction with renewable energy sources like wind and solar power to provide grid stability and ensure consistent power supply. Gas turbines can quickly ramp up or down to balance the intermittent nature of renewable energy generation.
Upgrades and efficiency improvements: Manufacturers were investing in research and development to improve the efficiency of gas turbines. This included advancements in turbine design, materials, and control systems to enhance overall performance and reduce emissions.
Regional Analysis
APAC to Dominate the Global Market
With its rising population and rapid urbanization, Asia Pacific has the biggest market share. Raw resources and labor are inexpensive, making it appealing for global players to grow their operations in this region. These reasons will drive the gas turbine industry in this region.
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