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Gas Turbine Market Research Report- Forecast 2030

Gas Turbine Market Research Report: Information by Capacity (Up to 200 MW Above 200 MW), Technology (, Sector (Upstream, Midstream, Downstream), and Region - Global Forecast till 2030

ID: MRFR/E&P/2368-HCR | December 2022 | Region: Global | 111 Pages         

Gas Turbine Market

The global Gas Turbine Market size is registered as USD 20.38 billion and is predicted to grow at a significant CAGR of 6.8% during the forecast period (2021-2028)

Segmentation

By Capacity Up to 200 MW Above 200 MW
By Technology Open cycle Combined cycle
By Application Power generation Industrial Aviation

Key Players

  • General Electric (U.S.)
  • Siemens (Germany)
  • Mitsubishi Heavy Industries Ltd. (Japan)
  • Alstom S.A (France)
  • Kawasaki Heavy Industries Ltd. (Japan)
  • Bharat Heavy Electricals Limited. (India)
  • Ansaldo Energia (Italy)
  • Rolls-Royce Holdings plc. (U.K)
  • Harbin Electric Company Limited. (China)
  • MAN Diesel & Turbo. (Germany)
  • Vericor Power Systems (Georgia)

Drivers

  • The rapid industrialization
  • urbanization
  • and fast economic growth
  • New product launches and R&D Amongst major key Players
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Gas Turbine Market Overview


In 2020, the global gas turbine market size is registered as USD 20.38 billion and is predicted to grow at a significant CAGR of 4.80% during the forecast period (2022-2030), with revamp in electricity generation infrastructure to aggressively pursue gas-based power generation being the key growth driver.


A gas turbine is an engine that helps heat a mixture of fuel and outside air at a very high temperature. It is done to generate mechanical energy through the spinning of the turbine blades. The mechanical energy further drives a generator that helps to produce electrical energy. They are primarily used for power generation. Operating a simple cycle turbine power plant to supply electricity to the industry is more expensive than purchasing it from outside. Thus, combined cycle power plants are mainly employed, which have better efficiency.


The execution of various climate change initiatives and regulations to cut down GHG emissions is expected to lead to a surge in demand for gas turbines over the forecast period. Lockdown impositions in significant cities and economies have resulted in most industries around the world halting their production. It has further resulted in a reduction in oil & gas demand worldwide. The U.S. Energy Information Administration had stated that the global petroleum and liquid fuels average consumption was reported at 94.1 million barrels per day during the Q1 period of 2020, which was a decline by around 5.8 million barrels per day from the same period observed in 2019. The power demand from industrial and commercial end-users has also seen a significant fall in recent times owing to the global pandemic.


In emerging countries like North America, China, and Thailand, there is an availability of natural gas in large quantities with low prices. According to the report of the Energy Information Administration, in the first half of 2018, natural gas demand and supply is an average of 93.4 billion cubic feet per day that is 12% higher than the demand in the first half of 2017.


Gas Turbine Market - COVID-19 Analysis:


The COVID-19 outbreak is drastically impacted various business sectors like automobiles, semiconductor devices, electrical and electronic devices, food & beverages, and many more. The gas turbine market is also severely impacted by the pandemic. To curb the spread of the virus, most of the countries’ governments imposed lockdowns, a shutdown of manufacturing industries, shut off public places like restaurants, theatres, schools, colleges, and others.


Due to the lockdowns, most of the industries result in a halt of production in major cities and economics. Hence the demand for oil & gas all over the world is declined. As per the U.S EIA report, the global petroleum and liquid fuels average consumption was 94.1 million barrels per day during the first quadrant of 2020 and is declined by 5.8million barrels from the same period of 2019. Additionally, power demand from industrial and commercial end-users are resulting in a decline due to pandemic.


Gas Turbine Market Competitive Landscape


The prominent key players in the gas turbine market outlook are the following:



  • General Electric (US)

  • Siemens (Germany)

  • Mitsubishi Heavy Industries Ltd. (Japan)

  • Alstom S.A (France)

  • Kawasaki Heavy Industries, Ltd. (Japan)

  • Bharat Heavy Electricals Limited. (India)

  • Ansaldo Energia, (Italy)

  • Rolls-Royce Holdings plc. (U.K)

  • Harbin Electric Company Limited. (China)

  • MAN Diesel & Turbo. (Germany)

  • Vericor Power System. (Georgia)

  • Solar Turbines Incorporated. (U.S.A).


Recent Developments



  • CHP plant is an example of a combined cycle power plant, which can be employed for electricity production and obtaining mechanical drive. The market in the U.S. is expecting expansion owing to the rising government support for power generation technologies that aim to reduce carbon dioxide (CO2) emissions. According to the Energy Information Administration, natural gas was the largest source of electricity generation in the U.S. in 2019, occupying a 38% share in sources of the U.S. power generation. Assured long-term fuel supply in the U.S. is being witnessed. Gas turbines play an essential role in reducing Greenhouse Gas (GHG) emissions. Compared to other combustion-based electricity generation applications, these are very proficient and result in decreasing carbon emissions.

  • In June 2020, the two popular enterprises of the consortium between Ansaldo Energia and Shangai Electric Group collaborated and signed a contract with the highly populated Bangladesh Power Development Board Company which is also known as North-West Power Generation Company Ltd. By this contract, in Bangladesh, the consortium is predicted to manufacture and build a combined cycle power plant of 880MW which enhances the company’s scale of operation.


Gas Turbine Market Dynamics:


Drivers:


Rapid industrialization, urbanization, and fast economic growth are the major factors driving the growth of the market. Due to the stringent emission norms for gas turbine and shale gas production boom, the global gas turbine market is predicted to grow at a significant rate in the coming years. The share of natural gas would increase from 34% to 39% from 2018 to 2050 due to the growth in drilling activities as per the EIA report. By the increase in natural gas production leads to a reduction of natural gas prices that results in an increased share of electricity generated through natural gas which is accelerating the gas turbines market growth.


Restraint:


Power demand from industrial and commercial end-users is seen a decline due to the pandemic situation. The pandemic restricts the growth of the gas turbine market.


Opportunities:


Launching new products and rising research and development among key players may create the opportunity to boost the gas turbine market growth.


Challenges:


Investments in alternate energy sources are the challenges of market growth.


Gas Turbine Market Segment Overview:


The global gas turbine market has been divided into segments based on capacity, technology, application, and region.


Based on Capacity


The global market based on capacity is classified into two types as up to 200 MW and above 200 MW. Among them, above 200 MW is accounted for the largest revenue share of 67% due to the growing shift from coal to gas-based power plants. The smaller size of capacity up to 200 MW provides easy maintenance and operation.


Based on Technology


The global market based on technology is bifurcated into an open cycle and combined cycle. Out of these technologies, the open cycle segment is dominating the market by its favorable factors like lower warm-up time, quick start, lightweight, compact size, operational versatility, quick start, and less dependency on cooling water.


Based on Application


By application, the global market is categorized into three types such as power generation, industrial, and aviation. Due to increasing energy demand along with positive regulations towards the integration of sustainable energy infrastructure, power generation is predicted to hold the largest market share during the assessment period.


Based on Region


Region-wise, the global market is divided into five main geographies like North America, South America, Europe, Asia-Pacific, and the Middle East & Africa. Out of these regions, Asia-Pacific is dominating the largest market share due to the growing population along with rapid urbanization.


Gas Turbine Market Regional Analysis -


Geographically, the gas turbine market is analyzed into five major regions like Asia-Pacific, Europe, North America, South America, and the Middle East & Africa. Among them, Asia-Pacific is holding the largest market share for the growing population coupled with rapid urbanization. The raw materials and labor are available at a low cost which is attractive to the global players to expand their business operations in this region. These factors are expected to drive the gas turbine market in this region.


North America is predicted to grow at a significant CAGR during the review period which leads by the U.S, Mexico, and Canada. The demand is due to the shale gas reserve and the development of new technologies in extraction and mining technology are reducing the operational costs of gas extraction in this region. Moreover, North America is also witnessed large-scale commissioning of gas-based power. The oil & gas companies produce shale gas on a commercial scale by the advanced technologies in completion techniques like multistage hydraulic fracturing, and drilling techniques like horizontal wellbores. Owing to the strong presence of gas turbine providers in the country, Saudi Arabia is predicted to be the major end-user in the Middle East & Africa  


Gas Turbine Market Report Overview:


This global gas turbine market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the market drivers, restraints, challenges, and opportunities. The market forecast segments are capacity, technology, application, and region.


Segmentation Table


The gas turbine market trends have been segmented globally based on capacity, technology, application, and region.


By Capacity


Up to 200 MW and above 200 MW.


By Technology


Open cycle and combined cycle.


By Application


Power generation, industrial, and aviation.


By Region


Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in the market.



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   4.80% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022 to 2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)/
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Capacity and Technology
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   General Electric (U.S.), Siemens (Germany), Mitsubishi Heavy Industries Ltd. (Japan), Alstom S.A (France), Kawasaki Heavy Industries, Ltd. (Japan), Bharat Heavy Electricals Limited. (India), Ansaldo Energia, (Italy), Rolls-Royce Holdings plc. (U.K), Harbin Electric Company Limited. (China), MAN Diesel & Turbo. (Germany), Vericor Power Systems. (Georgia) and Solar Turbines Incorporated. (U.S.A).
  Key Market Opportunities   New product launches and R&D Amongst major key Players
  Key Market Drivers

  • Revamp in electricity generation infrastructure to aggressively pursue gas-based power generation
  • The rapid industrialization, urbanization, and fast economic growth


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    Frequently Asked Questions (FAQ) :

    The market calculated 4.80% CAGR.

    Siemens (Germany), General Electric (U.S.), Alstom S.A (France), Kawasaki Heavy Industries, Ltd. (Japan), Mitsubishi Heavy Industries Ltd. (Japan) are the key players are leading in the market share.

    The global gas turbine services market is ready to grow at a high rate for the stern emission norms for gas turbine and shale gas production boom.

    The Asia-Pacific region is the leading market for Gas Turbines.

    The market has been by capacity, technology, application segments.